Session 13 of the series saw the Nifty and the BankNifty attempting the move away from the Normal day we discussed at Thurs Close. However the move brought opposite results and the BNF finishes much weaker on the day.
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 May 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-we-22may/
Observations in Today’s/ Previous sessions :
(based on Fut prices)
#) NF profile tried to auction above the 8436 level today . #) For the new week we will update the CLVN data with last week’s volumes. #) vwap of the day was at 8456 with volume of 92.2 L (Same as the Previous session) #) Value areas are at 8476-8464-8444 for the session tomorrow. For using value areas effectively visit : http://vtrender.com/popular-market-profile-trading-setups/ #) Ref lines are at 8470 and 8420 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. ———————————————————————————————————— #) Buyers seen in the profile at 8384 again on 21/05 #) Buying prints of the profile are at 8268 which will be important support below 8326 F in coming sessions. #) 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 8494 ( K.R.A= key reference area)
Hypo1) If NF auctions above 8494 then it can move to 8518 and 8537 . Sl for this view 8452
Hypo 2) If NF auctions below 8444 it can drop to 8420 and 8394 . Sl for this view is 8470.
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-bn-weekly-view-spot-we-22may/
Observations in Today’s/ Previous sessions :
(based on Fut prices)
#) The BNF profile trended lower in the second session . #) vwap was at 18557 with volumes of 39.3 L (More than the previous session) #) Value areas are at 18678-18630-18486 for bias. . For using value areas effectively visit : http://vtrender.com/popular-market-profile-trading-setups/ #) Ref lines are at 18483 and 18196 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 18485 ( K.R.A= key reference area)
Hypo1 ) If BNF auctions above 18522 then it should attempt to move to 18630 and 18713. Sl for this view is 18450
Hypo 2 ) If BNF auctions below 18440 then it should drop to 18370 and 18222 . Sl for this view is 18535 |