The weekly auction of 10th to 14th September played out exactly as the auction from 03rd to 7th of September. There was a drop in the first 2 and a half sessions of the week and a recovery in the last session. Friday was again an upmove day and with a close around marginally lower than the 11640 seen last Friday. The August series vwap at 11444 broke during the week and as expected on the principles of Auction Market Theory, the Aug lows were tested. The lows measured 11250 spot against Aug lows of 11235. For the 2 weekly auctions, we have now 2 Failed Auction reference zones at 11650F and at 11297 F which promise to keep the auction range bound in a zone between these 2 points.
There was a sharp responsive buying seen in both the Nifty and the bank nifty towards the close of Wednesday’s session and Friday’s session was also won by bulls to neutralize some of the advantages the bear had enjoyed during the week.
The series of August was traded with a vwap of 11444 and highest volume during the series came at 11480. The 11440 zone is now again an Immediate support for the auction for the week ahead.
Up ahead we have seen a failed auction near 11602 ( equivalent to 11650F) which is the pivot we would be watching.
There is relatively thin auction in the week above 11603 which should give a sharp spurt to 11703 VPOC if sellers are unable to defend it.
On the other hand, if we break 11410 again decisively on no responsive buying then the path is again clean to 11235 and lower.
Weakness begins to build again in the Nifty on any move below 11450 spot. Buyers would stay at an advantage as long as they protect 11450 which gives them a chance to probe the selling seen at 11620 and at 11720 higher.
From the close of the August series, we have seen a the Open Interest has moved from 2.58CR volume to 2.93 CR volume and down to 2.80 as of Friday’s close. These readings do not point to aggressive big long positions added at the lows. Even the BankNifty dropped Open Interest on Friday. You can track a daily reading of Open Interest on our forum at – https://vtrender.com/forum/
The BN traded August with a vwap of 27923 and highest volume was traded at 28280.
Nifty Weekly Profile ( spot) :
and an expanded chart of the Nifty Sept Futures
The week was traded in a range of range 11573-11250 with a POC at 11442
The Profile has a selling excess at the top near 11600 indicating long liquidation and an addition of short positions.
Early support can be seen now at 11404 in the MarketProfile charts
Supply expected to come back around 11600 and 11710 zone this coming week.
Prospect of a sharp 100 point rise above 11605 cannot be ruled out.
These are our weekly projections and broadly the Trading setups we would look at to trade in the coming week subject to a confirmation from our OrderFlow charts. We employ principles of Auction market theory and Volume Profile analysis for our day trading and swing trading needs.
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 Sept Futures. We also have Live BankNifty Option charts working on Market Profile in the Vtrender Trading Room.
The banknifty traded a 27404-26555 range during the week.
Largest volume was traded at 27190 during the week
The 27870 spot zone has the initiative big seller of the previous week.
An upmove is not expected to happen in the BN till it trades below 27440 in the week.
These are our weekly projections and broadly the Trading setups we would look at to trade in the coming week subject to a confirmation from our OrderFlow charts. We employ principles of Auction market theory and Volume Profile analysis for our day trading and swing trading needs.
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/