We opened gap down today but unlike the past 2 gap downs this time the IB was not tested at the lows off the open and the market did not make a great attempt to stay above the Opening price. The result was that it went lower after IB before some buying at lows helped pull things back a bit.
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-06-july-10-july15/
Observations in Today’s/ Previous sessions :
(based on Fut prices)
#) NF Profile opened gap down and auctioned lower till midafternoon before a 2 way setup began .
#) vwap of the day was at 8395 with volume of 205.2 L (Double of the Previous session)
#) The Day type was a normal variation with a gap above which means single prints of sellers.
#) Profile of today auctioned out the single prints of 01/07 and the spike of 30/06 which is short term bearish.
#) 8430 buyers were seen giving up positions today.
#) 8393- 8405 remains the zone for the buyers to cross to remain safe again else the auction can dip to 8287 F.
#) Value areas are at 8416-8368-8350 – 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 Futures)
K.R.A is 8325 ( K.R.A= key reference area)
Hypo 1) If NF auctions below 8325 it can move to 8286 and 8260. Sl for this view is 8355
Hypo 2) If NF auctions above 8410 then it can move to 8451 and 8496 . Sl for this view 8364
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-06-july-10-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 was a normal variation which met the singles of 06/07 at the lows
#) vwap was at 18543 with volumes of 42.8 L (More than the previous session)
#) The profile shows buying coming back from 18410 where the initiative buying of 06/07 happened,
#) Buying tail seen at 18415 was covered ( short term negative)
#) Value areas are at 18650-18560-18490 for bias. . For using value areas effectively visit : http://vtrender.com/popular-market-profile-trading-setups/
Hypothesis :
( Based on Futures)
K.R.A is 18404 ( K.R.A= key reference area)
Hypo1) If BNF auctions below 18404 then it should attempt to move to 18306 and 18215. Sl for this view is 18525
Hypo 2) If BNF auctions above 18595 then it can move to 18693 and 18765. Sl for this view is 18495.