Nifty Feb F: 22243 [ 22270 / 21944 ]
| Open Type |
|---|
| OAIR (Open Auction In Range) |
| Volumes of 11,311 contracts |
| Initial Balance |
|---|
| 148 points (22119 – 21971) |
| Volumes of 45,805 contracts |
| Day Type |
|---|
| Neutral Extreme – 327 pts |
| Volumes of 2,06,565 contracts |
NF continued previous day’s imbalance to the downside as it left a small selling tail in the IB (Initial Balance) and went on to break below 15th Feb’s HVN of 22020 leaving an extension handle there in the B period as it made a low of 21971 and followed it with couple of small REs (Range Extension) in the C & D TPOs as it tagged 15th Feb’s VWAP of 21944.
The auction then failed to get further supply at this important demand point and began to form a narrow range balance leaving a small tail at the lows and a PBH at 22039 in the F period building volumes at 21994 with the laggard shorts in a bit of bother and once the I TPO broke above day’s VWAP there was a massive squeeze into the close.
NF not only made a RE to the upside in the J period but went on to swipe through the 2-day composite almost repairing the poor highs of 22272 but time ran out as stopped at 22270 in the last tick leaving a Neutral Extreme Day Up and suggesting the completion of the balance it had been forming all of this settlement week.
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Daily Zones
- Largest volume (POC) was traded at 22194 F and VWAP of the session was at 22100
- Value zones (volume profile) are at 21958-21994-22157
- HVNs are at 21813 (** denotes series POC)
Weekly Zones
- Weekly Charts can be viewed here
- (29 Jan-01 Feb) – NF opened higher this week and remained above previous week’s VWAP of 21540 throughout even making a look up above the highs of 21916 but left a daily FA at 21920 forming overlapping value on all 4 days leaving a Neutral profile and a nice Gaussian Curve with completely higher Value at 21726-21813-21869 with a very prominent POC which will act as a magnet unless we get an initiative move away from here in the coming week
- (19-25 Jan) – NF has formed a Neutral Extreme weekly profile in a relatively large range of 21916 to 21287 with mostly lower Value at 21349-21416-21583 and also represents a Double Distribution shape with the upper HVN at 21804 and a small zone of singles in the middle of the profile from 21640 to 21670 seperating the lower distribution where it has also left a small buying tail at a prior weekly VPOC of 21296 (08-14 Dec) which will be the support zone for the coming week whereas on the upside, this week’s VWAP of 21540 will need to taken out and sustained for a move towards 21804 and the mini tail from 21908
Monthly Zones
- The settlement day Roll Over point (February 2024) is 21419
- The VWAP & POC of Jan 2024 Series is 21581 & 21635 respectively
- The VWAP & POC of Dec 2023 Series is 21226 & 21377 respectively
- The VWAP & POC of Nov 2023 Series is 19562 & 19806 respectively
Business Areas for 23rd Feb 2024
| Up |
| 22248 – Sell tail (22 Feb) 22286 – Swing High (15 Jan) 22337 – 1 ATR (yVWAP 22100) 22393 – 1 ATR (2D VWAP 22156) 22447 – Weekly ATR (21943) |
| Down |
| 22232 – M TPO low 22180 – Ext Handle (22 Feb) 22113 – Weekly POC 22075 – J TPO low 22039 – SOC (22 Feb) |
BankNifty Feb F: 46980 [ 47089 / 46506]
| Open Type |
|---|
| OAIR (Open Auction In Range) |
| Volumes of 14,444 contracts |
| Initial Balance |
|---|
| 423 points (47089 – 46666) |
| Volumes of 59,567 contracts |
| Day Type |
|---|
| Normal Variation – 583 points |
| Volumes of 2,15,873 contracts |
BNF made an OAIR start but got some initiative selling in the B period as it left an extension handle at 46880 and got into the buying zone from 20th Feb negating the extension handle of 46755 while making a low of 46666 in the IB followed by a C side extension to 46577.
The auction continued to extend in the D & E TPOs but could only manage marginal new lows of 46550 & 46506 indicating that the selling was either booking out or getting exhausted as it turned back to balance mode mostly inside the C side range till the H period.
BNF then made a look up above day’s VWAP for the first time in the I TPO triggering a short covering move higher to 47020 in the J after which it made a dip back to VWAP in the K but left a PBL at 46796 re-confirming that the sellers were losing control as it made a bounce back to 47020 into the close leaving a 3-1-3 profile with mostly lower value which filled up the zone from 20th Feb.
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Daily Zones
- Largest volume (POC) was traded at 46933 F and VWAP of the session was at 46813
- Value zones (volume profile) are at 46883-46933-47052
- HVNs are at 45603 / 45998 / 46331** (** denotes series POC)
Weekly Zones
- Weekly Charts can be viewed here
- (01-07 Feb) – BNF has formed a Neutral Centre weekly profile as it first took support right at previous week’s VWAP of 45883 leaving a FA on 01st Feb and went on to make a trending move higher taking out the weekly selling tail of 19th-25th Jan profile and even tagged the prior week’s extension handle of 47115 but could only manage to tag 47145 as sellers came back strongly and went on to not only retrace the entire upmove but made new lows for the week at 45740 taking support just above previous week’s POC of 45717 and gave a bounce back to 46296 on the last day. Value for the week was mostly higher Value at 45897-46114-46410 with a prominent TPO HVN 45999 which will be the support for the coming week
- (29-31 Jan) – BNF took support multiple times at previous week’s VWAP of 45492 forming a Neutral Extreme weekly profile to the upside giving a move away from the prominent POC of 45717 on the last day where it went on to hit new highs of 46444 forming overlapping to higher Value at 46429-45717-45994 but this week’s NeuX VWAP of 45883 will be the important reference going forward if it has to continue higher towards the selling tail from 46720 & extension handle of 47115 in the coming week
- (19-25 Jan) – BNF has also formed a Neutral Extreme weekly profile in a range of 46892 to 44851 with completely lower Value at 44903-44997-45626 but has seen the POC shift to the lows hinting at profit booking by sellers so can give a bounce with this week’s VWAP of 45492 being an important reference for the buyers to take out in case of the upmove to continue in the new series
Monthly Zones
- The settlement day Roll Over point (February 2024) is 44999
- The VWAP & POC of Jan 2024 Series is 46353 & 48119 respectively
- The VWAP & POC of Dec 2023 Series is 47337 & 47918 respectively
- The VWAP & POC of Nov 2023 Series is 43837 & 43619 respectively
Business Areas for 23rd Feb 2024
| Up |
| 47020 – Sell Tail (22 Feb) 47170 – L TPO high (21 Feb) 47250 – LVN from 21 Feb 47354 – B TPO POC (21 Feb) 47492 – Weekly HVN |
| Down |
| 46965 – M TPO low 46813 – VWAP (22 Feb) 46720 – I TPO halfback (22 Feb) 46570 – PBL (22 Feb) 46493 – B TPO VWAP (19 Feb) |
You can check the monthly charts & other swing levels for both Nifty & BankNifty here & for the weekly charts & analysis, please click here.