Nifty May F:
NF moved away from the overlapping POC of 11865-870 at open after testing lower while taking support at 11833 to leave a small buying tail from 11871 to 11833 and went on to tag that PBH of 11900 in IB. (Click here to view the profile chart for better understanding) The auction then consolidated for the next 2 periods as ‘C’ & ‘D’ made double inside bars after which NF made a big range extension to the upside in the ‘E’ period as it tagged the 1.5 IB of 11938. The probe continued higher till the ‘H’ period as NF tagged that HVN of 11960 but as expected was met with supply as ‘H’ made an outside bar ending the OTF (One Time Frame) move since open. The auction then remained mostly in the ‘H’ period making a balance & forming a ‘p’ profile for the day with the dPOC at 11933 which will be the first reference to watch for more upside. Value for the day was higher so the PLR remains to be up.
- The NF Open was a Open Auction In Range (OAIR)
- The day type was a Normal Variation Day – Up (‘p’ profile)
- Largest volume was traded at 11933 F
- Vwap of the session was at 11915 with volumes at 108.5 L in a session of 127 points trading in a High-Low range of 11960-11833
- The settlement day Roll Over point is 11722
- The VWAP & POC of Apr Series is 11641 & 11592 respectively.
- The VWAP & POC of Mar Series is 11327 & 11448 respectively.
- The VWAP & POC of Feb Series is 10830 & 10856 respectively.
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 11895-11933-11955
Hypos / Estimates for the next session:
a) NF has immediate resistance at 11933 above which it can tag 11952-960 & 11999
b) Staying below 11933, the auction has minor support at 11912 below which it can test 11892 & 11874-862
c) Above 11999, NF can probe higher to 12015-23 & 12050-55
d) Below 11862, NF can fall to 11834-830 & 11790
e) If 12055 is taken out, higher levels of 12079-87 & 12100-130 open up
f) Break of 11790 can trigger a move lower to 11770-766 & 11745
BankNifty May F:
BNF opened around the yPOC & probed lower to get rejected as it made a low of 31175 after which it moved away from previous Value making a high of 31439 in the ‘A’ period while leaving a buying tail from 31175 to 31356 in the IB. (Click here to view the profile chart for better understanding) The next 2 periods however probed lower getting in the morning singles as the auction made a low of 31315 in the ‘D’ period which was just above the yVAH of 31310 and the reversal from here indicated that the BNF is now ready for a move higher as the probe down did not find any new sellers. BNF then probed higher for the next 4 periods making multiple range extensions as it made a high of 31580 in the ‘H’ period which also marked the completion of the 1.5 IB move from where the auction gave a fast dip to VWAP making a low of 31384 thus leaving an outside bar in the ‘H’ period. BNF then consolidated for the next 2 periods before making a fresh range extension higher in the ‘K’ period & followed it up in the ‘L’ by making a higher high of 31650. BNF ended up making a ‘p’ profile for the day and will need fresh demand to continue the probe higher. Immediate support is at the HVN of 31580 below which the profile has a low volume zone between 31515 to 31380 which is could fill if stays below 31580.
- The BNF Open was a Open Test Drive – Up (OTD) – [on low volumes]
- The day type was a Normal Variation Day – Up (‘p’ profile)
- Largest volume was traded at 31580 F
- Vwap of the session was at 31467 with volumes at 30.3 L in a session which traded a High-Low range of 31650-31175 for a range of 475 points
- The settlement day Roll Over point is 29760
- The Trend Day (24.05) VWAP of 30944 is now strong support.
- The VWAP & POC of Apr Series is 30037 & 29762 respectively.
- The VWAP & POC of Mar Series is 29061 & 29778 respectively.
- The VWAP & POC of Feb Series 27042 & 26978 respectively
For the Monthly charts & other swing levels for BankNifty & BNF click here & for the weekly charts & analysis, please click here.
Daily Zones:
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- Value zones (volume profile) are at 31412-31580-31630
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Hypos / Estimates for the next session:
a) Sustaining above 31600-625, BNF can tag 31665 & 31735
b) Immediate support is at 31580 below which the auction can test 31515 & 31450
c) Above 31735, BNF can probe higher to 31783 & 31850
d) Below 31450, BNF can move lower to 31385-368 & 31315-295
e) If BNF sustains above 31850, higher levels of 31985-32015 & 32082 could open up
f) Break of 31295 could trigger a move down to 31210-175 & 31090-51
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