The Nifty and the Banknifty put in a Normal day in the markets today. A Normal day is a day when the entire range of the session is contained within the first hour of trade and there are no extensions. A normal day is also a market wanting to reassess, post an imbalance move. The sellers have been very dominant in the past few sessions with an average range of 108 points, in each of the past there sessions, and today’s lower range of 65 points is at best a pause. It is also a market returning back to Balance from an Imbalance. The best trade setup from here would be to trade the exit of day value and range.
To reassess the swing move for the days ahead, the market is still suspect below the 10585-10596 range and bulls will have to create the upticks above this point for a shot at 10650 and possibly 10730. Lower down the vwap of April series near 10440 is the only remaining demand zone.
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-21st-may-to-25th-may-spot-prices/
Nifty May F:
- The NF Open was an OAIR
- The day type was a Normal day
- Largest volume was traded at 10552 F today
- Vwap of the session was at 10542 with volumes of 73.2 L in a session which traded a High-Low range of 10572-10507 for 65 points.
Monthly Zones:
- 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.
Weekly Zones :
- The broken 10730 F zone is major resistance for the rest of the series
- The 10630- 650 zone from Fri/ Mon likely to resist also
- Support lower at 10440 F now
Daily Zones:
- Value areas are at 10559-10552-10530 for tomorrow
Plan :
a) Look for a move above 10574 F to auction to 10596 F
b) Be watchful around 10596 as can reverse or scream ahead to 10616/ 10635
c) NF is weak below 10525 F again.
d) Below 10508 drop extends to 10477/ 10463.
c) Neutral zone 10530- 10556.
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 Auction
- The Day type was a Normal day
- Vwap of the day was at 25836 with Volumes of 29.41 L and a High – Low of 25958-25740 for a range of 217 points.
- Largest Volume was traded at 25840 F today
Monthly Zones :
- The vwap of Apr series is at 25010 spot with POC of 25050
- The settlement day rollover volume point is at 25035 F .
Weekly Zones :
- 26225F likely to act as a supply band on any price probe upwards
- 26070-40 F from Friday/ Monday has also seen long liquidation/ fresh supply.
- 25700-20 composite balance ( CB) high is the near-term support
- Any move into the CB would bring 25550 quickly
Daily Zones:
- The Value areas are at 25875-25842-25760 for the session next.
Plan :
a) An auction above 25900 has 60 points in it for 25960 and 26040
b)Sustaining below 25840 the BNF is weak and can drop to 25740 and 25695
c) Break below 25680 can bring 25590/ 25530 quickly
c) Value zone 25760- 25875.
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