In the week gone by the Nifty and the BankNifty made decisive moves above the June composite profiles and the supply which was so dominant at 10820- 10840 zones. We have already seen an Open Drive UP at the start of the series and an Open Rejection Reverse at the start of the week which pointed to the longer time frame positioning themselves for a move higher.
The immediate objective of the imbalance has been met already and the Nifty and the Banknifty should put in another balance and consolidate in the week to come. The previous supply zone around 10820- 10840 should provide an opportunity to Buyers to position again on the long side on any probes lower during the week.
Last week’s post is at –https://vtrender.com/weekly-outlook-for-the-week-dated-9th-july-to-13th-july/
We work with market generated information and market generated levels independent of only price based mechanics like trendlines, or Fibonacci or moving average and the like which are redundant on shorter time frame charts especially of the kind to be used for shorter frame derivative trading.
Nifty Weekly Profile ( spot) :
The week was traded in a range of 11078-10993 with 2 heavy volume clusters at 11026 and 10920.
Early support can be seen now at 10920 and at 10830 in the Profile charts
Supply expected to come back around 11110- 11126 zone
Buy on dips would be the strategy for the week than chase strength
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 banknifty traded a 27120-26750 range during the week.
Largest volume was traded at 26900 during the week
The weekly profile also managed to take out the supply of the previous months near 10800 which is expected to be a support base now.
The objective of the move is around 27435 again.
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/