In late afternoon trade, we spiked lower to the composite highs of the July Bracket in NF and the lows of the old composite in BNF. Ardent followers of Auction Market Theory know that a spike is an incomplete auction and would wait out the next open for confirmation. There is info present in the current market environ and a call to action.
NIFTY July F:
Weekly levels: We have done a review on weekly charts at: http://vtrender.com/nifty-bn-weekly-view-spot-for-25th-july-29th-july/
Background / Previous Auctions :
#) The NF was a Neutral day with an FA ay 8652.
#) vwap of the session was at 8629 with volumes of 137 L in a session which traded a 8652-8576 range of 76 points
#) Day POC was at 8640, at the same level as seen in the previous session.
#) Volume was higher than the median of the past 5 sessions and equal to yesterday’s
#) 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 8644-8640-8632– 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 18979 with volumes of 25.8 L in a session which traded a 19065-18820 range of 245 points
#) day POC was at 19017 levels
#) Auction stayed into the mini composite range today
#) The buying tail off 18570 is a major support
#) Value areas are at 19056-19017-18963 for bias. For using value areas effectively visit: http://vtrender.com/popular-market-profile-trading-setups/–