We got a trend day in the Nifty today as the initial probe below the FA point of friday failed to attract new selling just like the previous session and the market shot off higher to test the selling at higher levels. By the close it had probed 7840 mentioned in Friday’s weekly report.
Nifty Nov F:
Background / Previous Auctions :
Weekly levels: We have done a review on weekly charts at: http://vtrender.com/nifty-bn-weekly-view-spot-for-16-nov-20-nov15/
Observations in Today’s/ Previous sessions:
(based on Fut prices)
#) The NF was a trend day after the neutral center of friday
#) Vwap of the session was at 7796 with volumes of 117.9 L in a session which traded a range of 7857-7725.
#) Profile put in a range extension today at 7762-7770 and it will be an important support in the coming sessions
#) Day POC was at 7824 levels
#) Buying tail minor at 7725 replaces the FA point of 7742.
#) 2 anomalies at 7794 and at 7762 which further stress the importance of the 2 levels for today’s bullish move
#) Profile has support at 7795 in tomorrow’s session. A poor high at 7857 increases the odds of a look up to 7940F and 7990 F in the coming sessions.
#) Value areas are at 7854-7824-7778– for the session tomorrow. For using value areas effectively visit:http://vtrender.com/popular-market-profile-trading-setups/
#) Discl – When we mention Buyers/ Sellers we point to and infer aggressive players.
Hypothesis :
(based on Nov F)
K.R.A is 7918 ( K.R.A= key reference area)
Hypo1 ) If NF auctions above 7869 it could move to 7915 and 7947. SL for this view is 7820
Hypo 2) IF NF auctions below 7782 it could move to 7735 and 7698. Sl for this view is 7822
BankNifty Nov 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-16-nov-20-nov15/
Observations in Today’s/ Previous sessions:
(based on Fut prices)
#) The BNF was a Trend day
#) Open was an OTD and we see buying prints below 16894
#) Vwap was at 17132 with volumes of 30.8 L in a session which traded a range of 17279-16893
#) The FA at 17085 was visited and the BN spiked higher above it.
#) The BNF now has excess at 16626 and 16760 and has closed all the excess from 5,6,9 and 10th Nov in today’s profile. This is short term bullish.
#) The profile above today’s session highs moves to VPOC of 17400 and swing highs of 17522.
#) day POC was at 17185 levels
#) Value areas are at 17270-17185-17135 for bias. . For using value areas effectively visit: http://vtrender.com/popular-market-profile-trading-setups/
Hypothesis :
( Based on Nov Futures)
K.R.A is 17085 ( K.R.A= key reference area)
Hypo1 ) IF BNF auctions above 17337 it could move to 17470 and 17525. Sl for this view is 17230.
Hypo 2) If BNF auctions below 17080 it could move to 16957 and 16765. SL for this view is 17185.
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.