Another neutral profile and an extreme close. We are getting that day type by the dozens this series, and goes in line with our view of a sideways 200 point trading range for which we already have sold a 7400 straddle last week.
NIFTY FEB F:
Background / Previous Auctions :
Weekly levels: We have done a review on weekly charts at: http://vtrender.com/nifty-bn-weekly-view-spot-for-08-feb-12-feb16/
#) The NF was another neutral day and the day closed at the lower end
#) Vwap of the session was at 7491 with volumes of 139.9 L in a session which traded a 7534-7369 range of 164 points
#) Day POC was at 7485 levels
#) The FA registered at 7606 is over 5 days old and will be marked as a big supply zone rest of this series.
#) Today’s neutral extreme saw a sharp spike from 7430 to 7370 in the closing hour.
#) In the auction of today huge selling came at Friday’s 7427 zone again but as the market moved lower to 7370 the selling was emotional.
#) Further confirmation of new selling in the index will be if the weekly closes below 7310. Till then we are treating it as a broad 7350- 7550 range.
#) We have entered into a 7400 straddle to play out this range.
#) Value areas are at 7530-7506-7464– for the session tomorrow. For using value areas effectively visit:http://vtrender.com/popular-market-profile-trading-setups/
K.R.A is 7444 Feb F ( K.R.A= key reference area)
and the seller is gaining control of the trend again.
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-08-feb-12-feb16/
Observations in Today’s/ Previous sessions:
(based on Fut prices)
#) The BNF was a neutral day and closed at the lows.
#) vwap of the session was at 15286 with volumes of 37.1 L in a session which traded a 15412-14970 range of 442 points
#) day POC was at 15340 levels
#) we see the index having support at 14777 low marked today but below that could signal a fresh impulse to 13950/ 13180
#) Value areas are at 15375-15340-15195 for bias. . For using value areas effectively visit: http://vtrender.com/popular-market-profile-trading-setups/
K.R.A is 14970 Feb F ( K.R.A= key reference area)