Nifty Jul F: 11334 [11406/11305]
NF made an OAIR start to the day & remained in previous day’s range as well as Value for most part of the day after it left a relatively small IB of 43 points forming a overlapping POC around the 11355 level which is still the reference to watch out for till the expiry. (Click here to view the profile chart for better understanding) After staying in a narrow range and building overlapping Value till the ‘H’ period, the auction made an attempt to probe higher as it broke into previous day’s selling tail of 11385 to 11422 almost matching the PDH (Previous Day High) as it made a high of 11406 in the ‘K’ period but was met with swift rejection as then NF not only retraced the entire day’s move higher but went on to make new lows for the week at 11305 in the ‘L’ period as it went below PDL (Previous Day Low) but there again it got rejected as the HVN of 11355 was acting like a magnet as the auction probed higher in the last 45 minutes to give a Neutral Day almost making an outside bar. The Value for the day was overlapping and NF has made a nice 2 day balance looking set to move away from here in the coming session(s) while the PLR (Path of Least Resistance) remains down.
- The NF Open was a Open Auction In Range (OAIR)
- The day type was a Neutral Day
- Largest volume was traded at 11354 F
- Vwap of the session was at 11355 with volumes of 114.7 L and range of 101 points as it made a High-Low of 11406-11305
- The Trend Day POC & VWAP of 19/07 at 11435 & 11488 are the immediate references on the upside.
- The higher Trend Day VWAP of 05/07 at 11908 is another important reference higher.
- The settlement day Roll Over point is 11915
- The VWAP & POC of Jun Series is 11833 & 11714 respectively.
- The VWAP & POC of May Series is 11613 & 11696 respectively.
- The VWAP & POC of Apr Series is 11641 & 11592 respectively.
You can check the monthly charts & other swing levels for Nifty & NF here & for the weekly charts & analysis, please click here.
Daily Zones:
- Value zones (volume profile) are at 11331-11354-11372
Hypos / Estimates for the next session:
a) NF needs to get above 11355-364 for a rise to 11384 & 11408
b) Immediate support is at 11330-328 below which the auction can test 11311-305 & 11275-265
c) Above 11408, NF can probe higher to 11427-435 & 11467
d) Below 11265, auction becomes weak for 11238-218 & 11196
e) If 11467 is taken out, the auction can rise to 11488 & 11502-507
f) Break of 11196 can trigger a move lower to 11165 & 11150-138
BankNifty Jul F: 29195 [29439/29127]
BNF opened above the prominent POC of 29370 but gave an OH (Open=High) start unable to get above yVAH confirming an ORR (Open Rejection Reverse) start to the day as it went on to break below PDL (Previous Day Low) as it tagging lows of 29180 in the ‘A’ period which was around the trend day VWAP of 17th May and an important reference for further downside. (Click here to view the profile chart for better understanding) The auction then negated the ORR as it got back into the previous day’s range making a balance between PDL & yVAH for most part of the day except for the probe down in the ‘G’ where BNF briefly broke below 29265 but was quickly sent back up. This failed attempt led to a probe higher as the auction then made a range extension to the upside in the ‘J’ period hitting new highs of 29439 but was swiftly rejected back which brought in fresh supply as the ‘K’ period made a big 275 point drop to make new lows for the day and thereby confirming a FA (Failed Auction) at the top. BNF went to make new lows for the day at 29127 in the ‘L’ period and started to build volumes around 29190 where the dPOC for the day eventually shifted by close leaving a Neutral Day and the FA at top re-confirming that the PLR is very much still to the downside.
- The BNF Open was a Open Rejection Reverse – Down (ORR) which failed
- The day type was a Neutral Day
- Largest volume was traded at 29190 F
- Vwap of the session was at 29307 with volumes of 32.4 L in a session which traded in a range of 312 points making a High-Low of 29439-29127
- BNF has confirmed a FA at 29439 on 23/07 and the 1 ATR move down comes to 29062.
- The Trend Day POC & VWAP of 19/07 at 29815 & 30065 are the immediate references on the upside.
- The higher Trend Day VWAP of 18/07 & 08/07 at 30575 & 30857 remain important references going forward
- The settlement day Roll Over point is 31400
- The VWAP & POC of Jun Series is 30914 & 30961 respectively.
- The VWAP & POC of May Series 30211 & 28940 respectively
- The VWAP & POC of Apr Series is 30037 & 29762 respectively.
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 29171-29190-29348
Hypos / Estimates for the next session:
a) BNF needs to sustain above 29225-248 for a move to 29300 & 29360-382
b) Staying below the HVN of 29190, the auction can test 29125 & 29075-55
c) Above 29382, BNF can probe higher to 29430-440 & 29512-540
d) Below 29055, lower levels of 29016-28984 & 28922-890 could come into play
e) Sustaining above 29540, BNF can give a fresh move up to 29595 & 29645
f) Break of 28890 could trigger a move down 28832 / 28741-714 & 28685-645
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