We got a good bounce from the lows again today and closed the session near highs. That bounce which was from the vwap of the previous session showed intent in terms of support and would be a crucial level in the days ahead.
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 an NV day
#) vwap of the session was at 7909 with volumes of 129.4 L in a session which traded a 7939-7860 range of 79 points
#) Day POC was at 7919
#) Volume was at the average of the past 5 sessions.
#) Profile shows a strong buying support at 7860
#) Support for the current leg of the auction is at 7780 and at 7680 F .
#) Value areas are at 7932-7919-7903– for the session tomorrow. For using value areas effectively visit:http://vtrender.com/popular-market-profile-trading-setups/
BankNifty May F:
#) The BNF was a neutral day with a FA at 16820
#) vwap of the session was at 16933 with volumes of 35.3 L in a session which traded a 17019-16820 range of 189 points
#) day POC was at 16797 levels
#) The BNF moved away from the VA of the past 2 sessions and protected the VAH on the pullback.
#) Value areas are at 16979-16940-16898 for bias. For using value areas effectively visit: http://vtrender.com/popular-market-profile-trading-setups/–