We had mentioned in Monday’s evening report that the selling seen from 8590 levels was emotional and lacked value and had called for a revisit to the scene of Monday’s auction in 2 days. We hit the POC of Monday’s auction at 8590 today. The Market Profile way of organising market generated information is amongst the best weapons a trader can have in his arsenal to prevent short term trading bloopers. Money saved from entering bad setups is money made.
NIFTY July F:
Weekly levels: We have done a review on weekly charts at: http://vtrender.com/nifty-bn-weekly-view-spot-for-18th-july-22nd-july/
Background / Previous Auctions :
#) The NF was a Normal Variation day today
#) vwap of the session was at 8572 with volumes of 71.4 L in a session which traded a 8591-8542 range of 50 points
#) Day POC was at 8582, higher than the 8547 seen the previous session.
#) The auction has now confirmed step2 and the IPM is done.
#) Volume was lower than the median of the past 5 sessions .
#) We stayed above the neutral extreme of Tuesday and the profile shows a close at the highest point.
#) We note an FA at 8186 on 29/06. It has not been visited in T+5 and hence is a support now for the swing.
#) Value areas are at 8589-8582-8569– for the session tomorrow. For using value areas effectively visit:http://vtrender.com/popular-market-profile-trading-setups/
BankNifty July F:
Background/ Previous Auctions :
#) The BNF was a Normal variation day
#) vwap of the session was at 19025 with volumes of 19.5 L in a session which traded a 19070-18911 range of 119 points
#) day POC was at 19028 levels
#) Auction shows 2 anomalies at 18722-755 which need repair
#) The buying tail off 18570 is a major support
#) Value areas are at 19046-19028-19004 for bias. For using value areas effectively visit: http://vtrender.com/popular-market-profile-trading-setups/–