Nifty Jan F: 21709 [ 21737 / 21501 ]
| Open Type |
|---|
| ORR (Open Rejection Reverse) |
| Volumes of 14,636 contracts |
| Initial Balance |
|---|
| 121 points (21622 – 21501) |
| Volumes of 40,001 contracts |
| Day Type |
|---|
| Normal Variation – 236 points |
| Volumes of 1,39,789 contracts |
NF gave a rare follow up to a NeuX (Neutral Extreme) profile by opening lower and tagging 08th Jan’s VPOC of 21572 while making a low of 21560 and gave a quick bounce to 21622 but could not take out the M TPO highs of 21631 paving way for another probe lower in the A period as it broke into 26th Dec’s buying tail from 21550 and went on to tag the lower business area of 21501 from 22nd Dec to the dot where it found demand coming back strongly as it got back into previous day’s range in the B TPO forming an inside bar but leaving an initiative buying tail from 21558 to 21501.
The auction then made the dreaded C side extension to 21631 halting right at the first upper business area for the day and made that typical retracement back to VWAP starting a balance inside the IB (Initial Balance) for most part of the day with couple of attempts being made in the G & H periods to negate the A period buying singles but could only manage to tag 21528 leaving a PBL (Pull Back Low) there indicating that the PLR (Path of Least Resistance) was to the upside.
NF then made a fresh RE (Range Extension) in the K period and followed it with an even bigger one in the L giving a spike close from 21658 to 21737 before getting back to consolidation mode in the M TPO where it formed a narrow range inside bar but saw a HVN being built at 21700 around where it eventually closed forming lower Value for the day but leaving an initiative buying tail from 21528 to 21501 which could be a new swing low.
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Daily Zones
- Largest volume (POC) was traded at 21569 F and VWAP of the session was at 21611
- Value zones (volume profile) are at 21530-21569-21635
- HVNs are at 21753** / 21890 (** denotes series POC)
Weekly Zones
- (29 Dec-04 Jan) – NF has formed a Neutral Centre weekly profile as it made a look up above previous highs but got rejected after making new ATH of 22025 and went on to make a low of 21579 taking support right above last week’s lower TPO HVN of 21570 filling up the low volumes zones and forming mostly overlapping Value at 21640-21748-21875 with a point to note that the sellers who had come in forming a base at 21890 had mostly booked profits at lower levels where it saw some short covering and fresh demand coming back.
Monthly Zones
- The settlement day Roll Over point (January 2024) is 21930
- The VWAP & POC of Dec 2023 Series is 21226 & 21377 respectively
- The VWAP & POC of Nov 2023 Series is 19562 & 19806 respectively
- The VWAP & POC of Oct 2023 Series is 19468 & 19537 respectively
Business Areas for 11th Jan 2024
| Up |
| 21720 – M TPO POC (10 Jan0 21753 – SOC from 09 Jan 21784 – POC from 09 Jan 21816 – Selling Tail (05 Jan) 21874 – 3-day VAL (28Dec-01Jan) |
| Down |
| 21700 – Closing HVN (10 Jan) 21658 – Ext Handle (10 Jan) 21611 – VWAP from 10 Jan 21569 – dPOC from 10 Jan 21528 – Buy Tail (10 Jan) |
BankNifty Jan F: 47606 [ 47666 / 47201 ]
| Open Type |
|---|
| ORR (Open Rejection Reverse) |
| Volumes of 15,380 contracts |
| Initial Balance |
|---|
| 340 points (47541 – 47201) |
| Volumes of 49,421 contracts |
| Day Type |
|---|
| Normal – 465 points |
| Volumes of 1,52,100 contracts |
BNF also opened lower making new lows for the series at 47201 but did not get any sell volumes below the 08th Dec FA of 47238 indicating that the downside was being defended as it went on to get back into the K TPO singles while making a high of 47541 in the B period leaving an initiative buying tail from 47390 to 47201.
The auction then made a marginal C side extension to 47542 but could not find fresh demand and turned into a mode of balance till the G period forming a ‘p’ shape profile for the day before it made a test of the A period tail in the H TPO with a swipe lower to 47321 but got immediately rejected back above 47390 validating demand in this zone and went on to make fresh REs (Range Extension) to the upside in the J, K & L periods tagging the K TPO halfback of 47649 from yesterday while making a high of 47666.
BNF however could not extend any more and what looked like a spike set up was aborted as it made a close at 47606 leaving a Normal Day with a prominent POC at 47456 and an initiative buying tail from 47321 to 47201 which would serve as important support levels as we enter into a new weekly settlement whereas on the upside, we would need some initiative buying above today’s high for a probe towards 09th Jan’s NeuX VWAP of 47778 & VPOC of 48017 would be the immediate objectives.
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Daily Zones
- Largest volume (POC) was traded at 47456 F and VWAP of the session was at 47482
- Value zones (volume profile) are at 47402-47456-47601
- HVNs are at 47956 / 48005** / 48555 (** denotes series POC)
Weekly Zones
- (04-10 Jan) – BNF has once again formed a Neutral Extreme Down weekly profile which first filled up the low volume zone of previous week and then went on repair the poor lows with a sharp move lower testing the swing lows of 47303 (21-28 Dec) while tagging 47201 before giving a bounce back to 47666 into the close. Value for the week was completely overlapping at 47670-48076-48601 with the main supply reference being at the NeuX VWAP of 47970
- (29 Dec-03 Jan) – BNF has formed a Neutral Extreme which also reresents a Double Distribution Trend Down profile which got stalled right below previous week’s POC of 48879 on the upside and went on to fill the low volume zone till 48446 and made an initiative move with a small selling tail from 48346 to 48256 as it went on to make poor lows at 47763 forming a lower balance with the POC also shifting down to 47956. Value for the week was at 47765-47956-48542 with the important DD VWAP being at 48278 which will be the swing reference for the coming settlement.
Monthly Zones
- The settlement day Roll Over point (January 2024) is 48900
- The VWAP & POC of Dec 2023 Series is 47337 & 47918 respectively
- The VWAP & POC of Nov 2023 Series is 43837 & 43619 respectively
- The VWAP & POC of Oct 2023 Series is 43718 & 44346 respectively
Business Areas for 11th Jan 2024
| Up |
| 47652 – Closing tail (10 Jan) 47778 – NeuX VWAP (09 Jan) 47915 – J TPO VWAP (09 Jan) 48017 – VPOC from 09 Jan 48117 – Selling tail (09 Jan) |
| Down |
| 47560 – M TPO low (10 Jan) 47456 – dPOC from 10 Jan 47321 – Buying Tail (10 Jan) 47201 – PDL 47085 – C TPO POC (07 Dec) |
You can check the monthly charts & other swing levels for both Nifty & BankNifty here & for the weekly charts & analysis, please click here.