I will just do a simple copy-paste of some analysis we do at Vtrender Live based on Market profile charts :
( Charts are not included)
Profile charts for 24th Feb : Posted by Shai at 10:00 PM , Wednesday, February 23, 2011
Bank Nifty :
– The poor lows created around 10800(-40) gave way today.
– Positions can be carried below 10616 for 10165 with a closing stop at 10830 for a 450 point move.
-Only 10400 is a minor support below 10616
-5367 is the top of the minus development region from 11/2.
-Below 5367 we can see 5229 all over again and a possible 4975.
– New selling activity clearly seen off 2724 at the open.
– SBI attempted today to break into the buyer zone of 11/2 and 14/2 in last 45 mins of trade.
– As a leader of the rally, we wait to see if it confirms a break early below lows for 2514 as a target.
– An inside day today in RIL.
– a break of 986/ 1016 can give 20 points either direction.
Profile charts for 25th Feb : Posted by Shai at 11:15 PM , Thursday, February 24, 2011
– support zone at 10160 close by ( to be watched at the open)
-risk/ reward does not favor new shorts here.
-10560 is the pull back high above which short term trend changes to up.
-Like the BankNifty, the Nifty also moved swiftly through the minus development region.
-With two minus development regions back to back the odds increase of a rotation in the 5250-5375 zone to fill up the volume and form a distribution curve.
– lower side support is 5229
-upper side resistance is the pull back high of 5391.
– SBI opened in the spike area of Wednesday and continued lower.
– 2514 almost done. is a good support zone.
– Holding 2514, is expected to rotate to 2644.
– Inside day broke to the downside and hit 966.
– 966 represents upper end of the prior bracket, as also gap fill.
– One can take a long position here for 991/1010 with a stop at 952.
At the time of this post, the Nifty futures are at 5335, SBI at 2615, Relaince at 982 and Bank Nifty at 10430.