Last week I anticipated a rise to 10767 F in the Nifty May F and responsive selling to emerge from there on the retest. You can do a quick read through of last week’s post based on MarketProfile at – https://vtrender.com/weekly-outlook-for-the-week-dated-7th-may-to-11th-may/
From a low 10645 F on Monday the Nifty rose to 10766 on Tuesday where the selling appeared as expected. However, the update on the Twitter handle Am_ shai which was posted real time in market hours pointed to the sellers not being very strong and responsive buying emerging on dips. By Friday the Nifty Futures had overcome the selling and closed at weekly highs of 10820F.
The 10760- 10780 F zone which is equivalent to 10740- 10750 spot in the Nifty is the first line of support in what could be a volatile week ahead as election results pour out from Karnataka early on the 15th. During the Gujarat elections, counting day the Nifty had dropped by 300 points and recovered the loss in a space of 10 minutes at the Open. Positional players would like to watch the zone around 10570 spot which is the second level of support on the weekly time frame should the Nifty sustain below 10740 at the start of the week.
Our intention for the upcoming volatility would be to zero in on the structure defined in the MarketProfile charts and use the OrderFlow to monitor the Buying and the selling at the various supports and resistances.
Nifty Weekly Profile ( spot) :
Last week was traded in a 10812- 10635 range with a close near 10806.
We see the market continue to be strong above 10740 spot and headed to 10858 and 10906 this week.
There is a weakness in the Nifty, if buyers are not able to defend the 10740 zone and sellers show more intent.
In that case, we would expect the Nifty to drop to 10680 and 10580 where it can probe again for responsive Buying.
These are our weekly projections and broadly the setups we would look at to trade in the coming week subject to a confirmation from our OrderFlow charts. These plans can change depending on the change in the day auction.
To know more about how we use these setups to trade and to stay updated and get actionable trading advice subscribe to the VTR ( Vtrender Trading Room). More info at-https://vtrender.com/trading-room/. Pricing details at – https://vtrender.com/pricing/
BankNifty Weekly Profile ( spot) :
Last week the BN spot traded a 26437 to 25675 range and closed in a spike at 26413.
We expected a trend profile and a large breakout move based on the reading of the MarketProfile charts and the BN made a 790 point move in the week probing the sell zone higher.
The close put the BN well into the moving profile of 2/2 which was the big open drive before the move began lower in Feb which hit lows of 23600 in 45 days.
We expect the seller to come back around 26670- 26710 levels this week on any probe higher.
The first level of demand is at 26160 followed closely by 25895.
These are our weekly projections and broadly the setups we would look at to trade in the coming week subject to a confirmation from our OrderFlow charts. These plans can change depending on the change in the day auction.
To know more about how we use these setups to trade and to stay updated and get actionable trading advice subscribe to the VTR ( Vtrender Trading Room). More info at-https://vtrender.com/trading-room/. Pricing details at – https://vtrender.com/pricing/