We mentioned yesterday about MarketProfile not supporting shorts yet and early sellers of the open had to make a hasty retreat as value kept it’s march up and the NF closed again near session highs. It’s still an IPM mode in NF whereas BNF could me moving to or already in Step 2.
NIFTY MAR F:
Background / Previous Auctions :
Weekly levels: We have done a review on weekly charts at: http://vtrender.com/nifty-bn-weekly-view-spot-for-29-feb-04-mar16/
#) The NF was an NV day
#) Vwap of the session was at 7411 with volumes of 128.3 L in a session which traded a 7461-7365 range of 96 points
#) Day POC was at 7446 levels
#) The singles from 6825 spot are confirming a change in short term trend. Support lies at 7230 spot. Crucial level at 7520.
#) Value areas are at 7452-7446-7397– for the session tomorrow. For using value areas effectively visit:http://vtrender.com/popular-market-profile-trading-setups/
K.R.A is 7135 Mar F ( K.R.A= key reference area)
and the trend is upwards
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-29-feb-04-mar16/
(based on Fut prices)
#) The BNF was a Normal day
#) vwap of the session was at 15095 with volumes of 33.1 L in a session which traded a 15198-14976 range of 222 points
#) day POC was at 15135 levels
#) Auction seems to be in Step2 of the Steidlmayer 4 step process. However, we wait for one more confirmation tomorrow.
#) The path of the auction above 14670 should be towards the 15100- 15200 zone. We spoke about the 15200- 13400 zone in this post : http://vtrender.com/nifty-and-banknifty-in-2015-and-lookahead-2016/ and a faster retracement sets up an exciting opportunity ahead.
#) Value areas are at 15147-15135-15057 for bias. . For using value areas effectively visit: http://vtrender.com/popular-market-profile-trading-setups/–
K.R.A is 14150 Mar F ( K.R.A= key reference area)
and the trend is upwards.