We got the much-awaited confirmation on the change of short term trend today and we played it with Long Nifty Futures + Long 7200 CE + Long April 7400 CE. We anticipate the buying tail to take us to 7410 spot and Orderflow in the region between 7410- 7520 should decide the next move to 8400 or back down to 6800 and lesser.
NIFTY MAR F:
Background / Previous Auctions :
Weekly levels: We have done a review on weekly charts at: http://vtrender.com/nifty-bn-weekly-view-spot-for-29-feb-04-mar16/
#) The NF was a Trend day
#) Vwap of the session was at 7176 with volumes of 177.6 L in a session which traded a 7240-7046 range of 194 points
#) Day POC was at 7157 levels
#) The singles from 6825 spot are confirming a change in short term trend. We look forward to a visit to 7410 spot for the next round.
#) Value areas are at 7239-7157-7140– for the session tomorrow. For using value areas effectively visit:http://vtrender.com/popular-market-profile-trading-setups/
K.R.A is 7135 Mar F ( K.R.A= key reference area)
and the trend is upwards
Background/ Previous Auctions :
Weekly levels: For Banknifty we have updated a spot auction view with a chart at: http://vtrender.com/nifty-bn-weekly-view-spot-for-29-feb-04-mar16/
(based on Fut prices)
#) The BNF was a trend day
#) vwap of the session was at 14323 with volumes of 39 L in a session which traded a 14478-14081 range of 397 points
#) day POC was at 14290 levels
#) The path of the auction above 14670 should be towards the 15100- 15200 zone. We spoke about the 15200- 13400 zone in this post : http://vtrender.com/nifty-and-banknifty-in-2015-and-lookahead-2016/ and a faster retracement sets up an exciting opportunity ahead.
#) Value areas are at 14429-14290-14267 for bias. . For using value areas effectively visit: http://vtrender.com/popular-market-profile-trading-setups/–
K.R.A is 14150 Mar F ( K.R.A= key reference area)
and the trend is upwards.