Nifty Session Profile Price action and Candlestick

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Price action areas are reversal zone where we expect major activity has taken place. However, this study is incomplete unless we combine it along with Volume profile.

In the below chart we are showing important price action areas along with high volume activity. The right hand side volume is cumulative and the individual profile can be seen for that specific day along with the candles.

Nifty hourly chart:

We can clearly see that the majority of the activity is happening around the zone of 17350 – 17420 levels. This is the area where there is highest cumulative volume and so it will act like a magnet. On upside 17650 is going to be major hurdle and on downside support is near 17080. So the entire range bound activity can happen within the zone of 17080 – 17650 levels. It is only a decisive break of this range we can think of taking trades for riding the trend.

The sharp rise seen on 15th February shows major accumulation at 17080 and so the bulls will try to protect that range. There is another important activity taking place at 17350 – 17420 zone. Let us see if prices manage to break above 17500 levels it can drive it towards the another higher range of 17650 levels.

Thus by looking at Price action, Volume profile and Candlestick one can form option trading strategy accordingly. These simple methods can help trader to take informed decision seeing the activity of major players who are responsible for generating the volumes.

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