Nifty Apr F:
Neutral Extreme days are known not to give a follow through the next day & today was no exception as NF opened above the Neutral Extreme reference of 11592 to 11573 as it made a low of 11592 but met with resistance at that break down zone of yesterday at 11622-624 so stayed in a narrow range of just 27 points in the IB (Initial Balance) giving an indication of a multiple IB day coming. (Click here to view the profile chart for better understanding) The auction attempted a range extension lower in the ‘D’ period as it made a low of 11579 but was not able to break the PDL (Previous Day’s Low) indicating no new sellers coming in. NF continued to make a nice balance till the ‘I’ period as it made another attempt to break below the IBL making a higher low of 11588 but was rejected back into the IB and this fact that there was no new selling coming in empowered the bulls & triggered a huge short covering move in the ‘J’ period as NF scaled above the IBH confirming a FA and went on to negate the previous day’s FA of 11665 as it made a high of 11670. The auction continued to rise for the next 2 periods as it completed the 1 ATR move of 11699 from 11588 and went on to make new weekly highs at 11756 in the ‘L’ period before closing at 11738 giving a consecutive Neutral Extreme Day but this time on the upside and thanks to the small IB, NF gave a 6 IB Day. The Neutral Extreme reference for the next session would be from 11698 to 11756.
- The NF Open was a Open Auction In Range (OAIR)
- The day type was a Neutral Extreme Day (Up)
- Largest volume was traded at 11600 F
- Vwap of the session was at 11627 with highest volumes of the series at 109.9 L in a session which traded a High-Low range of 11756-11579 for a range of 177 points
- NF confirmed a FA at 11588 today and closed above the 1 ATR move up of 11690. The 2 ATR target from this FA comes to 11800.
- NF had confirmed a FA at 11665 on 23/04 but could not tag the 1 ATR move down and closed above this FA negating it. The 1 ATR move to the upside comes to 11771.
- NF had confirmed a FA at 11432 on 26/03 and tagged the 2 ATR move of 11632 on 27/03. This FA has not been tagged & is now strong support.
- The settlement day Roll Over point is 11673
- The VWAP & POC of Mar Series is 11327 & 11448 respectively.
- The VWAP & POC of Feb Series is 10830 & 10856 respectively.
- The VWAP & POC of Jan Series is 10795 & 10823 respectively.
You can check the monthly charts & other swing levels for Nifty & NF here & for the weekly charts & analysis, please click here.
Daily Zones:
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- Value zones (volume profile) are at 11581-11600-11673
Hypos / Estimates for the next session:
a) Staying above 11740, NF can probe higher to 11765 & 11778-781
b) Sustaining below 11740, the auction could test lower levels of 11705 & 11694-682
c) Above 11781, NF can move higher to 11800-817 & 11838-841
d) Below 11682, lower levels of 11661-657 & 11640 could be tagged
e) If 11841 is taken out, NF can rise to 11858-865 & 11880
f) Break of 11640 could open up downsides of 11619 & 11601
BankNifty Apr F:
BNF opened in the spike & got resisted just below the spike high of 29651 as it made a high of 29630 and probed lower but stalled above the spike low as it made a IBL of 26507 staying inside the spike making a narrow IB range of just 123 points. (Click here to view the profile chart for better understanding) The auction remained in this narrow range making a balance in the spike zone till the ‘H’ period forming lower Value for the day which indicated that the downside probe is still not over. The ‘I’ period then attempted to move away from this balance as BNF made a range extension to the downside breaking below PDL & tagging the vPOC of 29448 which was also the 1.5 range extension to the downside as it made a low of 29426 before closing well below the IBL indicating that more downside. The ‘J’ period however had other plans as BNF got back into the IB, got above VWAP & went on to scale IBH to get above the spike zone is it made a high of 29733 completing the 1.5 IB extension to the upside. The auction continued to trend higher over the next 2 periods completing the 3 IB range extension as BNF tagged 29958 in the ‘L’ period falling just short of the vPOC of 29970 before closing at 29890 giving a Neutral Extreme Day. BNF has left an extension handle at 29630 and the Neutral Extreme reference for the next session is from 29784 to 29958.
- The BNF Open was a Open Auction In Range (OAIR)
- The day type was a Neutral Extreme Day (Up)
- Largest volume was traded at 29560 F
- Vwap of the session was at 29625 with volumes at 31 L in a session which traded a High-Low range of 29958-29426 for a range of 531 points making an Outside Bar on daily
- The settlement day Roll Over point is 30500
- The VWAP & POC of Mar Series is 29061 & 29778 respectively.
- The VWAP & POC of Feb Series 27042 & 26978 respectively
- The VWAP & POC of Jan Series 27236 & 27514 respectively
For the Monthly charts & other swing levels for BankNifty & BNF click here & for the weekly charts & analysis, please click here.
Daily Zones:
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- Value zones (volume profile) are at 29434-29560-29747
Hypos / Estimates for the next session:
a) BNF needs to stay above 29915 for a move higher to 29970 & 30043-56
b) BNF has immediate support at 29852-836 below which it can probe lower to 29784 & 29744-733
c) Above 30056, the auction can rise to 30130-156 & 30224
d) Below 27733, BNF can fall to 29630-608 & 29560
e) If 30224 is taken out, higher levels of 30265-285 & 30325-335 could come into play
f) Break of 29560 could bring 29490 & 29425 on the downside
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