For the drop in the Nifty from 11775F, we have been calling for a balance and we saw the first evidence of it today. But the day was not a quiet balance but highly volatile and in a big range where we saw yesterday’s big buyer at 11470 being tested again. We mentioned that he would be tested and he was. But the test produced a sharp responsive buying again from the lows and the Nifty hit the VPOC at 11600 F again. There was again sharp selling/ long liquidation on the move above 11580F today and the 11580- 11600 zone is expected to resist again later. For the moment the auction looks capped between the 2 VPOC’s at 11600 and 11440. However, the seller has a big advantage on the new prices in the auction below 11650 levels and the PLR would be lower below it. If we get initiative selling below 11480 spot again we could see 11295F this series.
A weekly outlook was updated on Saturday at – https://vtrender.com/weekly-outlook-for-the-week-dated-03rd-sept-to-07th-sept-spot-prices/
The support at 11620 has failed in the index and the next support is near 11480.
Nifty Sept F:
- The NF Open was an Open auction
- The day type was a Neutral day
- Largest volume was traded at 11550 F today
- Vwap of the session was at 11540 with volumes of 116.7 L in a session which traded a High-Low range of 11603-11470 for 132 points
Monthly Zones:
- The vwap of the Aug series is at 11444 spot and the POC was at 11480
- The settlement day (Aug ) rollover volume point is at 11739 F.
- Highest Rollover point was at 11772 Sept F
Weekly Zones :
- Spike zone is 11620 to 11720F.
- the second zone of support is at 11470
Daily Zones:
- Value zones ( volume profile) are at 11567-11550-11502 for tomorrow
Plan :
a) The responsive seller at 11590 and 11636 to produce supply on any moves
b) short is right either at 11590 with a small SL or higher at 11636-40 with SL of 11660
c) the 11500 zone has a buyer and could again be a buy with stops of 11465.
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BNF Sept F:
- The BNF Open was an Open auction
- The Day type was a Neutral day
- Vwap of the day was at 27540 with Volumes of 44.7 L and a High – Low of 27670-27385 for a range of 284 points.
- Largest Volume was traded at 27550 F today
Monthly Zones :
- The vwap of Aug series is at 27923 spot with POC of 28280
- The settlement day rollover volume point (aug) is at 28232 F.
- Highest Rollover point was at 28232 Sept F
Weekly Zones :
- spike zone is 27960- 28130.
- supply still dominant near 28450-28476
- supply expected back at 27850 and 27960
Daily Zones:
- Value zones ( volume profile) are at 27600-27550-27460 for tomorrow
Plan :
a) The 27630- 27680 zone has supply
b)short is right at these levels with stops above 27760
c) 27430 was tested twice and buyers prevailed
d) Below 27430 is a straight drop to 27330 and 27190.
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