Nifty Aug F: 11065 [ 11094 / 10926 ]
NF opened lower with a gap down of almost 70 points and went on to break the PDL (Previous Day Low) of 10935 at open as it made lows of 10925 but once again was swiftly rejected as it left a tail at lows from 10964 to 10926 after which it went on to trend higher till the ‘J’ period in what was a repeat of the previous day’s auction as there was an early extension handle post IB (Initial Balance) at 10997 after which NF made multiple range extensions higher almost matching the PDH of 11100 as it made similar highs of 11091 & 11094 in the ‘H’ & ‘J’ periods from where it gave a pull back low of 11039 but managed to stay above VWAP as it closed at the HVN of 11060 to leave another ‘p’ shape profile for the day with almost the same range as the previous day. The day’s Value was also fully inside the 2 day balance as a result of which we now have a Gaussian profile on the 3 day composite (click here to view the chart) with a close at the prominent POC from where we can expect a move away in the coming session(s).
- The NF Open was an Open Auction In Range (OAIR)
- The day type was a Normal Variation Day – Up (‘p’ profile)
- Largest volume was traded at 11060 F
- Vwap of the session was at 11030 with volumes of 125.7 L and range of 168 points as it made a High-Low of 11094-10926
- NF had confirmed a FA at 10807 on 05/08 and tagged the 2 ATR objective of 11085 on 08/08. This FA has not been tagged and is now positional support
- The Trend Day POC & VWAP of 13/08 at 11075 & 11043 were again tagged on 16/08 but once again the auction could not close above them.
- The Trend Day POC & VWAP of 19/07 at 11478 & 11523 are now positional references on the upside.
- The higher Trend Day VWAP of 05/07 at 11965 is another important reference higher.
- The settlement day Roll Over point is 11315
- The VWAP & POC of Jul Series is 11575 & 11547 respectively.
- The VWAP & POC of Jun Series is 11833 & 11714 respectively.
- The VWAP & POC of May Series is 11613 & 11696 respectively.
You can check the monthly charts & other swing levels for Nifty & NF here & for the weekly charts & analysis, please click here.
Daily Zones:
- Value zones (volume profile) are at 10997-11060-11091
Hypos / Estimates for the next session:
a) NF needs to stay above 11065 & sustain for a rise to 11094-105 & 11135
b) Staying below 11060, the auction can test 11040-30 & 11004-10997
c) Above 11135, NF can probe higher to 11152-163 & 11180-182
d) Below 10997, auction becomes weak for 10965 & 10938-926
e) If 11182 is taken out, the auction can rise to 11205-217 & 11240-248
f) Break of 10926 can trigger a move lower to 10910 / 10890-886 & 10865
BankNifty Aug F: 28261 [ 28310 / 27750]
BNF also opened lower & continued to go down as it fell by another 200 points to break below the PDL of 27759 as it tagged 27750 but once again was rejected from just above the HVN of 27740 as it not only reversed the auction but went on to rise by 560 points over the next 5 periods post IB (Initial Balance) leaving an extension handle at 27952 after which it scaled above the PDH and in the process completed the 2 IB move higher along which confirmed an outside bar on daily as it made an attempt to get into the selling tail of 27278 to 27490 but could only make a high of 28310 in the ‘G’ period indicating that supply was coming back at these levels. BNF then gave a pull back to VWAP as it made a low of 28077 in the ‘J’ period but could not break below it and made a balance for the remaining part of the day building volumes at 28260 where it eventually closed leaving another ‘p’ shape profile but with overlapping to higher Value. The 3-day composite in BNF looks like a 3-1-3 profile (click here to view the chart) with a tail at top from 28310 to 28490 and a nice balance in between with Value at 27903-28279 and the singles at lows from 27750 to 27682. There is good chance that the auction could give a move away from this composite in the coming week.
- The BNF Open was an Open Auction In Range (OAIR)
- The day type was a Normal Variation Day – Up (‘p’ profile plus an outside bar)
- Largest volume was traded at 28265 F
- Vwap of the session was also at 28095 with volumes of 32 L in a session which traded in a range of 560 points making a High-Low of 28310-27750
- The Trend Day POC & VWAP of 13/08 at 27740 & 28063 are immediate references on the upside. The auction stayed above 27740 on 13/08 which is now important support.
- The Trend Day VWAP of 19/07 at 30085 is now positional supply point.
- The higher Trend Day VWAP of 18/07 & 08/07 at 30598 & 30995 remain important references going forward
- The settlement day Roll Over point is 29250
- The VWAP & POC of Jul Series is 30425 & 30586 respectively.
- The VWAP & POC of Jun Series is 30914 & 30961 respectively.
- The VWAP & POC of May Series 30211 & 28940 respectively
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 27984-28265-28305
Hypos / Estimates for the next session:
a) BNF needs to sustain above 28260 for a move to 28310-330 / 28375 & 28420
b) Staying below 28260, the auction can test 28225 / 28160-140 & 28080-75
c) Above 28420, BNF can probe higher to 28480-500 / 28550 & 28610-620
d) Below 28075, lower levels of 28012-27990 / 27937 & 27880 could come into play
e) Sustaining above 28620, BNF can give a fresh move up to 28675-710 / 28750 & 28820-848
f) Break of 27880 could trigger a move down 27825-816 / 27766-735 & 27675-660
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