We wanted a test , we got a test though not a very convincing one the Up auction is still strong in Nifty
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Nifty Aug F |
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Background / Previous Auctions : (no change) Medium Term : The Friday May 16th range of 7560- 7125 (spot prices) forms the backdrop of the move we may see in the Nifty.The auction remains positive as long as we close above the highs of that day (May16) ( Friday low was 7540 and close of 7568) The largest drop seen that day was 432 points.Targets for the Upmove remain 7900 spot and 8300 in the medium term. Support at 7100 spot. Short term : Aggressive buyer seen earlier last week at 7652 F . New buyers seen on Monday at 7610. Resistance at 7690 F violated on good volumes and is likely to turm into support Observations in Today’s session : https://www.dropbox.com/s/ulxgo1caztqckg8/aug_nf.png 1) Balanced profile with a close at vwap-dpoc-day center all at 7740 2) Buyers seen at 7606-7616 NF but sellers active at 7774 Hypothesis for Tomorrow : Hypo1 ) Buyers should continue working to push the seller up and 7774-7782 should be watched for sellers liquidating or coming back strongly. Imbalance above 7782 will target 7811 and 7846. Hypo2 ) Since the profile is balanced any signs of fresh resistance at 7775- 7782 will mean Nifty spends the day in the 7705- 7782 range. BankNifty F : |
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Background/ Previous Auctions : (No change from previous report)
Medium Term : Friday May16th huge range of 15733- 14430 Spot Prices provides a background to the entire moves we may see in the BNF for some time.
Short Term :
15180 F was a previous support and likely to turn resistance now. We watch orderflow at 15140- 15190 as it can be a pivot for 15400 or back to 14800. Current day Observations : https://www.dropbox.com/s/2cm8nnpzrhutlta/aug_bnf.png 1) The push back to 14800 mentioned in the short term view above almost played out fully as the BNF dropped 240 points. 2) BNF stayed in the 14960- 14880 zone in the second session just like the first session yesterday but did not show same huge buyers like yesterday. 3) The past 2 days of updown moves within 15140- 14870 have kept the BNF vwap flat at the same 14970/ Hypothesis for Tomorrow : Hypo1) A cross of 14960 would mean some shorts liquidating in BNF and it can rise to 15051 again . Hypo2 ) A break of the 2 day range below 14870 will put 14750 immediately into play. |