The last session of May series did not give the expected stay above VAH for the buyers seen yesterday and the Nifty had to travel all the way down to yesterday lows to seek support again. The May series finished with a vwap of 8262.
In the Paras below you will find my daily plan for the day at the bottom with weekly support and resistance levels updated on the spot We will update the Medium term outlook at the close of this month. We function with a view on different timeframes and seek an edge by understanding the interplay.. Auction Market Theory tells us where to trade. The Order Flow will show us when to trade.
| Nifty June F
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| Background / Previous Auctions :
Weekly levels :
We have done a review on weekly charts at : http://vtrender.com/nifty-bn-weekly-view-spot-we-22may/
Observations in Today’s/ Previous sessions :
(based on Fut prices)
#) NF profile was another ORR from the LVN of the week #) vwap of the day was at 8318 with volume of 93.1 L (Less than the Previous session) #) The Profile shows anomaly at 8344 which needs repair #) Also a minor selling tail seen at 8374 which overcomes the bullishness seen in yesterday’s profile #) Value areas are at 8332-8316-8284 for the session tomorrow. For using value areas effectively visit : http://vtrender.com/popular-market-profile-trading-setups/ #) Ref lines are at 8354 and 8286 for tomorrow’s session for breakout moves. #) The breakout ref lines above can create fast moves in up/ down direction #) Discl – When we mention Buyers/ Sellers we point to and infer aggressive players. ————————————————————————————————————
Hypothesis :
( Based on June Futures)
K.R.A is 8355 ( K.R.A= key reference area)
Hypo 1) If NF auctions above 8355 it can move to 8388 and 8444 . Sl for this view is 8310.
Hypo 2) If NF auctions below 8285 then it can move to 8251 and 8207 . Sl for this view 8319
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BankNifty June F :
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| 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-we-22may/
Observations in Today’s/ Previous sessions :
(based on Fut prices)
#) The BNF profile trended lower , met vpoc and stayed just above the pull back high #) vwap was at 18512 with volumes of 20.9 L (Less than the previous session) #) Pull back high of the day of 27/05 was at 18410 and is a support now on the index. #) Day of 28/05 saw buying tail at 18224 early in the session #) Value areas are at 18552-18496-18424 for bias. . For using value areas effectively visit : http://vtrender.com/popular-market-profile-trading-setups/ #) Ref lines are at 18596 and 18425 for tomorrow’s session for breakout moves. #) The breakout ref lines above can create fast moves in up/ down direction
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Hypothesis :
( Based on Futures)
K.R.A is 18596 ( K.R.A= key reference area)
Hypo1 ) If BNF auctions above 18596 then it should attempt to move to 18681. Sl for this view is 18510
Hypo 2 ) If BNF auctions below 18430 then it should drop to 18346 and 18305 . Sl for this view is 18490 |