Thursday’s move on long liquidation led by old business was retraced entirely by the market in Friday’s auction. It’s the nature of settlement days to look at existing inventory management or as we in MarketProfile call it “old business”. The earliest MarketProfiers always knew of managing price action based on old versus new business. Old business does not start a good new trend. We closed Friday at the edge of the June composite balance and as we move into the new series of July, we wait to see how new business responds to the opportunity price is advertising at these levels.
I’m speaking in depth on using MarketProfile the correct way in Hyderabad on July 7th. Details at – https://vtrender.com/marketprofile-in-hyderabad/
A weekly outlook was updated on Saturday at – https://vtrender.com/weekly-outlook-for-the-week-dated-02nd-july-to-6th-july/
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 July F:
- The NF Open was an Open drive up
- The day type was a Normal variation day
- Largest volume was traded at 10692 F today
- Vwap of the session was at 10662 with volumes of 102.3 L in a session which traded a High-Low range of 10706-10591 for 115 points.
- The vwap of June series is at 10737 spot
- The POC of June series was at 10760 spot
- The vwap of the May series was at 10669 spot and the POC was at 10736.
- The settlement day rollover volume point is at 10572 F.
Weekly Zones :
- Immediate supply at 10770 F for now.
- Second zone of supply would be at 10860 F
- The first layer of Support lower at 10570 F now
- Value zones ( volume profile) are at 10701-10690-10650 for tomorrow
a)support expected at 10656-10660
b)supply is big and established at 10710- 10730.
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 July F:
- The BNF Open was an Open drive
- The Day type was a Normal day
- Vwap of the day was at 26372 with Volumes of 30.1 L and a High – Low of 26437-26255 for a range of 181 points.
- Largest Volume was traded at 26340 F today
Monthly Zones :
- The vwap of June series is at 26522 spot
- The POC of June series was at 26544 spot
- The vwap of May series was at 26091 spot with POC of 25744
- The settlement day rollover volume point is at 26217 F.
Weekly Zones :
- The 26470 zone was broken and is now a supply
- The 26210 zone have repeatedly shown demand
- The old seller at 26800 is still very active.
- Value zones ( volume profile) are at 26400-26340-26320 for tomorrow
a) The auction has support at 26290 F
b) The supply is firm near 26470- 26520.
For tradeable ideas on these hypos and to check the OrderFlow Live visit the trading room.