At the close of the session today the Nifty was inside Monday’s range and forming a Gaussian curve with a POC near 7440 which incidentally also happens to be the largest trade exchange price or POC of the January contract. Settlement day is tomorrow and a part of me is feeling that this 7440 zone has become a prominent number of the series and should close here but the 2-day profile also looks complete and it could mean a wild swinging move in the last hour tomorrow. So we remain open and banking on OrderFlow to take us through the session tomorrow.
Background / Previous Auctions :
Weekly levels: We have done a review on weekly charts at: http://vtrender.com/nifty-bn-weekly-view-spot-for-25-jan-29-jan16/
#) The NF was an inside day today within Monday’s range
#) Vwap of the session was at 7439 again with volumes of 157 L in a session which traded a 7473-7415 range of 58 points
#) Day POC was at 7437 levels
#) The Profile today again closed at the composite POC of the last few sessions as also the series of Jan.
#) In trades today we closed our 7400 ce short at 42 when we saw heavy buyers coming at 38 in the contract.
#) We identify 7430 zone with the big 150 point rise made last week with aggressive buying but now the same seems missing
#) The 2-day profile looks complete and chances of a move out doing 100 plus points is very large tomorrow,
#) Value areas are at 7446-7434-7422– for the session tomorrow. For using value areas effectively visit:http://vtrender.com/popular-market-profile-trading-setups/
K.R.A is 7344 Jan F ( K.R.A= key reference area)
and the trend is going sideways now.
BankNifty Jan 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-25-jan-29-jan16/
Observations in Today’s/ Previous sessions:
(based on Fut prices)
#) The BNF tried to break lower at the open but pulled back inside the range
#) vwap of the session was at 15512 with volumes of 34.9 L in a session which traded a 15629-15412 range of 216 points
#) day POC was at 15520 levels
#) In trades today, we closed our BNF short around 15485 Feb F. There is a lot of noise in the last 2 days of the expiring contract and we will take a fresh view on Friday.
#) The BNF did not manage the auction below 15450 well today.
#) Value areas are at 15584-15520-15456 for bias. . For using value areas effectively visit: http://vtrender.com/popular-market-profile-trading-setups/
K.R.A is 15160 JanF ( K.R.A= key reference area)