Nifty Dec F:
NF opened above yVAH & within the Neutral Extreme reference to first probe higher but got resisted just below that HVN of 10985 to turn the auction down. Once it sustained below 10958 (yVAH), the 80% Rule was triggered & it did make a quick move to the yPOC & the yVAL fully implementing the rule but the way it left two extension handles first at 10953 & the second one at 10906, it clearly showed that OTF (Other Time Frame) has entered the market & is pushing the market their way. The down move then accelerated even more crashing through that extension handle & yesterday’s FA of 10897-10891 breaking below the big IB range of 75 points & almost tagging the 2 IB of 10831 in the C period itself. The ‘D’ period also made a lower low but the range started to contract on the 30 mins indicating that the down move was getting a bit stretched & needed a bit of balance which came in the form of an Inside Bar in the ‘E‘ period & though the ‘F’ period resumed the downward move making a new low exactly at the pivot of 10820 the range again was getting narrower. This gave rise to the only 30 minute green candle of the day in the ‘G’ period which made an high of 10873 & will be an important pull back high reference for the rest of the series as post ‘G’ NF again resumed its trend to the downside trending lower into the close leaving another extension handle at 10820 to give an elongated profile making a low of 10755 & a Trend Day Down. 10797 will be the first reference to look for on any upside in NF on Monday & on the downside below today lows, NF can go on to tag that VPOC of 10690.
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- The NF Open was a Open Auction In Range
- The day type was a Trend Day – Down
- Largest volume was traded at 10770 F
- Vwap of the session was at 10848 with second highest volumes of this series at 147.5 L in a session which traded a High-Low range of 10982-10755 for a range of a double century of 227 points
- NF had left a FA at 10946 on 19/12 which was broken today for the second time & this time it completed the 1 ATR move down to 10829
- NF had also left a FA at 10891 on 20/12 but got below it & tagged the 1 ATR move down which came to 10773
- 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 10755-10770-10856
Hypos / Estimates for the next session:
a) Auction can test 10840 if sustains above 10795
b) The 10760-750 zone is the immediate support
c) below 10750 the auction can do 10690
BankNifty Dec F:
BNF opened at 27300 level & seemed to have taken support at yVAH as it probed higher going above previous day high (PDH) of 27371 making a high of 27399 but was not able to sustain above PDH which meant the PLR is turning down. This got confirmed when BNF left a selling tail in the ‘A’ period at 27351-27399 which is considered to be an initiative activity and sellers got that confidence of checking above PDH but not finding any demand to drive down BNF post IB leaving an extension handle at 27238 & not just sliced through previous day’s Value Area but also took out the previous day lows also to make almost a 2 IB extension down in the ‘C’ period itself. BNF did make a balance here as was expected around that bullish extension handle of 27055 it made on 18/12 but after the balance where it made a pull back high of 27160 which again meant that the auction has been rejected from the previous day low, BNF resumed its downward trend leaving another extension handle at 27031 which was also the previous week’s high & confirmed that the imbalance will continue. BNF went on to tag the 3IB extension of 26918 breaking below that swing low of 26926 & made a low of 26888 & formed a tiny balance at close to close at 26940 levels.
- The BNF Open was a Open Auction In Range
- The day type was a Trend Day – Down
- Largest volume was traded at 26950 F
- Vwap of the session was at 27110 with second highest volumes for this series at 33.2 L in a session which traded a High-Low range of 27399-26888 for a range of 510 points
- BNF had confirmed a FA at 27271 on 17/12 and it broke below this FA today for the second time & completed the 1 ATR target down of 26972.It closed below this level so the 2 ATR target of 26673 on the downside is open
- 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+5 days
- 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 26893-26950-27151
Hypos / Estimates for the next session:
a) Above 27031, auction can test 27110
b) Support is at the VPOC of 26860
c) Below 26880-860 can start a move to check that extension handle of 26580 & VPOC of 26520
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