Nifty Dec F:
NF opened with a big gap down of 80 points below the VPOC of 10937 & previous day low of 10946 but got support at that extension handle of 10897 it had left on 18th Dec which meant that the buyers were still defending this zone. NF then probed higher making an IBH just around previous day’s low which meant the day would remain as OAOR (Open Auction Out of Rage). NF then probed lower in the ‘C’ period with renewed strength of sellers as they did not find any new demand at previous day lows & ‘C’ period went on to make that dreaded extension below IBL but got immediately rejected leaving a probable FA at lows. The FA possibility got more stronger when NF got back above VWAP though was rejected at the first attempt, the second attempt made it clear that the sellers are doing a bad job today & this time NF stayed above VWAP to scale above IBH also confirming the FA at 10891 & went on to make a 1.5 IB extension of 10974 which was also the wide TPO POC of yesterday. NF looked like it was done with the high for the day when it left a small selling tail in the ‘H’ period after rejection from 10974 & a day low visit was expected as it trended lower in the next 2 periods & approached VWAP & even went below it but was met with swift rejection which meant NF was looking for a Neutral Centre or a Neutral Extreme Close & it went on to make new day highs at close confirming the latter. NF has made a nice balance at 10958-10909 so can expect 80% rule to play out well tomorrow in case it sustains below 10958 & on the upside above today highs NF can tag 11010 which is the 1ATR from today’s FA & 11129 (2 ATR target)
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- The NF Open was a Open Auction Out of Range
- The day type was a Neutral Extreme Day (Up)
- Largest volume was traded at 10942 F
- Vwap of the session was at 10936 with volumes of 98.7 L in a session which traded a High-Low range of 10991-10891 for a range of exactly a century i.e. 100 points
- NF left a FA at 10946 on 19/12 which was broken today but the close was above it so the 1 ATR move from this FA comes to 11065
- NF left a fresh FA at 10891 today & the 1 ATR move from this FA comes to 11010
- 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 10909-10942-10958
Hypos / Estimates for the next session:
a) Auction can test 11010- 11022 for old buyers
b) The 10940 zone is again a support and weakness only if that breaks
c) Below 10940 the auction can do 10874
BankNifty Dec F:
BNF opened with a gap down of 170 points & made a low of 27155 in the opening minute which was swiftly rejected which meant demand was still good in this buying tail of 27210-27069 of 18th Dec. BNF went on to probe higher in the first hour testing the previous day lows & the IBL making a high of 27304. Once it got rejected from the previous day’s range, BNF again auctioned lower & went on to break VWAP & almost tagged the day low making a low of 27170 making it a higher low for the day. BNF then went on to make a nice balance intraday by first making new day highs at 27330 & then rotating back to tag VWAP & lower making another higher low of 27216 before it set itself up for a close at highs for the day which it did by tagging the prominent yPOC of 27370 just before close. BNF will be bullish if it can sustain above 27370 at open tomorrow but below it can continue to balance in the 27200-27300 zone before giving the next move.
- The BNF Open was a Open Auction Out of Range
- The day type was a Normal Variation Day (Up)
- Largest volume was traded at 27225 F
- Vwap of the session was at 27260 with volumes of 26.1 L in a session which traded a High-Low range of 27371-27155 for a range of 217 points
- BNF confirmed a FA at 27271 on 17/12 and though it broke below this FA today has closed well above it and the 1 ATR target comes to 27568
- BNF had confirmed a multi-day FA at 26770 on 17/12 and tagged the 1 ATR target of 27058 as well as the 2 ATR of 27346.This FA is currently on T+4 days
- BNF negated the FA of 27029 it left on 13/12 without tagging the 1 ATR move down & closed above it this week & completed a 1 ATR move to the upside of 27330
- BNF had left a FA at 26453 on 10/12 and tagged the 2 ATR target of 25927 on 11/12. It got back above this FA on 12/12 at T+2 days & completed the 2 ATR move at 26976 on the upside on 13/12. This is now important support.
- BNF had confirmed a multi-day FA on 05/12 at 26745 and tagged the 2 ATR target of 26237 on 06/12. BNF tagged & closed above this FA on 12/12 which was T+5 Days and tagged the 1 ATR move up of 26999 on 13/12
- BNF has stayed above the vwap of 17/10 which was 25500 and is now support
- We had a FA at 24625 on 31/10 which has completed 1 ATR of 25102 & has stayed above the 2 ATR of 25575
- 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 27199-27225-27301
Hypos / Estimates for the next session:
a) The auction can test 27400 for inventory
b) 27255 is again a support
c) Failure at 27400 can start a drop for 27225 again
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