Nifty May F:
NF made an exception today as it gave a rare follow up post a Neutral Extreme Day. The first signal was the fact that the auction left a small tail at lows in the IB (Initial Balance) which was relatively big (68 points) & then consolidated with the ‘D’ period making a triple inside bar. (Click here to view the profile chart for better understanding) The auction then made a successful range extension in the ‘E’ period and followed it up by making higher highs in the next 2 periods as it made a high of 11369 tagging the 1.5 range extension. NF then gave a dip to VWAP in the ‘H’ period where it left a pull back low at 11325 as demand came in and the auction resumed it’s probe higher to make new highs of 11390 in the ‘J’ period. The auction then gave another dip to the rising VWAP in the ‘K’ period which was again defended as NF made a higher low of 11338 & this set up for a explosive move into the close giving a rise of almost 100 points in the last 45 minutes completing a Trend Day Up just before the important week ahead of the Exit Polls & Election Results. The Trend Day VWAP of 11351 will be the level to hold on any dips for the auction to continue higher.
- The NF Open was a Open Rejection Reverse – Up (ORR)
- The day type was a TREND DAY – Up
- Largest volume was traded at 11355 F
- Vwap of the session was at 11351 with volumes of 120.8 L in a session of 181 points trading in a High-Low range of 11448-11267
- NF confirmed a new FA at 11165 on 16/05 and tagged the 2 ATR move of 11421
- NF confirmed a FA at 11695 on 06/05 and has tagged the 2 ATR target of 11480. This FA has not been tagged & is now strong resistance
- NF confirmed a FA at 11376 on 10/05 and tagged the 2 ATR of 11143. This FA got tagged at ‘T+5’ Days
- NF confirmed a FA at 11397 on 09/05 and the tagged 2 ATR move lower at 11165. This FA got tagged at ‘T+6’ Day
- The settlement day Roll Over point is 11722
- The VWAP & POC of Apr Series is 11641 & 11592 respectively.
- The VWAP & POC of Mar Series is 11327 & 11448 respectively.
- The VWAP & POC of Feb Series is 10830 & 10856 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 11308-11355-11394
Hypos / Estimates for the next session:
a) Staying above 11450-462 at open NF can move higher to tag 11485 / 11508-513 / 11532-544
b) Immediate support is at 11390 below which the auction could test 11370-350 / 11325-315 / 11296
c) Above 11544, NF can rise to 11583 / 11606 / 11626-637
d) Below 11296, NF could probe lower to 11265 / 11242 / 11218-204
e) If NF stays above 11637, it can tag the higher levels of 11658-663 / 11685-695 / 11712-722
f) Break of 11204 can bring lower levels of 11180 & 11165-155 into play
BankNifty May F:
BNF got accepted in the previous day’s Neutral Extreme reference in the ‘A’ period which was a bullish sign but after which it started to probe lower for the next 3 periods staying inside the ‘A’ period but making lower lows as it tagged 28965 in the ‘D’ period. (Click here to view the profile chart for better understanding) The auction then stopped the small OTF down in the ‘E’ period as it probed higher & made a range extension to the upside in the ‘F’ period almost tagging the weekly FA of 29198 and once this was taken out in the next period BNF started a big trending move for the remaining part of the day giving just one pull back to VWAP as it made a low of 29199 just above the negated weekly FA re-confirming that the trend is in a very strong mode. BNF went on to make highs of 29590 giving a Trend Day Up which could be the start of a new IPM (Initial Price Movement).
- The BNF Open was a Open Rejection Reverse – Up (ORR)
- The day type was a TREND DAY – Up
- Largest volume was traded at 29320 F
- Vwap of the session was at 29188 with volumes of 33.3 L in a session which traded a High-Low range of 29590-28880 for a range of 710 points
- BNF confirmed a weekly FA at 29198 on 15/05 and negated this FA today. The 1 ATR move up comes to 30012
- BNF confirmed a weekly FA at 29945 on 07/05. The 1 ATR move down of 29136 was tagged on 08/05. The 2 ATR move lower comes to 28327
- The settlement day Roll Over point is 29760
- The VWAP & POC of Apr Series is 30037 & 29762 respectively.
- The VWAP & POC of Mar Series is 29061 & 29778 respectively.
- The VWAP & POC of Feb Series 27042 & 26978 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 29036-29320-29400
Hypos / Estimates for the next session:
a) BNF has immediate resistance at 29550-590 above which it can move higher to 29662-975 & 29735-760
b) Staying below 29460, the auction can probe lower to 29400-375 / 29320-280 / 29199-188
c) Above 29760, BNF can probe higher to tag 29832 / 29880 / 29945
d) Below 29188, the auction can test lower levels of 29099-80 & 29016-28976
e) If 29945 is sustained, BNF can give a fresh leg up to 30012-60 & 30111-160
f) Break of 28976 could bring lower levels of 28922-890 & 28832
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