Nifty Volume profile with Elliott wave Post Budget

Post Budget announcement Nifty showed sharp swing on either direction but the volatility reduced as the event is behind us.

Simple price action using Volume analysis along with advanced Elliott wave – Neo wave provides clear guidance for trading this index over short to medium term.

Nifty Volume profile chart:

Nifty hourly Neo wave chart

Volume profile indicates big players activity and same can be applied prudently even for Options Trading.

Options Trading requires understanding of momentum, trend, time to expiry and range.

Majority focus only on Open interest but by combining change of Open interest along with Volumes on stocks, indices the overall perception can sharply increase.

Nifty hourly chart shows that there is big volume buildup at 24320 (fut) levels. This can be seen from right hand side volume area. Prices are managing to sustain above this levels after all the volatility. This provides important price action support area.

Neo wave counts – As shown on Nifty hourly chart we can see that currently prices are in wave g formation of Diametric pattern. Within this wave g we can clearly see ongoing Zigzag pattern with prices currently moving higher in form of wave c of g. There is high likelihood that we can again break above 24500 levels and move back to 24728 Gann levels on upside.

Neo wave counts are also in sync with our Volume profile support and both of these technique can form powerful trading combination that suggests the overall trend still remains buy on dips as long as the support near 24320 is intact on closing basis.

In a nutshell, Nifty trend remains positive unless we see close below the support area for a move back to 24728 followed by 24850 as long as 24320 is protected.

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