The Nifty and the Banknifty consolidated on the gains made yesterday. The profile was gaussian at the close indicating acceptance of the higher value. Bulls would be happy to drive prices above the value of today. However, a failure would mean some major long liquidation coming up.
I’m speaking in depth on using MarketProfile the correct way in Hyderabad on July 7th. Details at – https://vtrender.com/marketprofile-in-hyderabad/
A weekly outlook was updated on Saturday at – https://vtrender.com/weekly-outlook-for-the-week-dated-02nd-july-to-6th-july/
It is the same MarketProfile view working for a 1- 5 day period on the Nifty and the BankNifty spot without worrying about the movement of the premium which is a sticky issue now.
Nifty July F:
- The NF Open was an Open auction
- The day type was a Neutral day
- It left behind a failed auction at 10791.
- Largest volume was traded at 10765 F today
- Vwap of the session was at 10760 with volumes of 64.9 L in a session which traded a High-Low range of 10791-10731 for 60 points.
Monthly Zones:
- The vwap of June series is at 10737 spot
- The POC of June series was at 10760 spot
- The vwap of the May series was at 10669 spot and the POC was at 10736.
- The settlement day rollover volume point is at 10572 F.
Weekly Zones :
- Immediate supply at 10770 F for now.
- Second zone of supply would be at 10860 F
- The first layer of Support lower at 10570 F now
Daily Zones:
- Value zones ( volume profile) are at 10778-10765-10751 for tomorrow
Plan :
a)Pivot near 10792 which is the FA
b)Holding above 10793 attempts may be made to go up to 10832 and 10846
c) Below 10730 the NF is weak and can drop to 10690 and 10674
For tradeable ideas on these hypos and to check the OrderFlow live visit the trading room.
If not a Trading Room member you can get immediate access at – https://in.explara.com/e/vtrender–trading–room/checkout
BNF July F:
- The BNF Open was an Open test drive
- The Day type was a Normal Variation day
- Vwap of the day was at 26504 with Volumes of 33.4 L and a High – Low of 26596-26403 for a range of 193 points.
- Largest Volume was traded at 26480 F today
Monthly Zones :
- The vwap of June series is at 26522 spot
- The POC of June series was at 26544 spot
- The vwap of May series was at 26091 spot with POC of 25744
- The settlement day rollover volume point is at 26217 F.
Weekly Zones :
- The 26560 zone is now a supply
- The old seller at 26800 is still very active.
Daily Zones:
- Value zones ( volume profile) are at 26540-26460-26459 for tomorrow
Plan :
a) Holding below 26420 the auction may attempt a move down to 26350 again
b) above 26555, shorts can be pushed over for 26615 and 26720.
For tradeable ideas on these hypos and to check the OrderFlow Live visit the trading room.
If not a Trading Room member you can get immediate access at – https://in.explara.com/e/vtrender–trading–room/checkout