Nifty Dec F:
NF had an Open Auction start to the day where it tried to probe below previous week’s low at the open and was getting rejected but at the same time was not able to get above that 10797 level also (given in Friday’s report). It finally broke below 10755 & was getting accepted but the range kept getting narrower as the ‘C’ period made an inside bar followed by ‘D’ & ‘E’ which were double inside & triple inside bars indicating that either the sellers were not doing a good job or that it was only the locals who had gone too short. ‘F’ period broke below all the 30 min bars since morning making a new low at 10723 but was rejected back into the IB which meant that there could be some inventory balance coming & the same happened in the ‘G’ period when NF got above that 10755 & made the largest range for the day on 30 minutes almost tagging the morning high of 10790. NF then made a small balance above 10755 converting the developing ‘b’ shape profile to a nice bell profile on daily but the ‘K’ period moved away from the balance leaving an extension handle at 10723 & spiking lower into the close tagging that VPOC of 10690 & making a low of 10660 which was the exact 2 IB range extension to the downside. NF has closed in the spike which has singles from 10723 to 10699 so will need to see if this spike gets accepted on 26/12.
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- The NF Open was a Open Auction
- The day type was a Normal Variation Day (Down)
- Largest volume was traded at 10746 F
- Vwap of the session was at 10739 with volumes of this series at 142.5 L in a session which traded a High-Low range of 10790-10660 for a range of a double century of 130 points
- The Trend Day VWAP of 21/12 at 10848 will now be strong resistance
- NF had left a FA at 10946 on 19/12 which was broken on 21/12 & it completed the 2 ATR move down to 10712today
- NF almost tagged the 2 ATR move down of 10655 today from the FA at 10891 it had left on 20/12
- 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 10728-10746-10777
Hypos / Estimates for the next session:
a) Auction can test 10637 if sustains below 10655
b) Above 10700, auction can move up to 10723
c) below 10635 the auction can do 10610 & 10588
d) 10750-755 is resistance for this series now
BankNifty Dec F:
BNF also made an Open Auction start around the small balance it formed at lows on Friday & stayed in that balance for the first 30 mins before moving lower breaking below Friday’s low making a 162 point IB in the range of 26982-26820. It tried to probe lower post IB but was stuck in a narrow range which could be because of the 3 IB down day it had on Friday. This lack of good trade facilitation on the downside led to a probe higher in the ‘G’ period when BNF got back above VWAP & entered the morning selling tail making a high of 26960 but was getting rejected at Friday’s POC of 26950. BNF then stayed in a narrow range above VWAP for the next 90 minutes making a nice bell profile on daily before the ‘K’ period started a big move down making new lows for the day & BNF went on to tag the 1.5 IB extension down of 26740 before closing at 26791 which meant the close was again in the lowest quadrant of the day. Value formed was lower so can expect the imbalance to continue to the downside in BNF after today’s balance.
- The BNF Open was a Open Auction
- The day type was a Normal Variation Day (Down)
- Largest volume was traded at 26800 F
- Vwap of the session was at 26862 with volumes at 21.9 L in a session which traded a High-Low range of 26983-26737 for a range of 246 points
- The Trend Day VWAP of 21/12 at 27110 will now be strong resistance
- BNF had confirmed a FA at 27271 on 17/12 which it broke on 21/12 & completed the 1 ATR target down of 26972 & today again it closed below so is on for the 2 ATR target of 26673
- 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 got tagged today at T+6 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 26778-26800-26906
Hypos / Estimates for the next session:
a) Above 26825, auction can test 26900 again
b) Below 26780 can continue the move down to 26680
c) Lower targets below 26680 are the extension handle of 26580 & VPOC of 26520
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