The first day of the new series of June was a trend day which opened at one end and closed at the other in a range which was 80% of the range done the whole week. The result took away the bearishness from early in the week and put the Buyer back in the driving seat but just short of a full confirmation . The RBI event on tuesday kept most people away from largish bets as evident in the tepid rollovers and the inventory control on tuesday will set the tone for the next 200 points.
In the Paras below you will find my daily plan for the day at the bottom with weekly support and resistance levels updated on the spot We will update the Medium term outlook at the close of this month. We function with a view on different timeframes and seek an edge by understanding the interplay.. Auction Market Theory tells us where to trade. The Order Flow will show us when to trade.
| Nifty June F
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| Background / Previous Auctions :
Weekly levels :
We have done a review on weekly charts at : http://vtrender.com/nifty-bn-weekly-view-spot-for-1-5-june15/
Observations in Today’s/ Previous sessions :
(based on Fut prices)
#) NF profile was an Open Test Drive (OTD) from the POC of the expiry session. #) vwap of the day was at 8400 with volume of 170. L (More than the Previous session) #) The Profile shows anomaly at 8440 and 8368 which needs repair #) Pull back high of the day of 29/05 was at 8376 and is now support. #) A Buying tail is seen at 8308 . #) The move below 8310 from expiry day stands negated and the profile of 27/05 holds. #) Value areas are at 8454-8410-8378 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 June Futures)
K.R.A is 8523 ( K.R.A= key reference area)
Hypo 1) If NF auctions below 8523 then it can move to 8471 and 8444 . Sl for this view 8556
Hypo 2) If NF auctions above 8556 it can move to 8580 and 8604 . Sl for this view is 8520.
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BankNifty June F :
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| 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-1-5-june15/
Observations in Today’s/ Previous sessions :
(based on Fut prices)
#) The BNF profile trended higher from POC all day #) vwap was at 18647 with volumes of 27.9 L (More than the previous session) #) Pull back high of the day of 27/05 was at 18410 and is a support now on the index. #) Another pull back high at 18600 on 29/05 #) Day of 28/05 saw buying tail at 18224 early in the session #) 18720 and 18696 are 2 anomalies which need repair #) Value areas are at 18688-18648-18560 for bias. . For using value areas effectively visit : http://vtrender.com/popular-market-profile-trading-setups/
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Hypothesis :
( Based on Futures)
K.R.A is 18876 ( K.R.A= key reference area)
Hypo 1 ) If BNF auctions below 18876 then it should drop to 18768 and 18690 . Sl for this view is 18915
Hypo2 ) If BNF auctions above 18915 then it should attempt to move to 19086. Sl for this view is 18860
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