A gap down at the Open led to an Open auction but there was a strong responsive Buyer who showed at the close cutting off existing supply and ensuring that the markets closed near the highs. The VAH of the composite was well defended and the Nifty closed as a neutral day type.
A weekly outlook was updated on Saturday at – https://vtrender.com/weekly-outlook-for-week-dated-04th-june-to-8th-june-spot-prices/. It is the same MarketProfile view working for a 1- 5 day period on the Nifty and the BankNifty spot without worrying about the movement of the premium which is a sticky issue now.
Nifty June F:
- The NF Open was an Open auction lower
- The day type was a Neutral day
- Largest volume was traded at 10709 F today
- Vwap of the session was at 10723 with volumes of 84.3 L in a session which traded a High-Low range of 10760-10691 for 68 points.
Monthly Zones:
- The vwap of the May series is at 10669 spot and the POC is at 10736.
- The settlement day rollover volume point is at 10692 F and 10705 F.
- The vwap of April series was at 10419 spot
- The POC of April series was at 10556 spot
- The settlement day rollover volume point of April series was at 10632-10603 F.
Weekly Zones :
- The auction has moved into a new bracket between 10660 on the lower side and 10840 higher
- An 8-day mini composite range is 10750- 10550F.
- Immediate support lower at 10660 F for now.
- The second layer of Support lower at 10570 F now
- Overcoming supply at 10840 can push the index higher to 10923 again.
Daily Zones:
- Value zones ( volume profile) are at 10733-10710-10700 for tomorrow
- the auction has support at 10710
Plan :
a) If 10755 is held near the open watch for a move to 10785/ 10805
b) support lower is 10710 which if tested can bring buyers
c) below 10690 the Nifty can drop to 10660 and 10644
For tradeable ideas on these hypos and to check the OrderFlow live visit the trading room.
If not a Trading Room member you can get immediate access at – https://in.explara.com/e/vtrender–trading–room/checkout
BNF June F:
- The BNF Open was an Open auction lower
- The Day type was a Normal day
- Vwap of the day was at 26374 with Volumes of 33.1 L and a High – Low of 26488-26282 for a range of 205 points.
- Largest Volume was traded at 26345 F today
Monthly Zones :
- The vwap of May series is at 26091 spot with POC of 25744
- The settlement day rollover volume point is at 26750-26770 F.
- The vwap of Apr series was at 25010 spot with POC of 25050
- The settlement day rollover volume point of April was at 25035 F.
Weekly Zones :
- Immediate supply for BNF is at 26770 F
- If it sustains above this can push to 27000 and 27300 F again
Daily Zones:
- Value zones ( volume profile) are at 26402-26345-26305 for tomorrow
Plan :
a) Holding above 26560 can bounce to 26630 and 26720 higher
b)below 26340 can drop to 26290 and 26140
For tradeable ideas on these hypos and to check the OrderFlow Live visit the trading room.
If not a Trading Room member you can get immediate access at – https://in.explara.com/e/vtrender–trading–room/checkout