Levels and Plan for 7th July

The dip buyers seen previously at 8380, the pullback low at 8404 and the weekly LVN all converged to provide a good platform for the Nifty to absorb the dip and shoot to new highs during the session today. At the close however we got a feel that the long inventory made during the day had overshot it’s welcome and the emotional longs added in the spike may get tested in the next 1-2 session. First support at 8497 again.

 

 

Nifty July 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-06-july-10-july15/

 

 

Observations in Today’s/ Previous sessions :

(based on Fut prices)

#) NF Profile found buying support at the lows and auctioned higher in the second half of the day
) vwap of the day was at 8451 with volume of  147.1 L (Less than the Previous session)
#) The Day type was a trend day with an elongated profile
#) The profiles shows anomalies at 8434/ 8486 and 8514.
#) 8430 continues to show buying and got reconfirmed today
#) First support for the auction tomorrow is at 8497

#) Value areas are at 8546-8538-8422 – 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 Futures)

K.R.A is 8485  ( K.R.A= key reference area)

 

Hypo 1) If NF auctions above 8525 it can move to 8557 and 8590. Sl for this view is 8495

Hypo 2) If NF auctions below 8484  then it can move to 8432. Sl for this view 8514

 

BankNifty July 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-06-july-10-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 was a trend day with a buying tail at lows.
#) vwap was at 18615 with volumes of 38.8 L (More than the previous session)
#) The previous  anomaly at 18485  was repaired.
#) However today’s profile left behind anomalies at 18575/ 18730 and 18795
#) Buying tail seen at 18415
#) Value areas are at 18715-18490-18415 for bias. . For using value areas effectively visit : http://vtrender.com/popular-market-profile-trading-setups/

 

Hypothesis :

( Based on Futures)

K.R.A is 18705 ( K.R.A= key reference area)

 

Hypo1) If BNF auctions above 18820  then it should attempt to move to 18910 and 19030. Sl for this view is 18705

Hypo 2) If BNF auctions below 18705 then it can drop to 18595 and 18545. Sl for this view is 18755.