The first day of the new series saw initiative sellers and responsive buyers in the indices. At the close however the markets remained in the old 4 day balance and the auction continued in balance.
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 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 July 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-for-29-june-03-july15/
Observations in Today’s/ Previous sessions :
(based on Fut prices)
#) NF profile saw initiative selling near the Open and responsive buying. #) vwap of the day was at 8376 with volume of 112.1 L (More than the Previous session) #) Profile of Friday cleared the anomaly at 8392 from the day before. #) Previous buyers noted at 8356 (mentioned in previous post) were seen responding. #) In keeping with the template view of 02/06 we auctioned to the base of the single prints of that profile at 02/06 #) the auction is clearly now into Step 2 post the IPM and creating a large balance which will keep the market sideways for some time.
#) Value areas are at 8388-8380-8362 – for the session tomorrow. For using value areas effectively visit : http://vtrender.com/popular-market-profile-trading-setups/ #) Discl – When we mention Buyers/ Sellers we point to and infer aggressive players. ————————————————————————————————————
Hypothesis :
( Based on July Futures)
K.R.A is 8404 ( K.R.A= key reference area)
Hypo 1) If NF auctions above 8404 it can move to 8430 and 8463. Sl for this view is 8379
Hypo 2) If NF auctions below 8355 then it can move to 8330 and 8290. Sl for this view 8381
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BankNifty July 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-for-29-june-03-july15/
The Banknifty view is in the above link below the Nifty view.
Observations in Today’s/ Previous sessions :
(based on Fut prices)
#) The BNF saw initiative selling which pushed the index below the 3 day balance. However late buying pushed it back above again. #) vwap was at 18306 with volumes of 34.4 L (More than the previous session) #) Profile saw sellers at the open who left a selling tail in the profile #) Value was created lower in the process #) Value areas are at 18365-18300-18260 for bias. . For using value areas effectively visit : http://vtrender.com/popular-market-profile-trading-setups/
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Hypothesis :
( Based on Futures)
K.R.A is 18464 ( K.R.A= key reference area)
Hypo1) If BNF auctions above 18464 then it should attempt to move to 18554 and 18657. Sl for this view is 18340
Hypo 2) If BNF auctions below 18340 then it can drop to 18260 and 18160. Sl for this view is 18465. |