The week gone by was a quiet and uneventful week in the markets as the Nifty and most of the global markets turned in the lowest weekly range since February. Traders in our markets have been obsessing with a look west policy as volatile moves in the US markets over the past 2 months have caused many positional trades to go sour. However, the US markets and particularly the SPX futures also put in a narrow weekly range of only 75 points last week. Daily swings in SPX futures have been averaging 40 points in the past two months with quite a few sessions doing between 70- 90 points daily. This resulted in up/ down Opens in our markets making positional plays extremely difficult.
Even though the week traded a narrow range, we saw an auction mostly controlled by the Buyers this week. There were signs of the seller coming back on Wednesday at the Open but he was quickly countered midafternoon as responsive buying emerged. We also saw an aggressive seller at 10525 in Friday’s market but even that was countered by strong responsive buying lower. As MarketProfilers, we track value and not price and value was placed significantly higher during the week. The BankNifty formed value over 25000 this week, which was the first in over 4 weeks.
Nifty Weekly Profile ( spot) :
Last week we traded a range of 10328 to 10519 in the Nifty spot with a close near 10480.
Our destination objective for the move above 10370 was at 10515 and was met during the week. – https://vtrender.com/weekly-hypos-week-dated-9th-april-to-13th-april-spot-prices/
The coming week could be a consolidating one .
We see a drop to 10380 again finding responsive Buying. The plan during the week would be to Buy Nifty on dips subject to 10345 spot holding.
We see resistance for the move higher at 10544- 10560.
Our plan would be to buy dips if the Nifty comes down to 10380- 10410 zone and buy puts if it is seen around 10545- 10560 with responsive selling in the OrderFlow.
These are our weekly projections and broadly the setups we would look at to trade in the coming week subject to a confirmation from our OrderFlow charts.
To know more about how we use these setups to trade and to get actionable trading advice subscribe to the VTR ( Vtrender Trading Room). More info at-https://vtrender.com/trading-room/. Pricing details at – https://vtrender.com/pricing/
BankNifty Weekly Profile ( spot) :
The BankNifty traded a 25411- 24828 range and put in a close at 25200 which was the highest close in 9 weeks. Value was higher.
We would like to see the BankNifty consolidate further at this level and another close near 25200 is a high possibility.
But within the week we could have excursions to either 25590 or 24800 lower both of which are tradeable opportunities.
The BankNifty is a buy on a retest of 24800 this week with stops below 24700. We would expect it to bounce back to 25200 if OrderFlow shows buying there.
Similarly, we can expect responsive selling at 25570- 25600 zone for the BankNifty.
These are our weekly projections and broadly the setups we would look at to trade in the coming week subject to a confirmation from our OrderFlow charts.
To know more about how we use these setups to trade and to get actionable trading advice subscribe to the VTR ( Vtrender Trading Room). More info at-https://vtrender.com/trading-room/. Pricing details at – https://vtrender.com/pricing/