We got a balance today again after the imbalance seen yesterday. Both the NF and the BNF sported gaussian profiles at the close and point to another trending move.
Background / Previous Auctions :
Weekly levels: We have done a review on weekly charts at: http://vtrender.com/nifty-bn-weekly-view-spot-for-04-jan-08-jan16/
(based on Fut prices)
#) The NF was seen balancing today
#) Vwap of the session was at 7811 with volumes of 106.1 L in a session which traded a 7839-7781 range of 58 points
#) Day POC was at 7800 and near the vwap of the session
#) The NF shows rejection of Friday’s upper distribution and a reconfirmation of the selling seen near 7980 spot last month
#) The composite POC at 8022 from dec still holds the bias
#) If the auction continues lower below 7754 it can drop to 7637 within the next 2 sessions.
#) A short covering rise above 8012 tomorrow can push the index to 8062 cross of which can lead to more short covering
#) Value areas are at 7824-7815-7800– for the session tomorrow. For using value areas effectively visit:http://vtrender.com/popular-market-profile-trading-setups/
K.R.A is 8032 F ( K.R.A= key reference area)
and the trend is down on the shorter time frame
BankNifty Dec 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-04-jan-08-jan16/
Observations in Today’s/ Previous sessions:
(based on Fut prices)
#) The BNF was also seen balancing
#) Vwap was at 16604 with volumes of 26 L in a session which traded a 16700-16516 range of 183 points
#) day POC was at 16600 levels
#)A short covering rise above 16690 tomorrow can push this index to 16825 and 16870
#) However below 16500 it could drop to 16200
#) Value areas are at 16640-16600-16568 for bias. . For using value areas effectively visit: http://vtrender.com/popular-market-profile-trading-setups/
K.R.A is 17210 F ( K.R.A= key reference area)