The Nifty bounced higher from yesterday’s lows and closed as an inside day within the range of yesterday. It was ably assisted by the BankNifty which rose up smartly above 25760 to do 200 points in the last 30 mins of trade on settlement day calculations.
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 10453 F today
- Vwap of the session was at 10460 with volumes of 95.5 L in a session which traded a High-Low range of 10523-10408 for 115 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 10491-10453-10437 for tomorrow
Plan :
a) Holding below 10548 the Nifty can drop to 10467 F again
b) Above 10548 can extend to 10583/ 10626
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 Normal Variation day
- Vwap of the day was at 25752 with Volumes of 33.4 L and a High – Low of 25970-25601 for a range of 370points.
- Largest Volume was traded at 25680 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 25817-25680-25635 for the session next.
Plan :
a) An auction below 25930 likely to drop to 25820 and 25790.
b) Old supply at 26030- 50 still very good .
c) Break below 25790 can bring 25660 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