Nifty Jan F:
NF opened around the prominent POC of 10920 & had a drive open lower though the volumes were below average. The move away from Value at open gave an imbalanced move to the downside when NF broke below the previous day low of 10902 & then got into the singles of 10897 and went on to tag the low at 10850. NF looked all set to tag the VPOC of 10839 but missed it narrowly as it made a low of 10843 in IB after which it gave a bounce to VWAP making a pull back high of 10882 which was also the low of the morning selling tail of 10929-10883. NF then traded in a narrow range making a ‘b’ profile for the day building a wide POC at 10870 with the Value being lower & it seemed that we could get a spike lower in the closing hour as the ‘A’ period singles was intact though the volumes for the day were one of the lowest. NF tried to test the IBL in the ‘I’ & ‘J’ period but ended up leaving identical lows at 10851 which meant there was no supply & this led to a big contra move in the ‘K’ period as NF got above VWAP & once it got into the selling tail of 10883, it tagged that prominent POC of 10920 in no time & spiked higher into the close. Spike rules will come in play at open tomorrow & the spike is from 10931-10967.
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- The NF Open was a Open Test Drive (Down) but on low volumes
- The day type was a Normal Variation Day (‘b’ profile plus spike higher)
- Largest volume was traded at 10870 F
- Vwap of the session was at 10885 with volumes of 66.2 L in a session which traded a High-Low range of 10967-10843 for a range of 124 points
- NF had left a FA at 10580 on 26/12 & completed the 2 ATR move up to 10862. This FA is currently on ‘T+5‘ Days
- NF closed above the Trend Day VWAP of 21/12 at 10884. This level was broken today but got back above it & closed much higher.
- The VWAP & POC of Dec Series 10796 & 10741 respectively
- 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 10845-10870-10930
Hypos / Estimates for the next session:
a) Spike rules in play for tomorrow open
b) Above 10967, auction can move to 10995 & 11022
c) NF gets weak below 10920 & can test 10880 & 10850
BankNifty Jan F:
BNF also seemed to give a drive down from Monday’s prominent POC of 27320 at open, did the 80% rule down in the balance of the composite 3-1-3 profile (given in yesterday’s report) zipping past the Friday’s wide POC of 27280 and went on to break the previous day’s low of 27242 & even entered into the singles of 28/12 all in the ‘A’ period. BNF made a new low of 27156 in the ‘B’ period but after that got stuck in a narrow range indicating that the morning drive was not because of initiative OTF selling but were the (weak) longs which were being forced out. BNF then traded in a very narrow range of 100 points till late afternoon giving a pull back high of 27246 when in the ‘I’ period it broke the IBL making new lows of 27135 but was immediately rejected back into IB after which the ‘J’ period made an inside bar resisting at VWAP which was also the prominent POC forming for the day at 27200. The ‘K’ period also started on a quiet note but once it moved above that 27200, it gave a big move to the upside getting above the pullback high of 27246 & slicing through the morning selling tail and made new highs for the day confirming a FA at 27135 & went on to break even the previous day high of 27429 printing a new high of 27532 & making an outside bar on daily. BNF ended the day at highs giving a Neutral Extreme Day and looks like the imbalance could continue at open tomorrow. The reference for tomorrow open would be 27450-27532.
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- The BNF Open was a Open Test Drive (Down) but on low volumes
- The day type was a Neutral Extreme Day (Up)
- Largest volume was traded at 27200 F
- Vwap of the session was at 27270 with volumes of 23.3 L in a session which traded a High-Low range of 27532-27135 for a range of 397 points
- BNF left a FA at 27135 today & closed above the 1 ATR level of 27460. The 2 ATR move from this FA comes to 27785
- BNF has closed above the Trend Day VWAP of 21/12 at 27200. BNF broke below this intraday but closed much higher
- The VWAP & POC of Dec Series 26713 & 26832 respectively
- 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 27143-27200-27441
Hypos / Estimates for the next session:
a) BNF ended the day in imbalance so stays bullish above 27530
b) Immediate support is at 27430 below which BNF can test 27370 & 27322
c) Above 27530, auction can probe higher to tag 27615-670 and above it 27785
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