Opening Bell for 15/01/2013

Good Morning. NIFTY may open flat to negative.  It may consolidate for the day and retrace upto 5995/5985.  Depending on prevailing condition, that would be good chance to buy with small SL.. 6038 is the level to watch on the upper side. Above that level we may see 6070/6120 levels in NIFTY.  Below 5980 we may see 5930/5905 levels.

NP-SAR of 15/01/2013: 5978

Wish you happy trading !!!

Nifty Spot Weekly Analysis: A Market Profile Perspective

Weekly Value Areas : VAH-6000, POC-5975, VAL-5950

The Bears had a good week, with Monday starting with the Highs at 6042 and closing on Friday at the low at 5943.55 (Adjusted closing just above at 5951.30), making a gain of around 100 points. Coming back to the chart pattern, Nifty was sold thrice from around the WVAH of 6017 and not a single close was above that for the entire week. As said in my previous weekly analysis below 5973, it went on to fill the low volume area around 5980-5960-5940.

What's in Store for the coming week?

Based on values and the chart pattern, we see huge resistance developing around 5990-6010, and only above that Nifty will be back in Bull territory. Staying below 5950, the low volume area from 5950-5910 should get filled. Staying above 5950, the 80% rule may kick in to move the index back to 6000 level.

Hope this Helps :)