The open drive on 29th June and the Open rejection reverse at 10716 on 6th July have established good supports at 10600 and 10700 as we finished week 1 of the new series of July. Right overhead is the supply at 10820- 10840 which we have been repeatedly pointing out since the last series. The failed auction at 10840 will once again be in focus in the week to come.
So we have seen demand building up at 10600 and 10700 during the week, but old supply at 10820- 10840 is still around and dominant. How the Nifty manages this supply in the early part of the coming week will determine how the week will play out.
Last week’s post is at –https://vtrender.com/weekly-outlook-for-the-week-dated-02nd-july-to-6th-july/
We spoke of 10600 holding as support last week and the Nifty put in a low of 10604. We have been repeatedly hinting at 10815- 10640 as supply through June and the Nifty made a high of 10816 in the week gone by.
This is 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 10816 to 10604 with a POC of 10772 spot.
Early support can be seen now at 10699- 10704 from the Profile charts.
The second level of support for the week is now at 10620.
The 10845 zone is still the supply
Crossing above 10845 the Nifty can march to 10920 and 10960 during 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 26610-26061 range during the week.
The Banknifty dipped below the 26160 strong support on Monday but did not find willing new supply. It recovered to close near week highs
Old supply exists still near 26560 as well as the 26670- 26720 zone higher.
Support lower is strong at 26265- 26300
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/