Day 8 was spent today in the Mini composite Nifty profile of 10550- 10750 and it was a neutral day where the Buyers and Sellers jostled for control. The early auction was dominated by sellers at the open but responsive buying was seen on the probe lower to 10550. The sellers of yesterday were also seen responding to the higher prices at 10630 F, the levels pointed out yesterday. A neutral day profile is followed up by a Normal variation profile or a trend day profile. So we should be looking for a range expansion tomorrow. There is a minor possibility of a Normal day also from this kind of a Profile, but with an event such as the RBI which always carries a possibility of inventory adjustments, that prospect of a Normal day has a smaller percentage. The possibility of an expanding range down to 10386 or back upto 10730 is the trading prospect from here.
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
- The day type was a Neutral day
- Largest volume was traded at 10590 F today
- Vwap of the session was at 10590 with volumes of 86.4 L in a session which traded a High-Low range of 10630-10552 for 78 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 10746 F zone is supply for the week.
- 8 day mini composite range is 10750- 10550F.
- Immediate support lower at 10575F for now.
- The second layer of Support lower at 10520 F now
- Overcoming supply at 10746 can push the index higher to 10923 again.
Daily Zones:
- Value zones ( volume profile) are at 10600-10590-10566 for tomorrow
- Pullback high (04/06) of 10685 is resistance
- vwap of trend down (04/06) at 10645 will continue to offer supply
- 10720 F off the Open today saw sharp sellers step up.
Plan :
a) Holding 10570 an attempt to bounce to 10630 again to be watched for OrderFlow
b) Above 10649 can show strength to 10670/ 10685
c) weak below 10570 for 10550 / 10520
d) 10617-10580 is a chop zone.
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
- The Day type was a Neutral day
- Vwap of the day was at 26214 with Volumes of 40.1 L and a High – Low of 26330-26079 for a range of 250 points.
- Largest Volume was traded at 26260 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 26280-26260-26175 for tomorrow
Plan :
a) 26340 has shown supply and is the area to introduce shorts on any upmove for 26180
b)above 26440 short covering can begin
c) Weakness confirms again below 26160 for 25900.
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