Nifty Nov F:
NF opened with a small gap up & hit that 1 ATR target of 10701 from the FA of 10585 & probed higher to tag the VPOC of 10722. It then settled down in a very narrow range of a 33 point IB & looked like it could give a multiple IB extension once it broke out of this range. It did give a range extension to the upside but could not get volumes & struggled to even tag the 1.5 IB (which was at 10749, also the weekly VAH). This failure to extend IB in spite of such a narrow range suggested that buyers have got exhausted & that we could probe lower to check the day low & as well close the gap but even that was not to be as NF could only make a low 10703 in its probe lower but immediately bounced back above IBH making a high of 10742 making an outside bar on 30 mins after which remaining 45 mins it traded within this range leaving a prominent POC at 10727 for the day & a close near it. The day turned out to be one of the lowest ranges for the year and this just before an expiry day so we may be in for a volatile & much bigger range for tomorrow.
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- The NF Open was a Open Auction Out of Range
- The day type was a Normal Variation Day (Bell Curve)
- Largest volume was traded at 10727 F
- Vwap of the session was at 10724 with volumes of 124.4 L in a session which traded a High-Low range of 10747-10700 for 47 points
- NF left a new FA at 10585 on 27/11 and closed above the 1 ATR target of 10701. The 2 ATR target from the FA comes to 10812
- The vwap of 29/10 at 10175 is strong support now which was broken intraday but re-captured
- We had a FA at 10111 on 31/10 which has done its 2 ATR objective & is now strong support
- The VWAP & POC of 31/10 10250 & 10248 will be important levels going forward
For the latest weekly and other swing levels of the Nifty go to https://vtrender.in/weekly-charts-market-profile-analysis-19th-to-22nd-nov-2018 and https://vtrender.in/market-profile-analysis-with-monthly-and-weekly-charts/
Daily Zones:
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- Value zones (volume profile) are at 10713-10727-10730
Hypos / Estimates for the next session:
a) The auction was gaussian again making the POC at 10727 as the most important pivot for tom
b) Settlement could be 10773-10780 to 10666-10680
BankNifty Nov F:
BNF also opened a bit higher & stayed above previous day highs indicating the PLR was up & even extended IB to the upside but could extend it by just 10 points to make a high of 26533 which was swiftly rejected & BNF got back into IB range & even broke VWAP but could not break the IBL leaving poor lows at 26450 levels. It then again probed higher in a very slow auction & made a new high of 26548 for the day which was the exact 1 ATR target from yesterday’s FA of 26240. Again BNF could not sustain above IBH though this time it stayed for a longer duration than the morning swipe but eventually started its probe lower again as no new demand showed up. It went on to repair the poor lows & break the IBL convincingly & in the process confirmed the FA at top today. BNF made a low of 26381 before it gave another bounce to vwap and just when it looked like BNF can get above the IBH & make new highs for the day giving yet another Neutral Extreme Day to the up, BNF reversed from just below the IBH breaking below VWAP in the last 40 mins & trended lower to almost tag the day lows leaving poor lows for the day before closing well below the IBL. BNF has a prominent POC today at 26470 which will be the first level to cross tomorrow above which we have the pull back high of 26510.
- The BNF Open was an Open Auction Out of Range
- The day type was a Neutral Extreme Day (Down)
- Largest volume was traded at 26470 F
- Vwap of the session was at 26477 with volumes of 26.7 L in a session which traded a High-Low range of 26548-26381 for 167 points which was one of the lowest range in the past 6 months
- BNF confirmed a new FA today at 26548 and the 1 ATR target down comes to 26267
- BNF had left a FA on 27/11 at 26240 and tagged the 1 ATR target of 26548 today but closed well below it
- BNF had confirmed a FA on 26/11 at 26025 and has closed above the 1 ATR target of 26327 & the 2 ATR up comes to 26628
- BNF confirmed a multi-day FA today at 25811 and tagged the 1 ATR target of 26208 & is currently on T+5 days
- The FA of 13/11 at 25429 is now strong support as has tagged the 2 ATR target of 26230 and closed above it
- 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
- 31st October’s VWAP of 24895 & POC of 24900 will be important levels going forward
For the weekly and other swing levels of the Bank Nifty go to – https://vtrender.in/weekly-charts-market-profile-analysis-19th-to-22nd-nov-2018 and https://vtrender.in/market-profile-analysis-with-monthly-and-weekly-charts/
Daily Zones:
- Value zones ( volume profile) are at 26450-26470-26530
Hypos / Estimates for the next session:
a) BNF again a Neutral Extreme but closed below 24460 again
b) 26460- 26480 is again a supply
c) 26260 and 26200 are now early supports
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