Nifty Dec F:
NF opened with a small gap up at previous week low, probed lower but got support at that HVN of 10585 & resumed the up move it started from yesterday giving yet another drive at the open. As mentioned in yesterday’s report, staying above 10585 NF had good chance of tagging that VPOC of 10674 which it did within IB itself & extended IB also immediately on the upside with the C period making a high of 10708 after which NF looked a bit exhausted as the range got narrow & the one time frame upside also stalled. NF then began to make a ‘p’ profile & the all important dip to VWAP was coming which would have set the tone for the day’s close. The dip came in the ‘I’ period but was swiftly rejected as NF left a pull back low at 10666 & the ‘I’ period made a bullish outside bar which meant that the PLR has again turned to the upside & NF trended higher from there into the close leaving an extension handle at 10708 and a spike close of 10755-10799. Spike rules will apply at open tomorrow & below the spike NF has another extension handle of 10733 which could act as support. On the upside, above spike highs NF looks all set to test that 10825-830 zone which has a VPOC plus previous weekly HVN.
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- The NF Open was a Open Test Drive Up
- The day type was a Normal Variation Day – Up (‘p’ profile with a Spike)
- Largest volume was traded at 10690 F
- Vwap of the session was at 10697 with volumes of 114.4 L in a session which traded a High-Low range of 10799-10588 for 210 points
- 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 10638-10690-10747
Hypos / Estimates for the next session:
a) Second trend up profile created elongated profiles and inventory imbalances
b) The auction closed near the top of the Mini compo with highs of 10820
c) 10830 is supply 1 and support is at 10710 and 10685 for tom
BankNifty Dec F:
BNF gave a gap up open above the VPOC of 26320 & probed lower but got supported at 26297 just above previous day high and then drove up on good volumes getting above the selling tail of 26380 plus tagging that FA of 26453 & the VPOC higher of 26470 all in the first 30 minutes itself. It had a pretty big IB with a buying tail at 26480-26297 but still extended IB higher though the range kept getting narrower & it started to make a ‘p’ profile. It gave a dip in the afternoon to IBH & VWAP where it left a pull back low at 26517 & from there it trended higher into the close leaving an extension handle first at 26580 & then at 26665. It closed in a spike at 26697-26779 which will be the first reference level for tomorrow open. BNF completed the 1 ATR move up from the FA of 26453 at 26716 & the 2 ATR target comes to 26976. BNF has also closed above the earlier FA of 26745 which got tagged at T+5 days & the 1 ATR move from there comes to 26999.
- The BNF Open was a Open Test Drive Up
- The day type was a Normal Variation Day – Up (‘p’ profile with a Spike)
- Largest volume was traded at 26425 F
- Vwap of the session was at 26566 with volumes of 31.2 L in a session which traded a High-Low range of 26779-26297 for 482 points
- BNF left a FA today at 26453 on 10/12 and tagged the 2 ATR target of 25927 on 11/12. It got back above this FA today at T+2 days & completed the 1 ATR move at 26716 & closed well above it. The 2 ATR target comes to 26976
- BNF had confirmed a multi-day FA on 05/12 at 26745 and tagged the 2 ATR target of 26237 on 06/12. BNF tagged & closed above this FA on T+5 Days and the 1 ATR move up comes to 26999
- 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 26339-26425-26649
Hypos / Estimates for the next session:
a) The BNF showed strength above the FA of 26470 which is now a support
b) 26810 and 26960 to be watched for supply
c) 26310 is also a supp
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