If you had taken notes based on the set-ups we projected in our last weekend report here , then I am sure you would have had a profitable week, despite all the volatility.
The thing with Market Profile is that it eliminates a lot of noise from the trading sphere leaving you with enough conservative trade opportunities which you can trigger with a good risk-reward ratio.
We made it to 6097 last week, 7 short of the “buy the dip” level of 6090 projected last week.
Here are the important levels to watch out for this week. All values are for the Nifty Future.( Please click on the chart to enlarge it. All reference levels are the blue horizontal lines)
For next week, please pen down 6085 and 6001 as important supports and 6192 and 6207 as resistances. A close above 6207 NF will keep the index in the hunt for our projected 7200 level by May next year.
And here is the Bank Nifty chart :
12470 which played out on friday and 12429 are supports and 12640 and 12715 resistances. A close above 12715 will ensure that the index does another 700 points in short order.
In news to watch, the world bank and G7 meeting should throw up an interesting possibility for the open on Monday.The moves coming out of Tokyo have put our lead indicator the AUD/ JPY at a very interesting point where a break to 96 odd will easily ensure the long term target I mentioned above in the post.