A steady upmove dominated by buyers in the first half of the session met an extremely strong responsive seller at 10807 around 1.20 in the lunch hour who flipped the auction around and the Nifty gave up most of it’s gains. The volume noticed at 10807 today was as big as the one we saw at 10655 early yesterday. It is the appearance of these Large Lot Traders or LLT’s as we call them which makes OrderFlow trading so exciting to watch. The Banknifty could not hold on to the vwap of the drive and gave up all the gains by the close. That was a classic auction in the BankNifty again today and easily traded with the rules of Auction Market Theory.
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 drive up
- The day type was a Normal variation day
- Largest volume was traded at 10760 F today
- Vwap of the session was at 10773 with volumes of 89.8 L in a session which traded a High-Low range of 10814-10725 for 88 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.
- An 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 10794-10760-10754 for tomorrow
- the auction has support at 10735
Plan :
a) 10735 support if held can produce a bounce
b) 10795 and 10805 are supply zones
c) below 10768 may stay weak and move to 10735
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 drive
- The Day type was a Normal Variation day
- Vwap of the day was at 26673 with Volumes of 52.1 L and a High – Low of 26798-26505 for a range of 293 points.
- Largest Volume was traded at 26720 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 26782-26720-26595 for tomorrow
Plan :
a) Holding 26440 can bounce to 26660 and 26720 higher
b)below 26340 late longs of Thursday can be forced out
c) 26440 is early morning support.
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