Nifty Nov F:
NF opened exactly at yesterday’s closing price & tried to probe higher but got rejected just below the pull back high of 10687 & went on to trend lower on some big volumes till ‘C’ period first tagging that VPOC of 10620 after which it completed a 1.5 IB down range extension making a low of 10577. After this, it consolidated for a while before giving a bounce to 10659 completing a ‘b’ profile on daily with singles at 10659-10684 & closed at the dPOC which will be the level on watch at open tomorrow. Value has been formed lower with with a gap plus a selling tail at top today so the PLR continues to be down but it needs to break below the lows of today else could balance till stays below 10660 & above 10585.
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- The NF Open was a Open Rejection Reverse(Down)
- The day type was a Normal Variation Day (Down)
- Largest volume was traded at 10720 F
- Vwap of the session was at 10625 with volumes of 117.8 L in a session which traded a High-Low range of 10684-10577 for 107 points
- NF had a multi-day FA at 10636 which had tagged the 1 ATR target of 10779 and now has been revisited on T+3 Days
- NF closed below the FA of 10694 (19/11) and the 1 ATR down target comes to 10553
- The vwap of 29/10 at 10175 is strong support now which was broken intraday but re-captured
- We had a FA at 10111 on 31/10 which has done its 2 ATR objective & is now strong support
- The VWAP & POC of 31/10 10250 & 10248 will be important levels going forward
For the weekly and other swing levels of the Nifty go to – https://vtrender.in/market-profile-analysis-with-monthly-and-weekly-charts/ (has monthly and weekly Profile charts updated to trade date 16/11)
Daily Zones:
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- Value zones (volume profile) are at 10588-10625-10637
Hypos / Estimates for the next session:
a) Supply now at 10730 is firm and likely to show selling on any upper probes
b) 10666 is second zone of supply now
c) 10586 is support
BankNifty Nov F:
BNF had a freak OL (Open=Low) start of 26050 which made it look like an ORR (up) in complete contrast to the open we had in NF & both of them continued this kind of opposite auction most part of the day. If the freak OL was ignored in BNF, it was making a very balance in a very narrow range of 100 points from 26135 to 26235 for the first hour after which it tried to probe lower but got rejected at 26110 (which was later confirmed as a FA) & got back above vwap and started trending higher leaving an extension handle at 26240 and making a high of 26350 in the afternoon. Post this it gave a pull back low at 26254 and went on to make new weekly highs of 26409 but could not sustain it & closed at 26330 which was where we had the highest volumes for the day & will be the level to watch at open tomorrow. On a 4-day composite BNF has made a nice bell and could be ready for a big move moving into the expiry week.
- The BNF Open was an Open Auction in Range
- The day type was a Double Distribution Trend Day (Up)
- Largest volume was traded at 26330 F
- Vwap of the session was at 26252 with volumes of 28.7 L in a session which traded a High-Low range of 26409-26110 for 300 points
- BNF revisited the FA made at 26080 on 14/11 in T+4 days but did not go below it so the 1 ATR target to the upside is still open at 26472
- BNF left a fresh FA today at 26110 and the 1 ATR target to the upside comes to 26440
- BNF confirmed a multi-day FA today at 25811 and tagged the 1 ATR target of 26208 & is currently on T+4 days
- The FA of 13/11 at 25429 is now strong support as has tagged the 2 ATR target of 26230 and closed above it
- 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
- 31st October’s VWAP of 24895 & POC of 24900 will be important levels going forward
For the weekly and other swing levels of the Nifty go to – https://vtrender.in/market-profile-analysis-with-monthly-and-weekly-charts/ (The BN Monthly and BN weekly F charts are posted at the same link)
Daily Zones:
- Value zones ( volume profile) are at 26200-26330-26405
Hypos / Estimates for the next session:
a) The auction has supply at 26440 F now
b) 26260 is support
c) Below 26260, next support is at 26060
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