Once 8535F failed to hold in the morning session, the day started a downward spiral and the BN also confirmed the sell bias mid afternoon in a day which closed a bit weirdly near vwap. That close was not in the “normal” scheme of things for the auction and also a pointer as to why Market Profilers rate the Opens higher than the Closes of the session.
Nifty Aug F :
Background / Previous Auctions :
Weekly levels : We have done a review on weekly charts at : http://vtrender.com/nifty-bn-weekly-view-spot-for-10-aug-14-aug15/
Observations in Today’s/ Previous sessions :
(based on Fut prices)
#) The NF failed to sustain abv 8535 F and dropped to 8461 lows.
#) vwap of the day was at 8506 with volume of 104.3 L ina trade which worked a 8560- 8461 range
#) The Profile shows a move below VAL and an extension below IBL which completed.
#) Larger Auction now has 8535 F broken and will turn more weak if 8427F breaks in the next session.
#) Buying again was seen at 8336 , the same kind as the one we had noted back on 10/ 11 july.
#) Value areas are at 8510-8494-8470– 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 Aug F)
K.R.A is 8537 ( K.R.A= key reference area)
Hypo 1) If NF auctions above 8537 then it could move to 8560 and 8595 . Sl for this view 8501
Hypo 2) If NF auctions below 8460 it could move to 8427 and 8395. Sl for this view is 8509.
BankNifty Aug 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-10-aug-14-aug15/
Observations in Today’s/ Previous sessions :
(based on Fut prices)
#) The BNF profile was a double distribution which came off the multi day balance mid session.
#) vwap was at 18827 with volumes of 35.5 L in trade which worked a 18999- 18630 range
#) The auction can target 18550 F and 18440 F in next few sessions.
#) Profile has an anomaly at 18820
#) A previous buying tail also visible at 18305
#) Value areas are at 18970-18915-18730 for bias. . For using value areas effectively visit : http://vtrender.com/popular-market-profile-trading-setups/
Hypothesis :
( Based on Aug Futures)
K.R.A is 18835 ( K.R.A= key reference area)
Hypo 1) If BNF auctions above 18840 then it could move to 18925 . Sl for this view is 18760.
Hypo 2) If BNF auctions below 18550 then it could attempt to move to 18450 . Sl for this view is 18645