The highs at the open today in the Nifty futures found aggressive sellers and a bit of long liquidation pushing the index again lower by 100 points to 10521. Once more supply was seen drying up at 10520- 25 and at 25730 in the BankNifty. But the damage has been done to the structure today at 10590 and 10630 which could act as fresh supply points in the sessions ahead.
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-21st-may-to-25th-may-spot-prices/
Nifty May F:
- The NF Open was an Open Test drive
- The day type was a Normal Variation day
- Largest volume was traded at 10538 F today
- Vwap of the session was at 10572 with volumes of 85.2 L in a session which traded a High-Low range of 10630-10521 for 108 points.
Monthly Zones:
- 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.
Weekly Zones :
- The broken 10730 F zone is major resistance for the rest of the series
- The 10630- 650 zone from Fri/ Mon likely to resist also
- Support lower at 10440 F now
Daily Zones:
- Value areas are at 10581-10538-10528 for tomorrow
Plan :
a) Look for a move above 10540 F to reverse to 10571/ 10590 F
b) Continuation below 10515 likely to bring 10487/10464/ 10434
c) Neutral zone 10520- 10546.
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 rejection lower
- The Day type was a Normal variation day
- Vwap of the day was at 25849 with Volumes of 29.81 L and a High – Low of 26070-25722 for a range of 347 points.
- Largest Volume was traded at 25800 F today
Monthly Zones :
- 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.
Weekly Zones :
- 26225F likely to act as a supply band on any price probe upwards
- 26070-40 F from Friday/ Monday has also seen long liquidation/ fresh supply.
- 25700-20 composite balance ( CB) high is the near-term support
- Any move into the CB would bring 25550 quickly
Daily Zones:
- The Value areas are at 25882-25800-25727 for the session next.
Plan :
a) Any short covering drive above 25860- 25880 likely to push the index again to 26038
b) Continuation below the b profile of today likely to target 25685/ 25564/ 25485
c) Neutral balanced profile 25840- 25730 to fade the edges.
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