Last week we anticipated the Nifty to run into some hurdles near 10760 spot and dip lower to restest 10610 on the spot. From a high of 10784 in the week the Nifty dipped to 10601 on Friday in line with the auction which was expected.

 

The test of 10760 is not complete and even though the dip saw buyers coming in the Nifty we expect the auction to again find some supply near the 10740 zone on a retest next week.

 

Broadly we now expect the Nifty to be contained within a 10550- 10750 zone spinning off a balance we the market gears to the election results scheduled from Karnataka on May 15th.

 

But the coming week should mostly be a smaller range low volume zone in the region highlighted.

 

 

Nifty Weekly Profile ( spot) :

 

 

Our anticipation and plan would be to see a rise to 10740 spot ( or 10767 F) meet some responsive selling again.

 

If OrderFlow shows sellers entering then the Nifty could once again dip lower to 10610 and 10550 during the week.

 

However, a failure by sellers at 10740 to show intent can signal a move to 10900 by the close of the week.

 

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 bank nifty traded a very narrow 25716- 25465 range last week.

 

It was a Gaussian profile with a POC at25620..

 

We expect a trend move to roll out from this profile targeting either a 25950 zone above or a 25300 below.

 

Exit of value and range would be the BN 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/