Dip Buyers again in NF today as sellers were overcome (yet again) and buyers carried the day
Nifty July F :
Background / Previous Auctions :
Medium Term :
The Friday May 16th range of 7639- 7182 looks like a completed bell curve now as the market has successfully auctioned out the entire range, building volume. This zone forms the base of the move we may see in the NF. The projected range expansion is at 8100 in index F .
Short term :
Buyers seen holding up the index F at 7466 and 7538 and at 7628 . .Supports now rise to 7540 conservative and 7580 for the trend. Value seen going higher in the above chart. Projected imbalance above the 7765 level is at 7851 F.
Observations in Tuesday’s session :
https://www.dropbox.com/s/v07iuc61bcadt58/OF_10min.png
1) Open above VAH and the NF went according to hypo 1 .
2) Sellers seen at 7744- 7752 but were liquidated and the market closed at highs.
3) Dip buyers seen at 7720 F
Hypothesis for Wednesday :
1) Above 7765 the NF enters a high volume auction zone and can rush to 7814 quickly. Hence all dips to 7765 are buys with SL below the 7750 zone mentioned above
2) Below 7752 the NF will go down to 7728/32 again.
BankNifty F :
Background/ Previous Auctions :
Medium Term :
Friday May16th huge range of 15888- 14418 June F provides a background to the entire moves we may see in the BNF for some time.
Short Term :
Supports in BNF for the current week are at 15160 F followed by the old one at 14830. Resistance at 15470- 15510.
Observations in Tuesday’s session :
https://www.dropbox.com/s/nib52br89ukijnv/OF_BNF_10.png
1) Hypo1 played out fully and the market was contained with the 15510- 15330 range given in the plan.
2) Buyers were seen getting aggressive at the close and more likely the BNF opens above 15510 resistance tomorrow.
Hypothesis for Wednesday :
1) Above 15510 the BNF will run to 15577 and 15640 and further strength above 15640 will bring 15784,
2) Below 15445 we would once again trade in the same region towards 15330.