The series of September was traded with a vwap of 11300 and a range of 11750- 10850 making it one of the biggest ranges of the year as the downtrend of September knocked off the gains of August and made lows near the POC of the July series which was also an uptrending profile.
The BN traded September with a vwap of 26441 and the range of 28203 to 24678 was 3525 points.
The auction of the week largely stayed within the tail of the auction dated 21st September where we had seen a large drop below 11220 and upto 10850. We had commented on that auction in a separate report and Volume Profile was clear that the zone was used by longer-term players to adjust inventory. That report can be viewed at – https://vtrender.com/how-a-market-profile-chart-gives-an-edge-to-trade/
From a slightly longer term auction perspective for the imbalance we saw through 4 weeks of September we are beginning to see a balance developing especially the last 4 sessions are beginning to form a bell-shaped curve in both the Nifty and the BankNifty.
This Market Profile based formation is step 2 of the Steidlmayer 4 step process where step one was lower from 11752 Nifty and 28200 banknifty. This balance can extend to 11200- 11220 on the higher side and 25800 in the banknifty.
However, both levels would continue to attract more selling.
In the Nifty especially a test of the 10600 zone is now due and higher levels to be used to build short inventory.
In the BankNifty after a small rise, the movement should continue lower to 24000.
Nifty Weekly Profile ( spot) :
and an expanded chart of the Nifty Oct Futures
Important zones for the Nifty have been highlighted at – https://vtrender.com/support-and-resistance-levels-nifty-bank-nifty-futures/
To know more about how we use this kind of technical analysis and to stay updated with areas of support and resistance and get actionable trading setups subscribe to the VTR ( Vtrender Trading Room). More info at-https://vtrender.com/trading-room/. Pricing details at – https://vtrender.com/pricing/
BankNifty Weekly Profile ( spot) :
and an expanded chart of the Bank Nifty Oct Futures. We also have Live BankNifty Option charts working on Market Profile in the Vtrender Trading Room.
Important zones for the BankNifty have been highlighted at – https://vtrender.com/support-and-resistance-levels-nifty-bank-nifty-futures/
We work closely with Banknifty futures and BankNifty Options and these charts are Live in the Trading room showing price and volume history.
To know more about how we use this kind of technical analysis and to stay updated with areas of support and resistance and get actionable trading setups subscribe to the VTR ( Vtrender Trading Room). More info at-https://vtrender.com/trading-room/. Pricing details at – https://vtrender.com/pricing/