The follow up over the neutral extreme was over in the first 3 minutes of the day’s auction as the spike to 8682 met sellers and the auction sloped downwards from there only to meet responsive buying again at 8617F. The close was at the same point as yesterday which is also the dpoc and the vwap of the series of August.
Tomorrow is series settlement and a day where you see old inventory adjusted and closed. It’s not a day for new business and the close will show you a big drop in Open Interest ( Buyer / Seller Participation) across categories. We will revisit the auction now on Friday.
NIFTY Aug F:
Weekly levels: We have done a review on weekly charts at: http://vtrender.com/nifty-bn-weekly-view-spot-for-22nd-aug-26th-aug/
Background / Previous Auctions :
#) The NF was a Normal Variation Day
#) vwap of the session was at 8639 with volumes of 115.6 L in a session which traded a 8682-8617 range of 66 points
#) Day POC was at 8639, near the same zone as the 8660 seen in the August composite
#) We note an FA at 8591 on day T+2
#) The auction has built a POC and vwap at 8668- 8678 for the current Aug settlement.
#) Today’s Volume was at the median of the past 5 sessions.
#) Value areas are at 8655-8639-8637– for the session next. For using value areas effectively visit:http://vtrender.com/popular-market-profile-trading-setups/
BankNifty Aug F:
Background/ Previous Auctions :
#) The BNF was a Normal day
#) vwap of the session was at 19334 with volumes of 23.7 L in a session which traded a 19409-19281 range of 129 points
#) day POC was at 19305 levels
#) The POC for the Aug settlement is currently at 19030 levels with vwap of 18886
#) We had another inside day today
#) Post the breakout from 19120 we are seeing value develop higher and a balance beginning to form.
#) Value areas are at 19360-19305-19304– for the session next. For using value areas effectively visit:http://vtrender.com/popular-market-profile-trading-setups/