The Nifty and the BankNifty gapped lower today and below the support zone of 10770- 10790 held by responsive buyers. It was also a break away from the 6-day range the market has been trading in. Much depends on what kind of follow-up we get from this profile of today. The last time the Nifty traded this range, the next session was a gap up which forced short covering and the Nifty did not visit the range again for 6 sessions. Any followup below session lows would ensure a restest of the 10650 HVN and the buy zones of 10585-600. An upmove to 10770 to be watched for signs of long liquidation.
A weekly outlook was updated on Saturday at – https://vtrender.com/weekly-outlook-for-the-week-dated-18th-june-to-22nd-june/
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 testing demand
- The day type was a Normal Variation day
- Largest volume was traded at 10720 F today
- Vwap of the session was at 10727 with volumes of 92.3 L in a session which traded a High-Low range of 10760-10704 for 55 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 auction established a 10873- 10735 range last week with a POC at 10820.
- Immediate support lower at 10706 F for now.
- The second layer of Support lower at 10640 F now
- Overcoming supply at 10840 can push the index higher to 10923 again.
Daily Zones:
- Value zones ( volume profile) are at 10738-10720-10713 for tomorrow
Plan :
a) the 10704 zone is an established support pointed out in earlier reports
b) A follow-through below this tom can drag the index down to 10656-10666
c) supply present now at 10739 and 10758-10770 higher.
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 Normal Variation day
- Vwap of the day was at 26275 with Volumes of 32.4 L and a High – Low of 26349-26205 for a range of 145 points.
- Largest Volume was traded at 26275 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 :
- The BNF weekly is a triple Inside week.
- 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 26300-26275-26250 for tomorrow
Plan :
a) The 26360 zone is the new supply
b) Minor support at 26210 exists still
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