Last week in the Nifty was again a balanced rotational market with a positive bias early in the week as we had expected in the last weekly report. You can view that at- https://vtrender.com/weekly-outlook-fo-the-week-dated-11th-june-to-15th-june-spot-prices/
The weekly profiles which we want to look at today and trade out of for the week starting Monday are Gaussian in the Nifty with a vwap and POC at 10814- 10825. As a MarketProfiler you would know that with a Profile such as the one we had in the week, the bias is firmly set now depending on which way we auction above or below 10815- 10825 spot in the week ahead.
The BankNifty finished also as a Balanced Profile. But the larger structure we are witness to in the BankNifty, profile wise points to a triple inside week, in itself a parameter for a trending move ahead.
So essentially, the balance in the Nifty and the profile of the Banknifty, should point to a range expansion in the week ahead.
Nifty Weekly Profile ( spot) :
Last week’s range in the Nifty was 10893- 10735 with a POC of 10815.
Profile wise we had 2 uptrending daily profiles and 2 downtrending profiles with a Gaussian in the middle on Wednesday.
This gaussian in itself is a power center for the balance of the auction. The auction is weak below this profile even though there has been a strong absorption of supply seen near 10760- 10780 on dips. Our OrderFlow charts have picked up this at 10785F earlier in the week and the 10770 F on Friday ( the difference in range is due to the lopsided premium pricing)
Our plan ( levels based on spot) for the week ahead :
a) 10770 spot is the new support
b)the auction likely to move to 10720 and 10660 to test for new business if it sustains below 10770.
c) If 10620 is not held, the auction should slide lower to 10520
d) A move above 10860 puts bulls back in control for 10910 and 10980.
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 in the BankNifty was a triple Inside with a range of 26765- 26345
It is also a triple inside weekly which is a pointer to a trending week next.
Plan :
a) watch is sellers come back around 26550 on any upper probes
b) sellers also dominate below 26300 and likely to send it lower to 26130 and 26060.
c) Buyers regain control over 26700.
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/
