Nifty Future – ProAMT Analysis – Technical Levels – 03-09-2014
Dear Friends,
I will try to post the ProAMT Analysis for Nifty Futures on a regular basis, though can’t promise if I can post it daily and also cant promise if I can tweet on regular interval in Live market as I have other commitments to fulfill and technical analysis and trading is still a part time affair for me.
Nifty Future opened at 8054.25 with a open and low being same within the Value Area of 1st September and quickly moved past the value area and saw some negative orderflow. It came down to make a low of 8063 and stayed below the initial balance and that was when we could see a trade setup shaping up so tweeted as following
#NF #MP #Orderflow Initial weakness below 8062. Auction needs to probe above 8078 with buying prints 4 further rally. pic.twitter.com/MG1AxKE8Zh
— Justfintech (@justfintech) September 2, 2014
The trade setup perfectly played out with buying prints above 8078 and making a day high of 8097 and then 8097.85 where we booked part longs initiated above 8078 and booked the rest at 8111 as per the plan with exact high of 8111 and then the prices auctioned further up, making an all time high of 8139 and closing a few points away from day high.
Lets have a look at the Daily Market Profile
As we can see, it was 3 IB day (The range extension 3 x of the initial balance ) and we can see a kind of double distribution happening in the range of 6111-6139.
There were lot of selling prints above 8114 and high chances of shorts being built up in the range of 8114-6139
There is a LVN at 8090 and a Single print at 8104 marked in the above chart. We also have a failed auction at 7955 which is marked on the following chart for reference.
Nifty Future – ProAMT Analysis – Technical Levels – 03-09-2014
Nifty Future opening below the high of 8139 and going below 8130 in the opening minutes will turn weak and can go towards the single print at 8104 and then the LVN at 8090. Below 8090 will be more weak towards 8082. The reference level for the sell is 8150. Opening above the high of 8139 and staying above the same can force short covering towards 8163 and 8190.
Have a profitable trading day !!
Disclaimer :
Nifty Future – ProAMT Analysis – Technical Levels – 03-09-2014 are for educational & reference purpose only. Trading in derivatives has high risk involved and the above levels are not a recommendation/offer to buy or sell any or all of the above derivatives. Any person trading or making buying or selling decisions on the basis of the above mentioned levels should do so at their own risk. Justfintech.com/its affiliates/staff will not be responsible for any profits and/or losses arising from the trades executed on the basis of the above levels. It is advisable to consult your personal financial adviser/consultant before entering into a trade or investments.
