In yesterday’s post, we mentioned about the importance of 8050 support and the 8128 resistance. The Buyers of yesterday pushed it to resistance at 8128 F early at the open but were unable to move it beyond the same. We continue to watch for fresh buying above 8125 which can push it back to 8180 F or a break below 8050 which can go down to test 7985.
Nifty Nov F:
Background / Previous Auctions :
Weekly levels: We have done a review on weekly charts at: http://vtrender.com/nifty-bn-weekly-view-spot-for-02-nov-06-nov15/
Observations in Today’s/ Previous sessions:
(based on Fut prices)
#) The NF profile was a normal variation day but with value higher on day
#) vwap of the day was at 8094 with volume of 82.1 L in a trade which worked an 8129-8055 range of 74 points
#) Day POC was at 8108 levels
#) Auction needs to show more buying above 8124 or sellers below 8050 for continuation.
#) OrderFlow shows buyers defending 8055 zone again for the second day
#) Value areas are at 8114-8108-8084– 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 Nov F)
K.R.A is 8132 ( K.R.A= key reference area)
Hypo1 ) If NF auctions above 8099 it could move to 8125 and 8180. SL for this view is 8060
Hypo 2) IF NF auctions below 8050 it could move to 8024 and 8005. Sl for this view is 8084
BankNifty Nov 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-02-nov-06-nov15/
Observations in Today’s/ Previous sessions:
(based on Fut prices)
#) The BNF profile attempted to break away from the 3-day range but came back.
#) vwap was at 17431 again with volumes of 27.2 L in a trade which worked a 17522-17306 range of 216 points.
#) day POC was at 17400 levels
#) OrderFlow was mixed for the session today
#) Value areas are at 17478-17400-17334 for bias. . For using value areas effectively visit: http://vtrender.com/popular-market-profile-trading-setups/
Hypothesis :
( Based on Nov Futures)
K.R.A is 17050 ( K.R.A= key reference area)
Hypo1 ) IF BNF auctions above 17423 it could move to 17497 and 17668. Sl for this view is 17320.
Hypo 2) If BNF auctions below 17280 it could move to 17204 and 17160. SL for this view is 17385.
All Hypos to be traded with the mentioned stops and mechanically. If in the trading room, can use the Order Flow to qualify the entry and exit for the hypos.