From Last week’s report-
//Of particular importance to us was the move on Friday whose lows near 11294 spot can serve as an important short-term pivot for the rest of this series if held by Buyers.
The higher levels visualized are near 11490 if that pivot is held. Dips to 11300 would remain buys.//
The auction hit a high of 11495 during the week and Friday- 03/08 lows were not violated.
Last week’s report can be read at – https://vtrender.com/weekly-outlook-for-the-week-dated-6th-aug-to-10th-aug/
We are seeing supply coming back around 11500 spot. The area around 11590- 11610 represents longer-term objectives of the bigger auction and one should be watchful around this zone. However, the short-term remains a dip buy mode as long as 11300 is held.
Nifty Weekly Profile ( spot) :
Last week was traded in a 11495- 11360 zone with a vwap of 11420 and POC near 11400.
As long as 11400 is held during the week, the Buyers have an easier job of moving the market upwards.
support below 11400 is also strong at 11325 and 11270 right below.
I don’t expect 11270 to break during the week, as it showed the presence of longer time frame buyers.
Higher up on a continuation above 11500, we may see periodic bouts of selling coming near 11543 and 11595.
11270- 11595 are the extremes of the range visualized for the week ending 17th August.
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) :
Last week BNF traded a 28378- 28150 zone.
The area around 28340- 28380 represent short-term objectives of the upmove seen from 26650 levels.
Though there is no excess seen here or even a short-term balance to mark an end to the auction per the Auction Market Theory analysis, the zone is seeing supply building and demand waning.
So caution needs to be exercised at 28340- 28380 for the rest of this series.
Lower down support is strong at 27760.
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/