Levels and Plan for 23rd Oct

The Nifty again hit the supply band in Wednesday’s trade and sold off. In an exact replay of tuesday’s trade, it met with buyers as it went lower and once again closed at vwap in a neutral center. The current week is another bell curve with fair value at 8255- 8260 and would be important into expiry week next and the Nov series ahead.

 

Nifty Oct F:

Nf_Compo1

 

 

Background / Previous Auctions :

Weekly levels: We have done a review on weekly charts at: http://vtrender.com/nifty-bn-weekly-view-spot-for-19-oct-23-oct15/

Observations in Today’s/ Previous sessions:

(based on Fut prices)

#) The NF profile was again a neutral center   with a fourth straight session showing  buying prints at the lows again
#)  vwap of the day was at 8257 with volume of  106 L in a  trade which worked an 8298-8215  range of 83 points

#) Day POC was at 8238 levels

#) Vol was above the 5 day median in Wednesday’s trade

#) Profile shows us buying prints from 8215 today

#) OrderFlow also shows 8215- 8226 as having strong buyers

 

#) Value areas are at  8272-8238-8229– 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 Oct F)

K.R.A is 8320 ( K.R.A= key reference area)

 

Hypo1 ) If NF auctions above 8289 it could move to 8317.  SL for this view is 8250

Hypo 2) IF NF auctions below 8233  it could move to 8204 and 8160. Sl for this view is 8261

BankNifty Oct F:

Bnf_Compo

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-19-oct-23-oct15/

Observations in Today’s/ Previous sessions:

(based on Fut prices)

#) The BNF profile was a normal variation day
#) vwap was at 17735 with volumes of 42.4 L in a trade which worked a 17915-17560 range of 356 points.

#) day POC was at 17700 levels

#) The profile of wednesday confirmed below the 17750 zone of last week
#) Value areas are at 17770-17700-17580 for bias. . For using value areas effectively visit: http://vtrender.com/popular-market-profile-trading-setups/

 

Hypothesis :

( Based on Oct Futures)

K.R.A is 17820  ( K.R.A= key reference area)

Hypo1 ) IF BNF auctions above 17820  it could move to 17943 and 18150. Sl for this view is 17715.

Hypo 2) If BNF auctions below 17580 it could move to 17460 and 17315. SL for this view is 17685.

All Hypos to be traded with the mentioned stops and mechanically. If in the trading room, can use the Order Flow to qualify the entry and exit for the hypos.