Nifty Jun F:
NF opened with yet another gap up of 40 points which was also an OH start at 11975 after which the auction began to probe lower as it made a low of 11917 in the ‘A’ period almost tagging the yPOC of 11913 which was mentioned in yesterday’s report as being the important support to hold. (Click here to view the profile chart for better understanding) NF then reversed the probe to the upside but remained in the range of ‘A’ making a small balance till the ‘D’ period after which it made a range extension higher in the next 2 periods making a high of 11990 testing the supply zone and giving a dip in the ‘G’ period as it made a pull back low of 11964. The auction then resumed the probe higher scaling above previous day’s high of 11994 and went on to test the selling tail of 12016 to 12059 it left on 6th June (RBI Policy Day) as it made a high of 12023 in the ‘K’ period and was swiftly rejected indicating that the supply is still active in this zone. NF then retraced the afternoon rise as it made a dip below VWAP in the ‘L’ period leaving a similar pull back low of 11964 as it did in the ‘G’ period and closed around the dPOC of 11979 leaving a nice balanced profile for the day with higher Value but with contraction of range & volume so will need a range expansion on higher volumes if NF needs to continue higher from here.
- The NF Open was a Open Auction In Range (OAIR)
- The day type was a Normal Variation Day (Up)
- Largest volume was traded at 11979 F
- Vwap of the session was at 11973 with volumes of just 79 L making a range of 106 points as it made a High-Low of 12023-11917
- The Trend Day VWAP of 11953 will be important supply point from now on EOD basis. This has been taken out today & is no longer a reference
- The Trend Day VWAP of 12015 will be important support now. This VWAP was broken today & NF closed below it so it is no longer support and will be a new supply point now as we have a selling tail from 12016 to 12059
- The settlement day Roll Over point is 11980
- The VWAP & POC of May Series is 11613 & 11696 respectively.
- The VWAP & POC of Apr Series is 11641 & 11592 respectively.
- The VWAP & POC of Mar Series is 11327 & 11448 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 11959-11979-12018
Hypos / Estimates for the next session:
a) NF sustaining above 11980 could test higher levels of 11998-12005 & 12025-30
b) Immediate support is in the zone of 11960-954 below NF could fall to 11931 & 11913
c) Above 12030, NF could probe higher to 12053 & 12072
d) Below 11913, NF can check lower supports of 11886-880 & 11860-856
e) Above 12072, the auction can probe higher to 12094-115 & 12133-150
f) Break of 11856 can trigger a move lower to 11832-825 & 11800-795
BankNifty Jun F:
BNF also opened with a big gap up of 150+ points but did not find any acceptance above 31200 and this led to a big move down in the ‘A’ period as BNF not only closed the gap but went on to make lows of 30975 almost tagging the yPOC of 30950 which stalled the probe down as the auction left a small tail at lows in the IB as it got above the important composite POC of 31020 in the ‘B’ period and went on to tag 31191 indicating that the demand was back at lower levels. (Click here to view the profile chart for better understanding) The auction then consolidated till the ‘E’ period giving a dip to VWAP as it made a pull back low of 31065 in the ‘D’ period before making multiple range extensions to the upside till the ‘K’ period getting accepted in the previous day’s selling tail of 31255-31392 as it made highs of 31375 where once again sellers came in as BNF retraced the probe up with a dip to VWAP as it made a low of 31213 in the ‘L’ period to close around the dPOC of 31240 leaving a nice balanced profile for the day with higher Value.
- The BNF Open was a Open Auction In Range (OAIR)
- The day type was a Normal Variation Day (Up)
- Largest volume was traded at 31240 F
- Vwap of the session was at 31196 with volumes at 26.9 L in a session which traded a High-Low range of 31375-30975 for a range of 400 points
- The settlement day Roll Over point is 31644
- The VWAP & POC of May Series 30211 & 28940 respectively
- The VWAP & POC of Apr Series is 30037 & 29762 respectively.
- The VWAP & POC of Mar Series is 29061 & 29778 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 31108-31240-31322
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Hypos / Estimates for the next session:
a) BNF needs to stay 31290 for a probe higher to 31344-368 / 31395 & 31450-480
b) BNF has immediate support in the zone of 31200-175 below which it could test 31105-065 & 30015
c) Above 31480, the auction can rise to 31536-555 / 31618-650 & 31690
d) Below 31015, BNF can fall to 30976-950 & 30900
e) If BNF sustains above 31690, higher levels 31755-775 & 31815-825 could come into play
f) Break of 30900 could trigger a move down to 30866-818 / 30776-755 & 30674-643
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