We had a repeat of yesterday’s auction with Buyers at the lows and sellers showing up again near 7600 levels. The Larger Move is now in Step 2 of the Distribution post the IPM from 7950 levels. The next trending move is only when this part of the distribution is settled.
Background / Previous Auctions :
Weekly levels: We have done a review on weekly charts at: http://vtrender.com/nifty-bn-weekly-view-spot-for-11-jan-15-jan16/
(based on Fut prices)
#) The NF was a Normal Variation day with close around vwap
#) Vwap of the session was at 7531 with volumes of 191.1 L in a session which traded a 7617-7454 range of 162 points
#) Day POC was at 7536
#) The composite POC at 8022 from dec still holds the bias
#) The auction of today was inside yesterday’s range mostly
#) The Profile is hinting at a balance formation here in a largish 7430- 7640 range.
#) We closed the new positional shorts from yesterday today on the gap down and would remain flat for now
#) Value areas are at 7596-7536-7500– for the session tomorrow. For using value areas effectively visit:http://vtrender.com/popular-market-profile-trading-setups/
K.R.A is 7762 F ( K.R.A= key reference area)
and the trend has gone sideways now
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-11-jan-15-jan16/
Observations in Today’s/ Previous sessions:
(based on Fut prices)
#) The BNF was a 3-1-3 profile.
#) vwap of the session was at 15626 with volumes of 39.8 L in a session which traded a 15808-15455 range of 353 points
#) day POC was at 15584 levels
#) Auction is showing a sideways nature now and 16200 is the resistance at highs
#) Value areas are at 15688-15584-15552 for bias. . For using value areas effectively visit: http://vtrender.com/popular-market-profile-trading-setups/
K.R.A is 16525 F ( K.R.A= key reference area)