I had mentioned in Friday’s report that the spike zone of Friday’s auction was an important reference area to pick up the day bias for the session dated Monday. The Nifty opened in the spike and crossed above the spike highs which it sustained for over 2 hours. But once it came into the spike it drifted quickly lower to spike lows where we saw responsive buying attempts. However, for the rest of the session, the spike highs were not crossed. The BankNifty also attempted a range expansion off the imbalance from Friday afternoon but that was met with failure and the BankNifty made it to day lows quickly. Volume and activity on the day were low and the auction closed as a Normal Variation. The 10740- 10870 zone ( May F) is marked tomorrow for range expansion attempts or a fade back into the range of today.
The short-term weekly outlook for the Nifty and the plan we intend to follow is at –https://vtrender.com/weekly-outlook-for-week-dated-14th-may-to-18th-may-spot-prices/
Nifty May F:
- The NF Open was an Open Drive-up but met with a failed attempt later.
- The day type was a Normal variation day
- Largest volume was traded at 10807 F today
- Vwap of the session was at 10817 with volumes of 80.3 L in a session which traded a High-Low range of 10827-10736 for 90 points.
- The vwap of the April series is at 10419 spot and the POC is at 10556.
- The settlement day rollover volume point is at 10632 F and 10603 F and is the bias point for the sessions ahead.
- Value areas are at 10825-10807-10793 for tomorrow
- Support is at 10735 in tomorrow’s session with resistance at 10860
Hypos for the next session: (Prices are May F)
**Bullish Hypo: Above 10872 longs for 10912
**Bearish Hypo: Below 10740 shorts for 10702
** Neutral Range: 10850-10790
Note – hypos are tradeable with a 1-1 ratio and are valid for the full session from Open to close. For example, a 30-point target would mean a stop of 30.
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 May F:
- The BNF Open was an Open Drive
- The Day type was a Normal Variation day
- Vwap of the day was at 26437 with Volumes of 22.9 L and a High – Low of 26565-26322 for a range of 240 points.
- The vwap of Apr series is at 25010 spot with POC of 25050
- The settlement day rollover volume point is at 25035 F and is the bias point for the sessions ahead.
- The Value areas are at 26490-26415-26402 for the session next.
- The support is at 26370 for the next session with resistance at 26535
Hypos for the next session: (Prices are Apr F)
**Bullish Hypo: above 26535 for 26650
**Bearish Hypo: Below 26270 for 26160
** Neutral Range: 26290-26530
Note – hypos are tradeable with a 1-1 ratio and are valid for the full session from Open to close. For example, a 50-point target would mean a stop of 50.
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