We were looking for a push down to close the series yesterday and we did get one today. However old business at 7000 PE fought valiantly to defend their positions near 41 and the spot closed the series near 6970. We mentioned about the push back in the bracket and are almost at bracket lows now. Once the noise from the budget session settles, inventory buildup should point clearly to what is in store for March series. We are on the sidelines with capital preservation as a theme.
NIFTY MAR F:
Background / Previous Auctions :
Weekly levels: We have done a review on weekly charts at: http://vtrender.com/nifty-bn-weekly-view-spot-for-22-feb-26-feb16/
#) The NF developed value lower again today
#) Vwap of the session was at 7023 with volumes of 131.4 L in a session which traded a 7058-6987 range of 71 points
#) Day POC was at 7024 levels
#) the singles from 6928 are the only protection for the bullish case
#) Value areas are at 7032-7024-7000– for the session tomorrow. For using value areas effectively visit:http://vtrender.com/popular-market-profile-trading-setups/
K.R.A is 7135 Mar F ( K.R.A= key reference area)
and the trend has gone lower again.
Background/ Previous Auctions :
Weekly levels: For Banknifty we have updated a spot auction view with a chart at: http://vtrender.com/nifty-bn-weekly-view-spot-for-22-feb-26-feb16/
(based on Fut prices)
#) The BNF was an NV day which finished in a spike
#) vwap of the session was at 13758 with volumes of 22.1 L in a session which traded a 13880-13600 range of 280 points
#) day POC was at 13740 levels
#) The BNF is below the bracket lows of 13780- 13810.
#) Value areas are at 13836-13740-13692 for bias. . For using value areas effectively visit: http://vtrender.com/popular-market-profile-trading-setups/–
K.R.A is 14150 Mar F ( K.R.A= key reference area)
and the trend has gone lower.