Session 15 of the series saw a seller near the open but there was evidence of short covering at the lows.
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  |
| 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 stayed below the DD of yesterday and created value lower #) vwap of the day was at 8337 with volume of 88.2 L (Less than the Previous session) #) The Profile is weak below 8370 F now and the path of east resistance points to 8291 and 8113 F. #) Value areas are at 8354-8342-8326 for the session tomorrow. For using value areas effectively visit : http://vtrender.com/popular-market-profile-trading-setups/ #) Ref lines are at 8371 and 8332 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 8332 ( K.R.A= key reference area)
Hypo1) If NF auctions below 8332 then it can move to 8270 and 8255 . Sl for this view 8357
Hypo 2) If NF auctions above 8378 it can move to 8407 and 8423 . Sl for this view is 8340.
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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 operated below the VAL of the previous session for the most part #) vwap was at 18244 with volumes of 21.3 L (Less than the previous session) #) Value areas are at 18288-18256-18208 for bias. . For using value areas effectively visit : http://vtrender.com/popular-market-profile-trading-setups/ #) Ref lines are at 18372 and 18271 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 18370 and 18435. Sl for this view is 18280
Hypo 2 ) If BNF auctions below 18270 then it should drop to 18218 and 18075 . Sl for this view is 18340 |