A normal day type developing till the last hour got a spike into the close and turned into a Normal variation. Earlier we saw the market visiting and testing the broken 7725 zone followed by a sharp 100 point sell off in minutes and then a responsive buying which took the index near day vwap for an extended period of time. The last hour sell off from vwap was a spike.
Nifty Sept F :
Background / Previous Auctions :
Weekly levels : We have done a review on weekly charts at : http://vtrender.com/nifty-bn-weekly-view-spot-for-07-sept-11-sept15/
Observations in Today’s/ Previous sessions :
(based on Fut prices)
#) The NF was a normal variation day type with a spike into the close
#) vwap of the day was at 7648 with volume of 137.3 L in a trade which worked a 7725-7560 range of 165 points
#) Day POC was at 7660 levels again for the second straight day
#) Selling tails for 2nd straight day in the day auction at 7722.
#) The OrderFlow shows sellers below 7600 levels and again higher just above the POC
#) we auctioned below the FA point of 7961 on 01/09 changing the bias
#) Gap between profiles is 7944- 7961.
#) Larger Auction shows 7643 (broken today but weekly leans on 7520 F) as weekly support and we believe dips to this point will be used to build positions for 7950 again. SL for this view to play out is 7510 during the week.
#) Value areas are at 7704-7656-7608– 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 Sept F)
K.R.A is 7510 ( K.R.A= key reference area)
Hypo 1) If NF auctions above 7617 then it could move to 7675 and 7810 once 7725 is crossed . Sl for this view 7570
Hypo 2) If NF auctions below 7555 it could move to 7508 and 7449 . Sl for this view is 7629
BankNifty Sept 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-31aug-04-sept15/
Observations in Today’s/ Previous sessions :
(based on Fut prices)
#) The BNF profile sh0ws an open rejection reverse finishing the day at lows
#) vwap was at 16100 with volumes of 38.4 L in trade which worked a 16318-15793 range of 525 points.
#) day POC was at 16145 again for 2nd straight day
#) Day auction shows a tail at 16317
#)OrderFlow shows selling into the close
#) Gap between profiles is 17025- 17090.
#) Value areas are at 16208-16144-15920 for bias. . For using value areas effectively visit : http://vtrender.com/popular-market-profile-trading-setups/
Hypothesis :
( Based on Sept Futures)
K.R.A is 15626 ( K.R.A= key reference area)
Hypo 1) If BNF auctions above 15976 then it could move to 16158 and 16355 .Sl for this view is 15824
Hypo 2) If BNF auctions below 15790 then it could attempt to move to 15625 . Sl for this view is 15895
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.
We take a few more trades based on the emerging Orderflow and the role of the Big players from our live charts. Visit the Trading Room Section for more.