The anticipation built yesterday near the close (which was in the upper quadrant of a Normal day) of a move higher to 10585/90 for a test was quickly snuffed out by a lower open which stayed below 10520 putting pressure on late longs of Tuesday and Wednesday. The long liquidation which followed the break of the Normal day profile in the NF and the BNF put the Nifty at the vwap of April series near 10416 where we saw a higher than average exchange of volume. There is an added level of supply for the market aftet today’s auction near 10480- 90 which may be used by trapped longs to exit the market.
To reassess the swing move for the days ahead, the market is still suspect below the 10585-10596 range and bulls will have to create the upticks above this point for a shot at 10650 and possibly 10730. Lower down the vwap of April series near 10417 is the only remaining demand zone.
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 OAIR
- The day type was a Normal Variation day
- Largest volume was traded at 10426 F today
- Vwap of the session was at 10480 with volumes of 101.6 L in a session which traded a High-Low range of 10540-10413 for 126 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.
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 10360 F now
Daily Zones:
- Value areas are at 10499-10426-10414 for tomorrow
Plan :
a) Holding 10415 at the Open a bounce can come to 10468 -10476
b) The zone of 10500- 10512 expected to give fresh supply
c) Below 10415 next layer of support at 10385 followed by 10340.
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 Auction
- The Day type was a Neutral extreme
- Vwap of the day was at 25733 with Volumes of 31.11 L and a High – Low of 25840-25550 for a range of 290 points.
- Largest Volume was traded at 25760 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 .
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 25817-25762-25601 for the session next.
Plan :
a) An auction above 25500 likely to turn back to 25700/ 25760
b) 25760 may invite short sellers again for a move lower to 25500
c) Break below 25500 can bring 25400/ 25350 quickly
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