he Markets spiked lower in afternoon trade and made it to our first weekly support of 8518 mentioned over the weekend ( day low of 8517) . However the BN weekly chart was technically damaged in the sell off today and reached 18700 by close. Since the auction was a spike we await new information at the Open tomorrow to confirm or reject this particular price probe.
Nifty July F :
Background / Previous Auctions :
Weekly levels : We have done a review on weekly charts at : http://vtrender.com/nifty-bn-weekly-view-spot-for-20-july-24-july15/
Observations in Today’s/ Previous sessions :
(based on Fut prices)
#) NF Profile spiked lower on volumes below 8600 today.
#) vwap of the day was at 8610 with volume of 97.7L (A little more than the Previous session)
#) Spike rules will apply at the Open tomorrow
#) We see anomalies at 8600 ad 8580.
#) Support is at 8534 and at 8505 for the auction tomorrow. However if 8505 breaks then it would set up another round of long liquidation for 8434F.
#) Value areas are at 8622-8548-8534 – for the session tomorrow. For using value areas effectively visit :http://vtrender.com/popular-market-profile-trading-setups/
#) Discl – When we mention Buyers/ Sellers we point to and infer aggressive players.
Hypothesis :
(based on July F)
K.R.A is 8504 ( K.R.A= key reference area)
Hypo 1) If NF auctions above 8550 then it can move to 8587 and 8610. . Sl for this view 8507
Hypo 2) If NF auctions below 8508 it can move to 8467 and 8452. Sl for this view is 8545
BankNifty July F :
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-20-july-24-july15/
The Banknifty view is in the above link below the Nifty view.
Observations in Today’s/ Previous sessions :
(based on Fut prices)
#) The BNF profile failed to cross above VAH and met active selling as the day progressed.
#) vwap was at 18990 with volumes of 30.9 L (Same as the previous session)
#) Day shows anomalies at 18915 and 18850
#) The BNF has turned weak on the charts and we will use rises to 18960 to reduce longs and build shorts for a restest of support at 18560- 18580
#) Day shows a Failed Auction at 18581 at the lows of 10/07 which has not been revisited.
#) Value areas are at 19135-19060-18860 for bias. . For using value areas effectively visit : http://vtrender.com/popular-market-profile-trading-setups/
Hypothesis :
( Based on Futures)
K.R.A is 18725 ( K.R.A= key reference area)
Hypo 1) If BNF auctions above 18790 then it can move to 18875 and 18915. Sl for this view is 18695
Hypo 2) If BNF auctions below 18695 then it should attempt to move to 18627 and 18562. Sl for this view is 18795