The imbalance of the week prior in the Nifty and the BankNifty which has seen a 300 pointer weekly in the Nifty after 8 weeks was followed up by a balance in the markets. All MarketProfilers are fully aware that an imbalance is followed up by a balance and we saw the same happening in the Nifty and the BankNifty last week.
Into the coming settlement week we see the Nifty trading well above it’s series vwap of 10854 and doing a good job of holding the 10920 support pointed out in last week’s post.
The BankNifty is trading also above the July series vwap of 26554 from where we saw buying come early on Monday
Our view last week –
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-16th-july-to-20th-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 11076-10932 range with a POC at 10975
Early support can be seen now at 1 960 and at 10920 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 27190-26644 range during the week.
Largest volume was traded at 26800 during the week
Support at 26800 is expected to hold in the settlement 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/