Bulls managed to pull a bit back today after 2 successive spikes and many values going lower. We are developing high volumes around 7430- 7440 with 3 POC’s here in past 3 sessions. 7430 -40 being last week’s lows as well as the area where the heavy volumes had come on Friday close
Background / Previous Auctions :
Weekly levels: We have done a review on weekly charts at: http://vtrender.com/nifty-bn-weekly-view-spot-for-18-jan-22-jan16/
(based on Fut prices)
#) The NF was a Normal Variation day today.
#) Vwap of the session was at 74275 again with volumes of 136.3 L in a session which traded a 7474-7376 range of 98 points
#) Day POC was at 7437 levels
#) The Profile has closed again today near the edge of the 2-way balance seen between 7430 and 7620.
#) We identify 7430 zone with the big 150 point rise made last week with aggressive buying but now the same seems missing
#) Weakness gets reconfirmed on a break of 7380 and the NF can target 7250 next.
#) Value areas are at 7443-7437-7398– for the session tomorrow. For using value areas effectively visit:http://vtrender.com/popular-market-profile-trading-setups/
K.R.A is 7382 F ( K.R.A= key reference area)
and the trend is lower.
BankNifty Jan 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-18-jan-22-jan16/
Observations in Today’s/ Previous sessions:
(based on Fut prices)
#) The BNF staged a drive at the open but was unable to move past previous session highs
#) vwap of the session was at 15258 with volumes of 32.7 L in a session which traded a 15348-18083 range of 264 points
#) day POC was at 15264 levels
#) The BNF has immediate support at 14840 all week but could face resistance again around 15520
#) Value areas are at 15312-15264-15216 for bias. . For using value areas effectively visit: http://vtrender.com/popular-market-profile-trading-setups/
K.R.A is 14860 F ( K.R.A= key reference area)