A swift rejection of VAH early in the afternoon set up the trending move we were expecting and mentioned in yesterday’s post. The Profiles finished as neutral extremes.
Background / Previous Auctions :
Weekly levels: We have done a review on weekly charts at: http://vtrender.com/nifty-bn-weekly-view-spot-for-04-jan-08-jan16/
(based on Fut prices)
#) The NF was a neutral extreme day
#) Vwap of the session was at 7781 with volumes of 121.5 L in a session which traded a 7824-7730 range of 94 points
#) Day POC moved to 7747 in the closing 10 mins of the session
#) We are noting heavier volumes in the selloff than the corresponding rise in Dec from the same points
#) The NF shows rejection of Friday’s upper distribution and a reconfirmation of the selling seen near 7980 spot last month
#) The composite POC at 8022 from dec still holds the bias
#) If the auction continues lower below 7754 it can drop to 7637 within the next 2 sessions.
#) Value areas are at 7794-7746-7737– for the session tomorrow. For using value areas effectively visit:http://vtrender.com/popular-market-profile-trading-setups/
K.R.A is 8032 F ( K.R.A= key reference area)
and the trend is down on the shorter time frame
BankNifty Dec F:
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-04-jan-08-jan16/
Observations in Today’s/ Previous sessions:
(based on Fut prices)
#) The BNF was also a neutral extreme day
#) Vwap was at 16530 with volumes of 30.5 L in a session which traded a 16659-16376 range of 283 points
#) day POC was at 16454 levels
#) Index is weak and has support only near 16290.
#) Value areas are at 16576-16456-16416 for bias. . For using value areas effectively visit: http://vtrender.com/popular-market-profile-trading-setups/
K.R.A is 17210 F ( K.R.A= key reference area)