As results poured in from the state elections in Karnataka, the auction in the Nifty and the BankNifty futures was a dual auction led by Buyers for the first hour and then sellers into the close . We saw a classic Open Drive in the morning which measured 160 points from the open. The expectation was that Buyers would hold vwap on such drives. But a mix of news and long liquidation forced the morning buyers off below vwap and the auction visited the day lows again. It was a classic auction which was measurable and non-volatile. Having tested 10940 in the morning and finding no new demand, the expectation would be a test of the 10740- 10767 F zone in the Nifty futures to search for responsive Buying attempts again.
The short-term weekly outlook for the Nifty and the plan we intend to follow is at –https://vtrender.com/weekly-outlook-for-week-dated-14th-may-to-18th-may-spot-prices/
Nifty May F:
- The NF Open was an Open Drive-up but met with a failed attempt later.
- The day type was a Normal day
- Largest volume was traded at 10914 F today
- Vwap of the session was at 10858 with volumes of 138.5 L in a session which traded a High-Low range of 10948-10787 for 160 points.
- The vwap of the April series is at 10419 spot and the POC is at 10556.
- The settlement day rollover volume point is at 10632 F and 10603 F and is the bias point for the sessions ahead.
- Value areas are at 10937-10914-10833 for tomorrow
- Support is at 10765 in tomorrow’s session with resistance at 10860
Hypos for the next session: (Prices are May F)
**Bullish Hypo: Above 10872 longs for 10912
**Bearish Hypo: Below 10740 shorts for 10702
** Neutral Range: 10850-10790
Note – hypos are tradeable with a 1-1 ratio and are valid for the full session from Open to close. For example, a 30-point target would mean a stop of 30.
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 May F:
- The BNF Open was an Open Drive
- The Day type was a Normal day
- Vwap of the day was at 26599 with Volumes of 50.1 L and a High – Low of 26926-26380 for a range of 540 points.
- The vwap of Apr series is at 25010 spot with POC of 25050
- The settlement day rollover volume point is at 25035 F and is the bias point for the sessions ahead.
- The Value areas are at 26795-26480-26460 for the session next.
- The support is at 26330 for the next session with resistance at 26695
Hypos for the next session: (Prices are Apr F)
**Bullish Hypo: above 26695 for 26883
**Bearish Hypo: Below 26330 for 26160
** Neutral Range: 26390-26530
Note – hypos are tradeable with a 1-1 ratio and are valid for the full session from Open to close. For example, a 50-point target would mean a stop of 50.
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