Post the trend day we got a Normal day and the market returned to balance. The beauty of knowing Market Profile as a study is it allows you to anticipate freely and correctly most of the time. Our bias remains bullish but we brought some protective puts and would be looking to clear some long holdings near the 8536 F zone as MO signals rising risk for new long positions.
Nifty July F :
Background / Previous Auctions :
Weekly levels : We have done a review on weekly charts at : http://vtrender.com/nifty-bn-weekly-view-spot-for-13-july-17-july15/
Observations in Today’s/ Previous sessions :
(based on Fut prices)
#) NF Profile was a normal day with a failed auction at the lows of 8440.
#) vwap of the day was at 8465 with volume of 93.4 L (Less than the Previous session)
#) The Day type was a Gaussian curve in the upper Part of yesterday’s auction.
#) The charts above show a multi session Double Distribution in place and we may be getting ready for an expiry near the current levels of trade.
#) Today’s charts show excess at 8503 at the top.
#) we continue to see 8435 F as the first line of support for this new auction.
#) Value areas are at 8476-8462-8454 – for the session tomorrow. For using value areas effectively visit :http://vtrender.com/popular-market-profile-trading-setups/
#) Discl – When we mention Buyers/ Sellers we point to and infer aggressive players.
Hypothesis :
(based on July F)
K.R.A is 8435 ( K.R.A= key reference area)
Hypo 1) If NF auctions above 8480 then it can move to 8503 and 8536. . Sl for this view 8452.
Hypo 2) If NF auctions below 8434 it can move to 8413 and 8396. Sl for this view is 8455
BankNifty July F :
Background/ Previous Auctions :
Weekly levels : For Banknifty we have updated a spot auction view with a chart at : http://vtrender.com/nifty-bn-weekly-view-spot-for-13-july-17-july15/
The Banknifty view is in the above link below the Nifty view.
Observations in Today’s/ Previous sessions :
(based on Fut prices)
#) The BNF profile was a neutral extreme day
#) vwap was at 18898 with volumes of 29.5 L (Less than the previous session)
#) Day shows another failed auction at 19008 today
#) Profile closed at the lower extremes.
#) Day shows a Failed Auction at 18581 at the lows of Friday.
#) Value areas are at 18965-18890-18860 for bias. . For using value areas effectively visit : http://vtrender.com/popular-market-profile-trading-setups/
Hypothesis :
( Based on Futures)
K.R.A is 18878 ( K.R.A= key reference area)
Hypo 1) If BNF auctions above 18949 then it can move to 19080 and 19190. Sl for this view is 18870.
Hypo 2) If BNF auctions below 18800 then it should attempt to move to 18738 and 18666. Sl for this view is 18895