Nifty Feb F:
NF opened below the spike and an attempt to probe higher was rejected in the ‘A’ period which gave a hint that the imbalance to the downside could continue. The auction probed lower in the ‘B’ period making a low of 10763 testing the pull back low of the Trend Day of 31/01. (Click here to view the profile chart for better understanding) As typical in a OAOR start, NF then made a balance in a narrow range making similar lows as IBL for the next 3 periods leaving poor lows at 10761 with slightly higher highs but the auction remained below VWAP till the ‘E’ period. NF got above VWAP for the first time in the day in the ‘F’ period and even closed above it and made highs of 10787 as the ‘G’ period began but was swiftly rejected and once VWAP was broken, NF went on break the poor lows making a new low of 10741 in the ‘I’ period completing the 1.5 IB range extension lower and from there gave a quick bounce to get back above IBL and VWAP and then even went on to break above the IBH making new day highs of 10812 which confirmed a FA at 10741. However, the auction was not able to sustain above IBH also and went back below VWAP to again test the IBL in the ‘L’ period as it made a low of 10760 to confirm a FA at highs also. NF closed as a Neutral Centre Day leaving a 3-1-3 profile with FA at both ends and can give a good move away from here.
- The NF Open was a Open Auction Out of Range (OAOR)
- The day type was a Neutral Centre
- Largest volume was traded at 10770 F
- Vwap of the session was at 10776 with volumes of 107.2 L in a session which traded a High-Low range of 10812-10741 for a range of 71 points
- NF confirmed a multi-day FA at 10946 on 12/02 and tagged the 1 ATR move of 10822 on 13/02 and remained below it today. The 2 ATR move lower is at 10699
- NF had left a FA at 10830 on 04/02 and completed the 2 ATR move up of 11073. This FA got tagged on ‘T+7’ days and is no longer support.
- NF had left a FA at 10710 on 04/01 and completed the 2 ATR move up on 15/01 and was strong support. The auction broke below this FA twice last week but has got back above it.
- NF had left a FA at 10580 on 26/12 & completed the 2 ATR move up to 10862. This FA has not been tagged and is now strong support
- The Trend Day VWAP & POC of 06/02 11046 & 11035 was broken on 08/02 and the closed below them so now they are no longer support levels
- The Trend Day VWAP & POC of 31/01 10793 & 10775 will be important levels going forward
- The VWAP & POC of Jan Series is 10795 & 10823 respectively
- The VWAP & POC of Dec Series is 10796 & 10741 respectively
- The VWAP & POC of Nov Series is 10480 & 10580 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 10764-10770-10788
Hypos / Estimates for the next session:
a) NF has immediate resistance in the 10804-813 zone above which it can tag 10830-842 & 10863
b) Immediate support is at 10760 below which auction can probe lower to 10740 & the weekly vPOC of 10716
c) Sustaining above 10865, NF can move higher to 10880 & 10895
d) Below 10716, NF has lower supports at 10699-690 & the vPOC of 10674
BankNifty Feb F:
BNF opened within the spike and probed lower breaking below the spike low to make a low of 26912 in the ‘A’ period but got back into the spike. The auction made another attempt in the ‘B’ period to break lower and even closed below the spike but could not make new lows making a higher low of 26924 and an inside bar indicating exhaustion to the downside. (Click here to view the profile chart for better understanding) The ‘C’ period then got back above VWAP and probed above ‘B’ setting up a OTF move to the upside over the next 3 periods as BNF got above the spike of 27015 and probed into yesterday’s Value making a high of 27070 in the ‘F’ period. The ‘G’ period stopped the OTF first making a lower high and then went on to break below the lows of ‘F’ triggering a move lower till the ‘I’ period as BNF broke below VWAP to make a low of 26962 just above the PDL. The ‘J’ period then got back above VWAP and gained good momentum on the upside as it got above the pull back high of 27038 and went on to make new highs of 27147 as it stopped just below the yPOC. The last 3 periods then saw BNF making a balance above VWAP as the ‘L’ period made a low of 27037 before closing at dPOC and although Value was lower for the day there was a successful range extension to the upside.
- The BNF Open was a Open Auction
- The day type was a Normal Variation Day (Up)
- Largest volume was traded at 27064 F
- Vwap of the session was at 27020 with volumes of 21.7 L in a session which traded a High-Low range of 27147-26912 for a range of 235 points
- BNF confirmed a FA at 27384 on 12/02 and tagged the the 1 ATR move down of 27060 and closed around it. The 2 ATR move lower is at 26736
- BNF confirmed a FA at 27716 on 23/1 and completed the 2 ATR move down hence is now strong resistance
- The VWAP & POC of Jan Series 27236 & 27514 respectively
- The VWAP & POC of Dec Series 26713 & 26832 respectively
- The VWAP & POC of Nov Series 25686 & 26218 (Spot) 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 26968-27064-27100
Hypos / Estimates for the next session:
a) BNF has immediate support at 27037-27005 below which it can probe lower to 26960 & 26900-885
b) On the upside, BNF needs to sustain above the vPOC of 27160 for a move to 27230 & 27280
c) BNF gets weak below 26885 for a move to 26800 & 26736
d) Above 27280, the auction can test the vPOC of 27328 & the FA of 27384
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