After being forced away from the Open for 2 straight sessions on Friday and Monday, the sellers struck back aggressively today midafternoon and managed to shave off 100 points from the session highs flipping the bias of the series around again. There was heavy sell side pressure from 10684- 688 around noon which forced some late longs off and the index closed near Friday levels again. The regions around 10650 and higher at 10685 is likely to resist again and the Nifty may be headed lower to 10535- 10550 F 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-28th-may-to-1st-june/
Nifty May F:
- The NF Open was an ORR which met with failure
- The day type was a Neutral day
- Largest volume was traded at 10663 F today
- Vwap of the session was at 10653 with volumes of 107.8 L in a session which traded a High-Low range of 10704-10596 for 108 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.
- The developing vwap of May series is today at 10673 spot
- The developing POC of May series is today at 10736 spot
Weekly Zones :
- The broken 10730 F zone is major resistance for the rest of the series
- Immediate support lower at 10520F for now.
- The second layer of Support lower at 10410 F now
Daily Zones:
- Value zones ( volume profile) are at 10703-10663-10625 for tomorrow
Plan :
a) The broken 10650 zone likely to give fresh supply on any upticks. Watch for RS here
b) Below 10580 it weakens more to 10540 F
c) 10623 F can show more sellers coming.
d) Watch for fresh demand near 10540 zone
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 OAIR
- The Day type was a Neutral day
- Vwap of the day was at 26345 with Volumes of 33.8 L and a High – Low of 26510-26143 for a range of 366 points.
- Largest Volume was traded at 26440 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.
- The developing vwap of May series is today at 26023 spot
- The developing POC of May series is today at 26205 spot
Weekly Zones :
- The BN closed near the 26230 zone.
- the 26740 zone has the higher supply.
- Retrace back to 25800 is a high probability weekly play if auctions below 26200 F
Daily Zones:
- Value zones ( volume profile) are at 26497-26440-26222 for tomorrow
Plan :
a) supply can be seen near 26310 and 26345 slighty higher
b) the zone around 26090/ 26100 may produce a bounce to 26300 again
c) watch for an auction and trade the extremes around 26060- 26350.
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