At the close of RBI day 2 things stood out from the Profile – 1) we remained within the 9 day composite balance of 10750- 10550 and having defended 10550 and the auction not finding willing new business there it seems to have made up it’s mind to test the supply around 10730- 10750 F again. and 2) the Range expansion happened and we got a 126 point range within the old balance.
A weekly outlook was updated on Saturday at – https://vtrender.com/weekly-outlook-for-week-dated-04th-june-to-8th-june-spot-prices/. 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 June F:
- The NF Open was an Open test drive up
- The day type was a Normal variation day
- Largest volume was traded at 10656 F today
- Vwap of the session was at 10640 with volumes of 100.8 L in a session which traded a High-Low range of 10701-10575 for 126 points.
Monthly Zones:
- The vwap of the May series is at 10669 spot and the POC is at 10736.
- The settlement day rollover volume point is at 10692 F and 10705 F.
- The vwap of April series was at 10419 spot
- The POC of April series was at 10556 spot
- The settlement day rollover volume point of April series was at 10632-10603 F.
Weekly Zones :
- The 10746 F zone is supply for the week.
- 8-day mini composite range is 10750- 10550F.
- Immediate support lower at 10575F for now.
- The second layer of Support lower at 10520 F now
- Overcoming supply at 10746 can push the index higher to 10923 again.
Daily Zones:
- Value zones ( volume profile) are at 10666-10656-10599 for tomorrow
- the auction has support at 10630 and 10646 now
- The 10730 zone has supply
Plan :
a) Holding 10701 the Nifty can march to 10730
b) below 10676 can test 10656-10646 again
c) weak below 10646 for 10606
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 June F:
- The BNF Open was an Open test drive
- The Day type was a Neutral day
- Vwap of the day was at 26296 with Volumes of 47.5 L and a High – Low of 26450-26133 for a range of 316 points.
- Largest Volume was traded at 26380 F today
Monthly Zones :
- The vwap of May series is at 26091 spot with POC of 25744
- The settlement day rollover volume point is at 26750-26770 F.
- The vwap of Apr series was at 25010 spot with POC of 25050
- The settlement day rollover volume point of April was at 25035 F.
Weekly Zones :
- Immediate supply for BNF is at 26770 F
- If it sustains above this can push to 27000 and 27300 F again
Daily Zones:
- Value zones ( volume profile) are at 26407-26380-26250 for tomorrow
Plan :
a) A move above 26470 can force short-covering to 26666/ 26710
b)below 26240 late longs of Wednesday can be forced out
c) 26340 is early morning support.
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