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08-10-17 Market Profile Blog [Nifty Banknifty Stocks]

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How Nifty And Banknifty Traded Today

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Slack Update 1

We had a nice gap down in accordance with yesterdays weak close. But post this initial sign of weakness we saw prices forming an overlapping sideways range. That is a sign of poor continuation. Promptly we got a sharp rally as sellers could not maintain the initial control over the auction. We got a pull back alright but we need to monitor the quality of that attempt before we draw any conclusions.

Image Nifty Market Profile 1 –

Image Banknifty Market Profile 1 –

Slack Update 2

Markets could not find any acceptance inside YR. An attempt to enter YR failed as sellers used higher prices to establish short positions once again. The DL became important reference now. We need to monitor how the auction behaves around DL.

Image Nifty Market Profile 2 –

Image Banknifty Market Profile 2 –

Slack Update 3

We did break below the DL. The sideways move around the DL turned out to be an absorption of demand and resulted in a sharp fall.

Image Nifty Market Profile 3 –

Image Banknifty Market Profile 3 –

Closing Update

The close was interesting as markets recovered smartly in the closing hour. Now we have a good rejection at the lows. A buying tail which indicates that the auction went too far to find the buyers. Now the onus is on the buyers to scale references to the upside.


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How To Trade Nifty And Banknifty Tomorrow

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The trend is down a strong tail is not sufficient to change our view of the current trend. But the tail came at an important reference. 9880 on Nifty 24200 on Banknifty. Both were shared well in advance in yesterdays blog post. Whether the buyers from the IT support prices here and reverse the current ST down trend remains to be seen.

Image Nifty PAP –

Image Banknifty PAP –

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Todays Video

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