Session 16 of the series saw an Open which was rejected and a small confirmation that the down move from 8489 spot may have curtailed at 8277. We wait for a move above VAH tom to convince us of that .
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 an ORR which managed to stay above vwap all day #) vwap of the day was at 8314 with volume of 115.1 L (More than the Previous session) #) Buying seen at 8270 in the profile. #) The Profile if it holds 8291 should move towards 8369 F which is a pivot for the week. #) Value areas are at 8330-8314-8306 for the session tomorrow. For using value areas effectively visit : http://vtrender.com/popular-market-profile-trading-setups/ #) Ref lines are at 8369 and 8310 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 8370 ( K.R.A= key reference area)
Hypo 1) If NF auctions above 8370 it can move to 8394 and 8413 . Sl for this view is 8340.
Hypo 2) If NF auctions below 8315 then it can move to 8290 and 8255 . Sl for this view 8357
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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 was a trend day which closed at the higher extreme #) vwap was at 18407 with volumes of 31.9 L (More than the previous session) #) Pull back high of the day was at 18420 and is a support now on the index. #) Day saw buying at 18250 early in the session #) The profile can show resistance at 18575 F in tomorrow’s session followed by 18640. #) Value areas are at 18508-18396-18372 for bias. . For using value areas effectively visit : http://vtrender.com/popular-market-profile-trading-setups/ #) Ref lines are at 18640 and 18415 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 18410 ( K.R.A= key reference area)
Hypo1 ) If BNF auctions above 18480 then it should attempt to move to 18570 and 18635. Sl for this view is 18410
Hypo 2 ) If BNF auctions below 18410 then it should drop to 18300 and 18195 . Sl for this view is 18490 |