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Tonight I will put out our pre-market analysis to all, especially to help our visitors understand the markets better in the trading room tomorrow.
At Vtrender, we are firm believers of ” Planning the trade- Trading the plan”. This we do through two steps :
a) A pre-market study of important levels, published every night on all 5 instruments we track.
b) Our order flow indicators which give us conviction for our trades when we execute them.
One of our readers Rajeev mentioned some time back here, that your success in trading worked to a formula he gave as :
Successful results in trading = your market understanding x ( you + trading strategy).
Had trading not involved money, our emotional natures of greed and fear wouldn’t have interfered and we would have got 10 out of 10 trades right, when our market understanding was 10/10.But every good trader will tell you that there is substantial difference in paper trading and putting actual money to work. It’s always the “you” which makes a difference to our trading accounts and hopefully with the pre-market study and the orderflow indicators we have tried to eliminate as much fear as possible and control greed.It just helps us to take profits and execute stops better.
Now for tomorrow’s action .
The content below is copied from Vtrender Live.
Profile charts for 6th May
Today’s updated comments are displayed in bold. Comments from yesterday and the previous days are above the bold print.
Broader market of Thursday: A quite consolidation within the initial balance turned into a selling frenzy.The range extension lower was accepted and the market closed at the lows.
Bank Nifty Futures :
– single prints at 12020 at the top.
– 11580 had the largest volumes and the region of 11580/ 11625 will resist all up moves
– 11116 is pull back high and important level for future ref.
– a NV day with close at POC
– 10864 is VAL and support
– 10815 and 10777/ 10745 are possible below val tomorrow.
– dpoc at 10800
– 10707 is support for tomorrow.
– 10621 and 10534 are projected estimates below 10707.
– resistance to upmoves will be 10794 and then 10909
– 11108 and 11306 are possible if it stays above 10909
Nifty Futures :
– single print selling from 5930 again today
– Large volumes at 5760 and 5794
-5666/76 is pull back high and single prints and resistance for any up moves
– single print selling from 5593
– below 5409, 5465 and 5420 possible.
– resistance again at 5597 and 5641.
– 5565 again a ref level to the upside
– single prints at 5520-5493 in the middle of the DD
– VPOC at 5460
– 5406 and 5371 are projections for a lower auction
– 5510 will resist all upmoves
– 5585 possible on auction above 5539
SBI Futures :
– Large volumes visible below prev support of 2850
– support expected between 2580-90 which are HVN’s
– SBI had an inside day
– play break of value and range for good profits.
– 2634-2614-2606 are the value areas
– 2655 and 2681 are levels on upside
-2575 on breakdown below VAL
– RIL continues to be weak below 1005.
– RIL formed an inside day around HVN of 976.
– region of 929-35 to provide support after the poor lows seen at 940
– RIL will continue to get resisted at 971-978
– poor highs at 964 has to be repaired
– single print buyers at open for second day today
LT Futures :
– poor lows at 1528 would call for a revisit there below VAL
– 1516 possible below 1528.
– LT ran into resistance at 1574
– Below 1526 can see 1507/ 1487
– move above 1545 can take it to 1569 and then 1590
– Please note all above levels and use OrderFlow to execute trades in the trading room.Details on the OrderFlow indicators are under the column titled OrderFlow to the right of the blog.