Session 10 of the series saw a strong responsive seller coming into the market after 3 sessions from a known reference point and dropped the index down to day lows quickly. The auction came back to the spike zone and will have to break it decisively again for a fresh move.
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 and the medium term auction. It’s a view on 3 different timeframes. Auction Market Theory tells us where to trade. The Order Flow will show us when to trade.
| Nifty May F
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| Background / Previous Auctions :Weekly levels :
We have done a review on weekly charts at : http://vtrender.com/nifty-weekly-view-spot-prices/
Observations in Today’s/ Previous sessions :
(based on Fut prices)
#) NF profile stayed above VAH all day and took out spike highs but gave back all gains in the last hour #) vwap of the day was at 8374 with volume of 138.9 L (More than the Previous session) #) Spike zone of 8346 to 8385 was properly auctioned #) Anomaly at 8354 and 8326 was visited #) Responsive selling seen at 8428- 8390 F. #) Buying prints of the profile are at 8268 which will be important support below 8326 F in coming sessions. #) LVN at 8345 NF is now the support for the coming sessions. #) NF has to break above 8416 F tomorrow with strong volumes to keep the upside momentum. #) Profile should play out a 8300- 8390 kind of range tomorrow #) Value areas are at 8404-8364-8340 for the session tomorrow. For using value areas effectively visit : http://vtrender.com/popular-market-profile-trading-setups/ #) Ref lines are at 8418 and 8302 for tomorrow’s session for breakout moves. #) The breakout ref lines above can create fast moves in up/ down direction #) Discl – When we mention Buyers/ Sellers we point to and infer aggressive players. ————————————————————————————————————
#) Minor excess noted at 8020 on 07/05 #) Excess at 8404 on 27/04 #) Excess at 8456 on 24/04 #) Excess at 8678 on 20/04 #) Day saw sellers at 8774 today ( 17/04/15) #) Day saw sellers active at 8836 on ( 16/04/15)
Hypothesis :
( Based on May Futures)
K.R.A is 8386 ( K.R.A= key reference area)
Hypo1) If NF auctions above 8386 then it can move to 8418 and 8436. . Sl for this view 8341
Hypo 2) If NF auctions below 8325 it can drop to 8297 and 8269 . Sl for this view is 8357.
BankNifty May 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-weekly-view-spot-prices/
Observations in Today’s/ Previous sessions :
(based on Fut prices)
#) The BNF profile hit price objective at 18530 and saw profits booked #) vwap was at 18393 with volumes of 32.3 L (More than the previous session) #) Profile shows a strong selling response at 18530 and 18420 below #) Value areas are at 18450-18354-18294 for bias. . For using value areas effectively visit : http://vtrender.com/popular-market-profile-trading-setups/ #) Ref lines are at 18449 and 18266 for tomorrow’s session for breakout moves. #) The breakout ref lines above can create fast moves in up/ down direction
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#)Profile shows strong responsive buying from 17785 #)The BNF profile showed buyers at 17520 on 08/05 #) Pull Back high of 06/05 at 18070. #) Excess at 18520 on 06/05 #) excess at 18750 on 17/04
Hypothesis :
( Based on Futures)
K.R.A is 18465 ( K.R.A= key reference area)
Hypo1 ) If BNF auctions above 18465 then it should attempt to move to 18540 and 18627. Sl for this view is 18345
Hypo 2 ) If BNF auctions below 18266 then it should drop to 18173 . Sl for this view is 18366 |