Settlement of April series was done at the highest point in a spike which came late afternoon and ensured a close at the highs. A follow up above the spike highs on Friday ensured that the Bulls retained full control over the week yet again.
The April series closed with a vwap of 10420 in the Nifty (spot) and the highest volume of the series was traded at 10556 (spot). It was a series dominated by the bulls after 2 back to back series dominated by bears in February and March. The BankNifty traded April with a series vwap of 24895. The largest concentration of volume was seen at 25040 (spot).
The Friday close at 10692 is the highest close for the Nifty in 12 weeks and marks the fifth week where value was placed higher in the Nifty. As MarketProfilers we trade value and not price and the march of value upwards continues to tell us that the path of least resistance is higher.
The close of Friday’s session dated 27th April puts the Nifty delicately close to the last of the resistances at 10760 spot. If the Buyers manage this hurdle, above this is a clear path up to 11055 spot . The market, however, is not weak and we may yet again see dips to 10620 and 10550 lower being bought again. Only a close below 10550 can derail the momentum now and we can expect 10380 if that happens.
Nifty Weekly Profile ( spot) :
Last week was traded in a range between 10719-10515 with dip buyers emerging near 10515 as we had envisaged in our weekly post. You can catch up last weeks read here at- https://vtrender.com/weekly-outlook-for-the-week-dated-23rd-april-to-27th-april/
For the coming week we see the last of the supply at 10760 . If the Buyers manage this supply well we could have one more session closing at the highs near 10900 by Friday.
However early supply near the region can force a drop to 10620 where we watch for Buyer response
A second layer of support is right below at 10550.
We continue to recommend a dip buy mode till 10550 is protected.
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 25441 to 24466 range last week.
We saw in the week a failed move below the 2 week balance lows of 24850. The move was reversed on settlement day and buying/ short covering followed on Friday.
As we say often, From Failed Moves Come Fast Moves and you have to see the BN chart of last week to just know how much that hit the auction.
Unlike the Nifty which is at a 11 week high, the BN barely managed to close above the highs of the past 3 weeks.
Value is also lower in the BN to sideways and we are not seeing the ascending value migration as we see in the Nifty.
There is a lot of supply overhead at 25600 and 25800 particularly. 26080 is the third zone of supply.
Any dips to 25050 may howver see buying again and the 25000 zone looks to be a strong support for now.
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/