Nifty Jan F:
NF made another OAIR start & though the open was above that composite POC of 10866 there was no new demand to move the auction away from the balance it had been forming all week. NF attempt to probe higher was resisted as it could not sustain above 10880 & this rejection meant the PLR turned to the downside & once NF got below 10866, it started one time framing lower taking a brief support at 10836 before giving another extension lower breaking the lower support of 10815 & completing the 3 IB range extension to the downside getting into the buying tail of 10800-10765 making a low of 10773. NF then gave a bounce to VWAP tagging that extension handle of 10836 but could not sustain above it & closed at VWAP leaving a ‘b’ shaped profile which indicates long liquidation. NF has a pull back high at 10845 and a small buying tail at lows of 10787-10773 which will be the levels to watch at open on Monday.
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- The NF Open was a Open Auction In Range
- The day type was a Normal Variation Day (‘b’ shape Profile)
- Largest volume was traded at 10805 F
- Vwap of the session was at 10825 with volumes at 93.4 L in a session which traded a High-Low range of 10886-10772 for a range of 114 points
- NF had left a FA at 10678 on 04/01 and tagged the 1 ATR move of 10803 & closed above it. The 2 ATR target comes to 10928. This FA is currently on ‘T+6’ days
- NF had left a FA at 10580 on 26/12 & completed the 2 ATR move up to 10862. This FA has not been tagged since the & is now strong support
- The VWAP & POC of Dec Series 10796 & 10741 respectively
- 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 10794-10805-10835
Hypos / Estimates for the next session:
a) NF will be weak below 10825 to test 10805 & 10785
b) NF has immediate resistance at 10845 above which the auction can probe higher to 10866 & 10890
c) Sustaining below 10785, NF can tag 10765-755
BankNifty Jan F:
BNF had another OAIR start inside the previous day’s Value and Range after making a high of 27700 in the opening minute post which the auction probed lower completing the 80% Rule in previous day’s Value of 27683 to 27626. BNF continued to probe lower doing a 2 IB range extension to the downside making a low of 27510 in the ‘F’ period after which it gave a bounce to VWAP where it got rejected & came down again to make new lows of 27502 in the ‘J’ period. The auction probed higher again & this time got above VWAP but got rejected again just below yVAL of 27626 making a nice distribution in the lower part of the day’s profile which represented a long liquidation ‘b’ profile. Value for the day was lower but we also have poor highs at the top with the multi-day FA of 27784 still in play so will need to see if BNF gets to the 1 ATR move down of 27435 first or probes higher to repair the poor highs.
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- The BNF Open was a Open Auction In Range
- The day type was a Normal Variation Day (‘b’ shape Profile)
- Largest volume was traded at 27532 F
- Vwap of the session was at 27578 with volumes of 22.2 L in a session which traded a High-Low range of 27700-27502 for a range of 197 points
- BNF confirmed a multi-day FA at 27784 today and the 1 ATR move to the downside comes to 27453
- The VWAP & POC of Dec Series 26713 & 26832 respectively
- 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:
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- Value zones ( volume profile) are at 27520-27532-27600
Hypos / Estimates for the next session:
a) BNF had closed around the POC of 27536 & will be weak below it to tag 27485 & the VPOC of 27420
b) Immediate resistance at 27620 above which the auction can probe higher to 27665 & 27704
c) Above 27705, BNF can move up to tag first the VPOC of 27748 & then the FA of 27784 to repair the poor highs
d) Below 27420, BNF gets weaker for downside probe to 27344 & 27290
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