We rotated lower again today in a trend day of the 3IB type. The balance post that big IPM is now clearly visible and it is obvious the market is waiting on new information ( GST passage?) before resumption of a new leg or a new IPM. Till then the balance will continue.
NIFTY July F:
Weekly levels: We have done a review on weekly charts at: http://vtrender.com/nifty-bn-weekly-view-spot-for-18th-july-22nd-july/
Background / Previous Auctions :
#) The NF was a Trend day today
#) vwap of the session was at 8557 with volumes of 91.9 L in a session which traded a 8590-8511 range of 79 points
#) Day POC was at 8519, lower than the 8580 seen the previous session.
#) The auction in step 2 is now visible to all/
#) Volume was at the median of the past 5 sessions .
#) We rotated lower all day and closed near the composite POC of the new balance at 8517 today.
#) We note an FA at 8186 on 29/06. It has not been visited in T+5 and hence is a support now for the swing.
#) Value areas are at 8569-8519-8514– for the session tomorrow. For using value areas effectively visit:http://vtrender.com/popular-market-profile-trading-setups/
BankNifty July F:
Background/ Previous Auctions :
#) The BNF was a Trend day lower
#) vwap of the session was at 18872 with volumes of 34.6 L in a session which traded a 19060-18960 range of 350 points
#) day POC was at 18819 levels
#) Upon repair the logical step would be to move upwards again. We see if it comes through in tomorrow’s session.
#) The buying tail off 18570 is a major support
#) Value areas are at 18973-18819-18774 for bias. For using value areas effectively visit: http://vtrender.com/popular-market-profile-trading-setups/–