Nifty Dec F:
NF for the second consecutive day gave another gap down of 150+ points but today was an almost OL start which was backed by huge volumes in the opening 15 mins qualifying it to be a drive. NF then kept trending higher till noon closing the gap & inspite of a large IB range today completed the 2 IB extension on the upside after which it made a pull back low of 10470 defending the extension handle it left at 10460 & continued its probe higher to make new highs almost tagging the previous week lows. NF had a Double Distribution Trend Day Up with a very big upper distribution between 10480-10595 & an HVN at 10585 and will remain bullish if stays above this HVN for a tag for that VPOC of 10674. Failure to stay above this HVN, NF can balance in the upper distribution where in below 10545-540 can probe lower to 10495 & below it can test that pullback low of 10470 along with the extension handle of 10460. Break of the extension handle can lead NF to test the POC of 10416 & the final support in NF would be the buying tail today which is at 10392-10352.
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- The NF Open was a Open Drive Up (plus OAOR)
- The day type was a Double Distribution Trend Day (Up)
- Largest volume was traded at 10416 F
- Vwap of the session was at 10496 with volumes of 187.5 L in a session which traded a High-Low range of 10607-10352 for 255 points
- NF completed the 2 ATR objective of 10423 on the downside from the FA of 10637 it left on 7/12
- The VWAP & POC of Nov Series 10480 & 10580 respectively. It tagged the VWAP on 11/12 but closed above it
- The VWAP & POC of 31/10 10250 & 10248 will be important levels going forward
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 10367-10416-10540
Hypos / Estimates for the next session:
a) DD profile with distributions at 10478-10607 and 10352-10460
b) The 10660- 10674 zone is still supply
c) 10530 is support 1 and 10478 is support 2
BankNifty Dec F:
BNF gave another gap down of exactly the same range as yesterday (411 points) & probed lower into the composite balance it had made in early November of 25850-25755*-25648. It went on to tag the VPOC of 25755 & make a low of 25706. It left a buying tail from 25755-25706 after the initial balance post which it started its probe to the upside. BNF first made a balance between 25750-25930 where it built a HVN at 25810 before breaking out above IBH leaving an extension handle at 25940 to trend higher in the second half and tagging the previous day VWAP of 26295. It made another balance higher at 26000-26245 with another HVN there at 26110 & a pull back low of 26060 which would be the levels to watch on downside tomorrow. On the upside, BNF has the VPOC at 26320 above which we have the selling tail which starts from 26380 & finally the FA of 26453 which completed it’s 2 ATR target & is currently on T+2 days.
- The BNF Open was a Open Auction Out of Range
- The day type was a Normal Variation Day (Up)
- Largest volume was traded at 26110 F
- Vwap of the session was at 26030 with volumes of 50.2 L in a session which traded a High-Low range of 26295-25706 for 589 points
- BNF left a FA today at 26453 on 10/12 and tagged the 2 ATR target of 25927 today
- BNF had confirmed a multi-day FA on 05/12 at 26745 and tagged the 2 ATR target of 26237 on 06/12. This FA is currently on T+4 Days
- BNF has stayed above the vwap of 17/10 which was 25500 and is now support
- We had a FA at 24625 on 31/10 which has completed 1 ATR of 25102 & has stayed above the 2 ATR of 25575
- The VWAP & POC of Nov Series 25686 & 26218 (Spot) respectively
- 31st October’s VWAP of 24895 & POC of 24900 will be important levels going forward
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 25860-26110-26270
Hypos / Estimates for the next session:
a) The BNF continues to be weak below 26320
b) 26060 is the first support
c) 25850 will be support 2
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