Nifty/ BN Weekly View (spot) for 05 Oct- 09 Oct’15

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The auction of the week gone by reconfirmed the old balance first established in the last week of August’15. The range from 18/09 to the close of trade on 01/10 matches in price and structure to the range from 24 Aug to 03 Sept, when we first had that break below 8250 spot. The Larger range for October is now 7750- 8297 and we await decisive volumes as and when price decides to probe away from these 2 points. For the past 2 weeks, we maintained a buy on dips and for the coming week we maintain the same as we wait of a test of 8297 spot

Last week’s post is up for review here-


Nifty Spot weekly TPO:




The Highlight of the week gone by was the RBI policy on Tuesday. After Monday’s auction, the market gapped lower at the Open on Tuesday. However prior to the RBI announcement on Tuesday, there was no new selling detected on the gap down and our system picked up aggressive long positions being built early on Tuesday before the release. On Wednesday, the market found buyers on the dip and closed higher. Thursday’s gap up was met with sellers at the open, however, buyers returned near 7932 to close the week near 7950 spot


For the week to come, we are looking at 7831 – vwap of September as a support. We see resistance in the 8052- 8084 band on the spot. However, if 8084 is taken out during the week, then we should see a short covering move to 8223 and a possible 8310 during the week.


Below 7830 the Nifty is weak again and could drop to 7650 again.



BankNifty spot weekly TPO:




For the last 3 weeks, the BN has been in a range and even the RBI news announcement could not generate a decisive move away from the 2-week range.


As in the week gone by, we continue to maintain 16645 as support in the BN.  We also noticed strong buying presence here on RBI day and we feel dips to this point may be used by the market to get into long positions.


However, if this level breaks the market can drop to 16095 and 15875 during the week.


Last week we mentioned 17490 as supply and the BN could not manage a move above 17462 during the week.


We continue t0 see 17420 – 17490 as supply. Above this supply band, the BN can move to 17750 and 18010.


We have used quantitative analysis and the principles of Auction market Theory to arrive at our levels. For running updates of the daily and weekly moves and to join our community visit – Vtrender Trading Room




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