We are already onto the settlement week and Options expiration Thursday is in 4 sessions.
The series of August so far has been traded with a vwap of 11396 ( spot) in the Nifty
August has been traded with a vwap of 27840(spot) in the BankNifty.
Incidentally, the BankNifty closed the week on Friday near the series vwap.
Largest volume during this series has been traded at 11400 though there is almost equal volume at 11475 which looks a near identical volume pocket on Volume at Price charts. Last week in the Nifty volume was built at 11570 which made the weekly also into a 3-1-3 profile.
The 3-1-3 profile is an option writers delight and especially useful to write strangles choosing the right strike prices. In this case, both the 11500 put and the 11650 call can be used by writers in the coming week. The shape of the profile does suggest an OPex at 11570 and would be our preferred view as we move into the settlement week.
The BankNifty has had a lot of volume traded at 28280- 28300 this series and that high mark would be difficult to overcome in the week to come. It still is at the series vwap and closed within the mini composite multi-day balance which means responsive buying can come as early as Monday to push it right back up.
Last week’s post is at – https://vtrender.com/weekly-outlook-for-the-week-dated-6th-aug-to-10th-aug/
Nifty Weekly Profile ( spot) :
and an expanded chart of the Nifty Aug Futures
The week was traded in a range of 11620-11499 range with a POC at 11557
The Profile was a 3-1-3.
Early support can be seen now at 11510 and at 11475 in the Profile charts
Supply expected to come back around 11640 zone this coming week.
We could see an Option expiration at or near 11570 and it remains my preferred view to trade the coming week.
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) :
and an expanded chart of the Bank Nifty Aug Futures
The banknifty traded a 28377-27861 range during the week.
Largest volume was traded at 28280 during the week
Support at 27760 is expected to hold in the coming week
Supply is present at 28010 and 28280 on any probe higher
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/