We got an Open drive and a trend day to start the week and a move back into the 2 way auction of 03rd May. We are calling this leg of the auction as a probe of the selling seen at higher levels but from a slightly larger time frame perspective, it looks like we are headed into a quieter 2-way mode for the May series like the April series with emphasis around the 7850 spot mark. Will elaborate more in the coming sessions .
NIFTY May F:
Background / Previous Auctions :
Weekly levels: We have done a review on weekly charts at: http://vtrender.com/nifty-bn-weekly-view-spot-for-9th-may-13th-may/
#) The NF was a trend day
#) vwap of the session was at 7875 with volumes of 151.8 L in a session which traded a 7912-7775 range of 128 points
#) Day POC was at 7867
#) Volume was over the average seen recently
#) Further sellers are up at 7955
#) Support for the current leg of the auction is at 7780 and at 7680 F .
#) Value areas are at 7899-7867-7840– for the session tomorrow. For using value areas effectively visit:http://vtrender.com/popular-market-profile-trading-setups/
BankNifty May F:
#) The BNF was also a trend day
#) vwap of the session was at 16643 with volumes of 29.5 L in a session which traded a 16795-16407 range of 365 points
#) day POC was at 16650 levels
#) Value areas are at 16761-16650-16588 for bias. For using value areas effectively visit: http://vtrender.com/popular-market-profile-trading-setups/–