Nifty Jan F:
NF followed the Neutral Extreme close with a gap up but opened right at that Trend Day’s (21/12) second extension handle down of 10860 which was also the 2 ATR target from the FA of 10580 it left yesterday. The up move looked stretched & done with as NF had moved too far away from Value & the small IB range indicated that it could form a balance after the imbalance it started from the 10600 level. After a quiet ‘C’ period, NF did attempt to probe higher breaking above the IBH but was met with immediate rejection just below that Trend Day VWAP & VPOC of 10884 leaving a probable FA at 10880 along with a small tail at top. NF then began to form a nice balance inside the IB range with the range getting narrower before the H period extended the auction lower breaking the morning lows & confirming the FA at top. This move below the IBL also did not sustain with auction getting back in the IB & as a bell was being formed on the daily, NF got back to dVAH leaving a pull back high of 10861 in the ‘J’ period & proceeded to trend lower into the close making new lows giving a Neutral Extreme Day down.
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- The NF Open was a OAOR
- The day type was a Neutral Extreme Day (Down)
- Largest volume was traded at 10840 F
- Vwap of the session was at 10831 with volumes of 107.3 L in a session which traded a High-Low range of 10880-10800 for a range of 80 points
- NF (Jan) had left a FA at 10580 on 26/12 & completed the 2 ATR move up to 10862
- NF confirmed a new FA today at 10880 & the 1 ATR move down comes to 10739
- The Trend Day VWAP of 21/12 at 10884 will now be strong resistance
- 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 10820-10840-10865
Hypos / Estimates for the next session:
a) Auction is at important level of 10800-790
b) Below 10790, NF can tag 10760 & 10720
c) Immediate resistance at 10825 & 10840
d) above 10861, auction can tag that vpoc of 10884 & 10917
BankNifty Jan F:
BNF continued the imbalance of previous day & gave a big gap up of 180 points but right at the extension handle down of 27352 it left on the trend day on 21/12. The price also looked to have moved too far away from Value which was confirmed by the ‘A’ period selling tail which meant the PLR (Path of Least Resistance) for the day was to the downside. BNF closed the gap in the IB itself making a big range of 294 points & getting into the previous day’s spike of 27190 to 26983 making a low of 27074 in the first hour. It then attempted a probe higher & entered the morning selling tail of 27240-27369 but got rejected making a pull back high of 27289 & resuming the probe to the downside. BNF did hold on to the VWAP making a very narrow range in the afternoon but finally broke below it making an identical low of 27080 after which it got back to test above VWAP where it got rejected leaving a pull back high at 27215 before making that closing move to the downside making new lows & almost tagging yesterday’s spike low to give a weak close.
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- The BNF Open was a OAOR
- The day type was a Normal Variation Day (Down)
- Largest volume was traded at 27040 F
- Vwap of the session was at 27150 with volumes at 19.2 L in a session which traded a High-Low range of 27369-27001 for a range of 368 points
- The Trend Day VWAP of 21/12 at 27200 will now be strong resistance
- 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 27012-27040-27204
Hypos / Estimates for the next session:
a) Auction has immediate support at 27000-26980
b) Below 26980, BNF can test 26890 & 26760
c) Immediate resistance at 27075-80
d) Above 27150, auction can probe higher to tag 27205 & 27289
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