The first week of the new series of August saw an auction going up the first two days, then down for the next 2 sessions and finally up on Friday. So it was clearly rotational behavior.
Of particular importance to us was the move on Friday whose lows near 11294 spot can serve as an important short-term pivot for the rest of this series if held by Buyers.
The higher levels visualized are near 11490 if that pivot is held. Dips to 11300 would remain buys.
We maintain what we said last weekend in the weekly update –
//As we move deep into the first week of the new series of August it would remain a Buy the Dips environment.//
Last week’s post is at – https://vtrender.com/weekly-outlook-for-the-week-dated-30th-july-to-03rd-aug/
Nifty Weekly Profile ( spot) :
The week was traded in a range of 11390-11235 range with a POC at 11287
Early support can be seen now at 11300 and at 11250 in the Profile charts
Supply expected to come back around 11466-11499 zone this coming week
Buy on dips would be the strategy for the week.
These are our weekly projections and broadly the setups we would look at to trade in the coming week subject to a confirmation from our OrderFlow charts. These plans can change depending on the change in the day auction.
To know more about how we use these setups to trade and to stay updated and get actionable trading advice 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) :
The banknifty traded a 27873-27327 range during the week.
Largest volume was traded at 27695 during the week
Support at 27300 is expected to hold in the coming week
Higher support at 26444 is also expected to hold
The projected upsides are to 28140- 28200.
These are our weekly projections and broadly the setups we would look at to trade in the coming week subject to a confirmation from our OrderFlow charts. These plans can change depending on the change in the day auction.
To know more about how we use these setups to trade and to stay updated and get actionable trading advice subscribe to the VTR ( Vtrender Trading Room). More info at-https://vtrender.com/trading-room/. Pricing details at – https://vtrender.com/pricing/