The 2nd day of the new series operated in the spike of Friday’s trend day close higher. In doing so it created value higher. Heading into RBI day as a neutral extreme the profile charts have spoken clearly of 8404- 8410 F as the level to beat for more downsides. On upsides we watch what kind of selling if any shows up near 8534F .
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 June 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-1-5-june15/
Observations in Today’s/ Previous sessions :
(based on Fut prices)
#) NF profile was a neutral extreme which operated mostly in the spike of Friday #) vwap of the day was at 8452 with volume of 77.5. L (Less than the Previous session) #) The anomaly at 8440 was repaired today but the one at 8368 remains. #) The profile of today has a small selling tail at 8484 F just near the POC of 22/05. #) Pull back high of the day of 29/05 was at 8376 and is now support. #) A Buying tail is seen at 8308 . #) The move below 8310 from expiry day stands negated and the profile of 27/05 holds. #) Value areas are at 8464-8452-8436 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 June Futures)
K.R.A is 8467 ( K.R.A= key reference area)
Hypo 1) If NF auctions above 8467 it can move to 8528 and 8545 .A further move above 8545 late in the day can show 8602 Sl for this view is 8410.
Hypo 2) If NF auctions below 8399 then it can move to 8370 and 8335 .A further drop below 8335 can bring 8293. Sl for this view 8446.
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BankNifty June 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-1-5-june15/
Observations in Today’s/ Previous sessions :
(based on Fut prices)
#) The BNF profile was a normal variation day which stopped at the pull back low of friday. #) vwap was at 18748 with volumes of 22.9 L (Less than the previous session) #) Pull back high at 18600 on 29/05 supported the index today #) Pull back high of the day of 27/05 was at 18410 and is a support now on the index. #) Day of 28/05 saw buying tail at 18224 early in the session #) 18720 and 18696 were 2 anomalies which saw repair today. #) Value areas are at 18848-18736-18696 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 18722 ( K.R.A= key reference area)
Hypo1 ) If BNF auctions above 18722 then it should attempt to move to 18810 and 18870.Above 18870 late in the day the BNF can rise to 19040 and 19110. Sl for this view is 18590.
Hypo 2 ) If BNF auctions below 18555 then it should drop to 18470 and 18385 . Sl for this view is 18635
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