Nifty Jun F:
NF gave a second consecutive OTD (Open Test Drive) down on low volumes as it opened in Friday’s spike but got rejected from the HVN of 11830 to leave a selling tail from 11830 to 11777 in the IB (Initial Balance). (Click here to view the profile chart for better understanding) The C period then made an inside bar after which the auction probed above VWAP in the ‘D’ period to test the morning singles but was again met with rejection as it left a pull back high at 11780 after which NF tagged the 1 ATR target of 11749 from the weekly FA of 12023 & made a slow grind lower making multiple range extensions as it made a low of 11685 in the ‘M’ period almost tagging the 2 IB move down and leaving a Trend Day Down on the first day of the week.
- The NF Open was a Open Test Drive (OTD) – Down (on low volumes)
- The day type was a Slow Trend Day – Down
- Largest volume was traded at 11736 F
- Vwap of the session was at 11747 with volumes of 81.9 L making a range of 145 points as it made a High-Low of 11830-11685
- 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 11687-11736-11759
Hypos / Estimates for the next session:
a) NF needs to get above 11705-712 for a probe to 11736-747 & 11770-780
b) Immediate support is at 11684 below which the auction could test 11667-640 & 11605
c) Above 11780, NF could probe higher to 11800 & 11820-830
d) Below 11605, lower levels of 11580 & 11550 could be tagged
e) Above 11830, the auction can rise to 11850 & 11870
f) Break of 11550 can trigger a move lower to 11527 & 11516
BankNifty Jun F:
BNF gave a similar start as Friday’s as it once again gave a drive lower after opening in the spike zone (30503-30700) leaving a selling tail from 30496 to 30614 in the IB (Initial Balance) as it made a low of 30426 in the ‘B’ period. (Click here to view the profile chart for better understanding) The ‘C’ period was stuck in a narrow range after which the auction probed higher in the ‘D’ period to get into the morning singles as it left a first pull back high of 30569 but was swiftly rejected to close below VWAP and from then started a slow trending move lower as it made multiple range extensions in all the remaining periods except the ‘H’ period (where it made an inside bar) & the ‘J’ period (where it left the second pull back high of 30435) to make lows of 30306 completing just the 1.5 IB extension down in spite of the smaller range IB today which was also incidentally the narrowest day in terms of both range as well as volumes in the last month which suggests that the market is waiting for some new information or volumes.
- The BNF Open Open was a Open Drive (OD) – Down (on low volumes)
- The day type was a Normal Variation Day – Down (‘b’ profile)
- Largest volume was traded at 30320 F
- Vwap of the session was at 30423 with volumes at 22.5 L in a session which traded a High-Low range of 30614-30306 for a range of 308 points. Both the volumes & range today were the lowest since a month
- 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 30310-30320-30455
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Hypos / Estimates for the next session:
a) BNF has immediate resistance at 30390 above which it could probe higher to 30435-470 & 30510
b) Staying below 30320, the auction can test 30285-275 & 30220-200
c) Above 30510, the auction can rise to 30570-590 & 30665
d) Below 30200, BNF can probe lower to 30120 & 30085-060
e) Sustaining above 30665, BNF can give a fresh leg up to 30710-745 & 30800
f) Break of 30060 could trigger a move down to 29945-935 & 29880
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