Nifty Jul F: 11360 [11407/11311]
Previous report ended with this ‘The dPOC for the day shifted to 11435 as the day ended & this would be the level to watch in the coming session(s) on the upside & NF continues to remain weak for more downside if stays below it‘ and NF opened well below 11435 with a OH (Open=High) start at 11407 and broke below previous week’s low of 11402 with another Open Drive Down as it made a low of 11317 in the ‘A’ period making a range of 90 points on the opening 30 minutes. The ‘B’ period then made an inside bar indicating that the auction could be turning from imbalance to balance mode and the large IB range too supported this view. (Click here to view the profile chart for better understanding) NF probed higher in the ‘C’ period as it left a pull back high of 11385 and then remained in this range of 11385 to 11317 for the entire day forming a nice balance along with a selling tail from 11385 to 11422 at top leaving a ‘b’ profile for the day. The auction did make 2 failed attempts to extend the range to the downside in the ‘H’ & ‘I’ periods as it made lower lows of 11313 & 11311 but did not find new sellers hence closed around the dPOC of 11350 which would be the reference to watch at open in the next session.
- The NF Open was a Open Drive – Down (OD)
- The day type was a Normal Day (‘b’ profile)
- Largest volume was traded at 11350 F
- Vwap of the session was at 11347 with volumes of 117.2L and range of 96 points as it made a High-Low of 11407-11311
- The Trend Day POC & VWAP of 19/07 at 11435 & 11488 are the immediate references on the upside.
- The higher Trend Day VWAP of 05/07 at 11908 is another important reference higher.
- The settlement day Roll Over point is 11915
- The VWAP & POC of Jun Series is 11833 & 11714 respectively.
- The VWAP & POC of May Series is 11613 & 11696 respectively.
- The VWAP & POC of Apr Series is 11641 & 11592 respectively.
You can check the monthly charts & other swing levels for Nifty & NF here & for the weekly charts & analysis, please click here.
Daily Zones:
- Value zones (volume profile) are at 11330-11350-11360
Hypos / Estimates for the next session:
a) NF needs to get above 11372-385 for a rise to 11405 & 11427-435
b) Immediate support is at 11335-328 below which the auction can test 11302-296 & 11275-265
c) Above 11435, NF can probe higher to 11467-488 & 11502-507
d) Below 11265, auction becomes weak for 11238-218 & 11196
e) If 11507 is taken out, the auction can rise to 11531-543 & 11558
f) Break of 11196 can trigger a move lower to 11165-150 & 11138
BankNifty Jul F: 29390 [29699/29625]
Friday’s report ended with this ‘BNF made lows of 29726 in the ‘L’ period bring down the dPOC to 29815 before closing at 29781 to suggest that the imbalance to the downside could continue in the coming week‘ and BNF continued the previous week’s imbalance as it opened with a gap down of 130 points and could not get back into the previous week’s range as it made a high of 29699 in the opening minutes to give another drive down to make lows of 29335 in the ‘A’ period. The auction then consolidated in the ‘B’ period making an inside bar signalling that the imbalance from 30778 could be coming to a close especially after giving 2 back to back Trend Days Down. (Click here to view the profile chart for better understanding) BNF then probed higher in the ‘C’ period to test the morning singles as it left a pull back high of 29512 after which it resumed the main trend lower making a OTF (One Time Frame) move lower till the ‘I’ period though on a contracting range as it hit 29265 but was not able to tag the 1.5 IB extension down and this led to a swift move higher in the ‘J’ period as the auction got above VWAP leaving a new pull back high at 29462. The inability to take out the morning selling tail of 29512 to 29781 then caused another rotation lower in the ‘K’ period as BNF completed a ‘b’ profile for the day to close around the prominent POC of 29370 which would be the level to watch in the next session.
- The BNF Open was a Open Auction Out of Range (OAOR) plus Drive Down
- The day type was a Normal Day (‘b’ profile)
- Largest volume was traded at 29370 F
- Vwap of the session was at 29376 with volumes of 29.8 L in a session which traded in a range of 434 points making a High-Low of 29698-29265
- The Trend Day POC & VWAP of 19/07 at 29815 & 30065 are the immediate references on the upside.
- The higher Trend Day VWAP of 18/07 & 08/07 at 30575 & 30857 remain important references going forward
- The settlement day Roll Over point is 31400
- The VWAP & POC of Jun Series is 30914 & 30961 respectively.
- The VWAP & POC of May Series 30211 & 28940 respectively
- The VWAP & POC of Apr Series is 30037 & 29762 respectively.
For the Monthly charts & other swing levels for BankNifty & BNF click here & for the weekly charts & analysis, please click here.
Daily Zones:
- Value zones (volume profile) are at 29330-29370-29442
Hypos / Estimates for the next session:
a) BNF needs to sustain above 29410 for a move to 29449-462 & 29512-540
b) Immediate support is at 29330 below which auction can test 29280-265 & 29220-172
c) Above 29540, BNF can probe higher to 29595-645 & 29700-726
d) Below 29172, lower levels of 29099-055 & 29016-28984 could come into play
e) Sustaining above 29726, BNF can give a fresh move up to 29781 / 29815-835 & 29890
f) Break of 28984 could trigger a move down 28922-890/ 28832 & 28741-714
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