Last week in the Nifty and the BankNifty showed a sideways profile with value going sideways confirming the presence of a bracket or a balance as we call in MarketProfile. The composite POC for this balance is around 11400 and we expect further rotations around this pivot for the week ahead.
The higher levels visualized are near 11550 if that pivot is held. Dips to 11300 would remain buys.
We maintain what we said in the weekly update at the start of this new series of August –
//As we move deep into the first week of the new series of August it would remain a Buy the Dips environment.//
Last week’s post is at – https://vtrender.com/weekly-outlook-for-the-week-dated-6th-aug-to-10th-aug/
Nifty Weekly Profile ( spot) :
The week was traded in a range of 11486-11340 range with a POC at 11400
Early support can be seen now at 11300 and at 11250 in the Profile charts
Supply expected to come back around 11520 zone this coming week
Buy on dips would be the strategy for the week.
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 28178-27740 range during the week.
Largest volume was traded at 27795 during the week
Support at 27760 is expected to hold in the coming week
Higher support at 27900 is also expected to hold
The projected upsides are to 28280 and 28430
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/