Market Profile EOD analysis & Ref levels

Nifty future opened above prev day value area again met with responsive sellers pushed price inside the value area (Open drive down) and stalled at 8430 yesterday's Poc. A neutral day ( bell shaped) with value area overlapping suggest a temp pause to existing rally. The slow move either side suggest market likely to spend more time in this zone. On a composite profile it looks a triple distribution marking 8475 a key ref zone.

Key ref level to track here is 8520 / 8475 / 8400 / 8330 . We should look for faster move on price leaving this zone to catch the next trade. Poor structure at 8380 zone is a sign of caution to add longs at higher levels.

Happy trading !

Jay

Neutral Day -Nifty Future

Generally we should be cautious when  move happens in last half hour, most of time it proves as Spike only.
And next day that Spike gets repaired.
Exactly Same thing happened today.

# Open was in Spike, Inside Range, then there was not much conviction in open, then  it was clear that
    sellers not very keen to push market down. ( Mentioned about probable Rotations in this Post Here )

# Small Initial Balance , Both sides Range Extension

# Close within Range @ Center makes it Neutral  Day

Things to Watch Out tomorrow =>

# Today Being Neutral Day ( Balanced ), Tomorrow we can expect vertical move out of that balance Zone.

 As it has been trend for Nifty , one or two days of Balance lead to Big moves.

# See where NF opens, if it opens out of Value area,possibly that would be right direction to Trade.

Ref levels  5946 on Upside, 5912/5908.

Will follow up in Open Bias After market opens.

Happy Trading.