Session 14 of the series saw the Nifty and the BankNifty closing near the lows and near the supports of the trend up we highlighted in our weekly post.
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 was a double distribution which closed at the lows. #) CLVN for the week and support is 8369. #) vwap of the day was at 8397 with volume of 94.2 L (Same as the Previous session) #) Value areas are at 8440-8424-8380 for the session tomorrow. For using value areas effectively visit : http://vtrender.com/popular-market-profile-trading-setups/ #) Ref lines are at 8392 and 8333 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. ————————————————————————————————————
#) 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 8379 ( K.R.A= key reference area)
Hypo1) If NF auctions below 8379 then it can move to 8833 and 8302 . Sl for this view 8408
Hypo 2) If NF auctions above 8408 it can move to 8423 and 8500 . Sl for this view is 8390.
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 18384-18328-18280 for bias. . For using value areas effectively visit : http://vtrender.com/popular-market-profile-trading-setups/ #) Ref lines are at 18329 and 18210 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 18330 ( K.R.A= key reference area)
Hypo1 ) If BNF auctions above 18330 then it should attempt to move to 18390 and 18435. Sl for this view is 18280
Hypo 2 ) If BNF auctions below 18210 then it should drop to 18148 and 18085 . Sl for this view is 18340 |