Market Profile Analysis for 12 MAY 2020

Hi Team,

Today I have Bearish view, Market sentiment is Negative in #Banknifty. If price open below 18855 and sustain below that level i will look for short trade.

Traders can plan a Short trade if price shows OTD down or Open- High below PDL keeping SL below the above of the candle. This scenario will change if the price shows open -Low or if price started trading above previous day range.

Need to see the price action around 18630,18840, 19056, 19145 & 19460 are important levels for the day.

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As expected yesterday #BN opened inside range and below value, price started moving upside later 19700 price got rejected strongly and able to broke the open level and later price broke the IB low and price extended towards downside, in second price went to sideways for some time, again sellers took the control and break PDL and closed the price at day low. forming Medium IB and ended up with NV day achieving NV day target's.

VAH 19500

POC 19300

VAL 19060

Market sentiment is Negative for #Banknifty.

After looking Market profile chart for #BankNifty all the Imp parameters ( RE is neg , VA is Neg & EX is Pos )

Team,

Just Nifty Mys

www.justnifty.in

9886171897