The first 6 sessions of the new series of June have shown two way moves with sellers controlling the first 3 sessions of the series and buyers responding on the last 3. At a close of 10767 as of Friday which was just above the supply band of 10750 we have been tracking, we feel the Buyers have the added momentum now and should drive the auction higher to 10835- 55 in the week to come and thereafter to 10930- 10950. This is subject to the initiative buying seen at 10660 holding. We are likely to see a 10660- 10840 kind of range ahead.
Nifty Weekly Profile ( spot) :
The chart above shows buyers more stronger on the weekly now and as long as they keep the auction above 10660 in the days ahead, we should drive higher to 10850/ 10950 and a possible 11054 to close the month.
Our plan ( levels based on spot)
a) 10660 spot is the new support
b)the auction likely to move to 10850 and 10910 to test for new business
c) If 10660 is not held the auction should slide lower to 10575 and 10470
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. These plans can change depending on the change in the day auction.
To know more about how we use these setups to trade and to stay updated and 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 auction was inside the previous weekly range
The bias is neutral if the range gets contained between 26250 lower and 26760 higher
Plan :
a) watch is sellers come back around 26760- 26790
b) Demand looks steady at 26280 and 26120 below
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. These plans can change depending on the change in the day auction.
To know more about how we use these setups to trade and to stay updated and 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/