We got further confirmation today of the balance forming and the market reluctant to auction below 7625F. However, selling was still seen at session highs and the seller seen to be persisting for now.
Nifty Dec F:
Background / Previous Auctions :
Weekly levels: We have done a review on weekly charts at: http://vtrender.com/nifty-bn-weekly-view-spot-for-14-dec-18-dec15/
(based on Fut prices)
#) The NF was a normal variation day which closed near the edge of the composite balance shown above
#) Vwap of the session was at 7668 with volumes of 90.8 L in a session which traded a 7717-7636 range of 81 points
#) Day POC was at 7707 levels today and lower again.
#) We see a largish balance now developing between 7730 and 7585 which holds the keys to the moves for the rest of the series.
#) The FA at 7949 F has remained unvisited.
#) we see a composite POC at 7984 in the profile chart posted above and the bias is lower below it.
#) Value areas are at 7710-7707-7659– for the session tomorrow. For using value areas effectively visit:http://vtrender.com/popular-market-profile-trading-setups/
(based on Dec F)
K.R.A is 7510 ( K.R.A= key reference area)
Hypo1 ) If NF auctions above 7733 it could move to 7772 and 7793. SL for this view is 7692
Hypo 2) IF NF auctions below 7679 it could move to 7650 and 7580. Sl for this view is 7732.
Observations in Today’s/ Previous sessions:
(based on Fut prices)
#) The BNF was a normal day again
#) Vwap was at 16318 with volumes of 27.8 L in a session which traded a 16444-16212 range of 232 points
#) day POC was at 16404.
#) We see 16925F as resistance on any pullback this week.
#) Value areas are at 16392-16260-16258 for bias. . For using value areas effectively visit: http://vtrender.com/popular-market-profile-trading-setups/
( Based on Nov Futures)
K.R.A is 16120 ( K.R.A= key reference area)
Hypo1 ) IF BNF auctions above 16442 it could move to 16520 and 16600. Sl for this view is 16360.
Hypo 2) If BNF auctions below 16286 it could move to 16209 and 16058. SL for this view is 16385.
All Hypos to be traded with the mentioned stops and mechanically. If in the trading room, can use the Order Flow to qualify the entry and exit for the hypos.