19-September -2024 Nifty post market analysis using market profile

My observation in nifty futures chart on 19-september-2024

12-sept-2024 has three single print

13-sept-2024 has accepted the single print and gives a visual reference like buying excess , ppoc .indicates uptrend

16-sept-2024 value area is overlapping ,poc forms above the Friday high which indicates the uptrend.

17-sept-2024 also value area is overlapping ,ppoc forms ( short term reference)

18- sept-2024 value area is overlapping but the value area looks like out side range ( high and low of previous day value area is broken ) market is waiting for the FED meeting.

✍️Fed reduce the interest rate by 50 bps from 5.5% to 5 %

🤑Good news for the market , but , lot's of reasons hiding behind this rate cut .

✅As per my knowledge , Indian markets and overvalued so ,FII didn't buy aggressively on our Indian markets .

👉Let's move on to the today market context

👉Nifty open's with 100+ points but open inside the yesterday range

👉In 1st 1 hour market touch the new high and Market starts to fall ,

👉Nifty take support on the yesterday half back (today low is 10 points above the yesterday half back )

Visual reference

Poor low is formed , price closing above the today poc , value area is overlapping on higher side . selling excess is also not so big

Conclusion :

from the above observation overall trend is uptrend , trend continuation expected

Tomorrow trading plan :

👉Based on the opening we will take trade While I am writing this blog Gift nifty is trading with +62 points, global Markets also in green , so we expect a gap up opening.

If nifty open above today value area means we go for longs after 1 hour ( after 10:15 am )

Or trade earlier based on opening type ( open drive ,open test drive , open rejection reversal setup )

Thanks for spending time to read this blog 🙏

Disclaimer :

Above blog is posted for educational purposes , and i show how I read the traders emotions with the help of market profile . Trading in f&o involve high risk . Don't trust the people, trust your analysis and your system .