Here are the weekly profile charts of the Nifty and the BankNifty April futures for your weekend study.
Before I put them, a quick chart of the SPX which hit target 1 of 1538 given on Wednesday.
In doing so the profile was balanced at the close, giving a high probability of an inside day in the US markets today which should suit our open well on Monday.
However a break below 1531 will easily put 1500 cash on the radar (tgt 2) and may follow it to 1483.
Notice the rejections of the high volume prints at 1588 and 1573 as the market tries to auction lower.
Here are the weeklies of the Nifty and BankNifty April futures :
The close of Friday was at the upper end of the weekly range.
Monday's open is critical for this instrument with a close above 5774 promising an expiry around 5910. However there are lots of ifs and buts as also expiry pressures and orderflow will be important to track especially on Monday and Tuesday.
After a big upmove last week, even the BankNifty is critically posed with a further upmove putting 12600 on the radar.
Value areas in the above charts are defined in blue and the POC (point of control ) is purple.
Market Profile states that as along as price remains above the POC and the value high , the buyer will retain control.