Nifty Aug F: 11215 [11325/11175]
NF made an OAIR but got rejected from just below the yPOC of 11328 as it started to accept below the Value of the 2 day balance to leaving a selling tail from 11327 to 11287 but stayed inside previous day’s range till the ‘D’ period with the range contracting but the tail at top keeping the PLR firmly to the downside. (Click here to view the profile chart for August NF for better understanding) The auction then made a range extension lower in the ‘E’ period leaving an extension handle at 11252 and went on to tag the 1.5 IB move down as it made a low of 11215 & this imbalance continued in the ‘F’ period as NF completed the 2 IB move down of 11195 as it made a low of 11175 which also meant that it had achieved the 1 ATR objective from the weekly FA of 11447 it has confirmed last week. It has often been noticed that once a big objective has been hit, the auction then consolidates for sometime before making the next move which is precisely what happened for the remaining part of the day as NF made a nice balance below previous week’s low of 11247 with a small tail of 11239 to 11252 to give a Double Distribution Trend Day Down and closed around the dPOC of 11210. Value for the day was non overlap & lower but the auction will need to stay below 11210 for more downside in the coming session(s) or we could see another balance being formed for a day or two.
- The NF Open was an Open Auction In Range (OAIR)
- The day type was a Double Distribution Trend Day – Down
- Largest volume was traded at 11210 F
- Vwap of the session was at 11230 with volumes of 95.8L and range of 150 points as it made a High-Low of 11325-11175
- The Trend Day POC & VWAP of 19/07 at 11478 & 11523 are the immediate references on the upside.
- The higher Trend Day VWAP of 05/07 at 11965 is another important reference higher.
- The settlement day Roll Over point is 11315
- The VWAP & POC of Jul Series is 11575 & 11547 respectively.
- The VWAP & POC of Jun Series is 11833 & 11714 respectively.
- The VWAP & POC of May Series is 11613 & 11696 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 11180-11210-11243
Hypos / Estimates for the next session:
a) NF has immediate supply in the zone of 11239-252 above which it can test 11287 & 11306-315
b) Immediate support is at 11190-180 below which the auction can test 11160-150 & 11120
c) Above 11315, NF can probe higher to 11335 & 11350-356
d) Below 11120, auction becomes weak for 11100 & 11085-79
e) If 11356 is taken out, the auction can rise to 11380 & 11400-410
f) Break of 11079 can trigger a move lower to 11065-042 & 11026
BankNifty Aug F: 29373 [29680/29196]
BNF opened with a big gap up but in the selling tail of 22nd July which was from 29592 to 29784 but was immediately rejected as it closed the gap & got back into the previous day’s range & value confirming an ORR (Open Rejection Reverse) start to the week and went on to confirm singles at top of almost 200 points from 29680 to 29485 replicating the previous week’s start. (Click here to view the profile chart for better understanding) Similar to NF, the auction then contracted till the ‘D’ period as it made a triple inside bar and then made a range extension lower in the ‘E’ period as it made a low of 29316 & followed it with another RE downside in the ‘F’ period to tag the 1.5 IB down making a low of 29200 to the dot which was also the small initiative buying tail it had left on Friday at open (29205 to 29125). The ‘G’ period made a lower low of 29196 but was not able to sustain below 29205 indicating that the buyers of Friday could be back defending this zone and the poor lows led to a probe to the upside over the next 3 periods as BNF scaled above VWAP and went on to make highs of 29456 in the ‘J’ period before closing around the day’s VWAP pf 29356 leaving yet another ‘b’ shape (long liquidation) profile. The last 2 days composite has given a 3-1-3 profile with tails at both ends so the next move away could happen when one of these tails gets negated. The HVN & dPOC of 29440 will be the immediate reference on the upside below the tail at top whereas on the downside 29250 will be the first support before it can attempt to test the buying tail lower.
- The BNF Open was an Open Rejection Reverse – Down (ORR)
- The day type was a Normal Variation Day – Down (‘b’ shape profile)
- Largest volume was traded at 29440 F
- Vwap of the session was at 29356 with volumes of 26.1 L in a session which traded in a range of 484 points making a High-Low of 29680-29196
- BNF had confirmed a FA at 29512 on 23/07 and tagged the 1 ATR move down of 29122 on 24/07. The 2 ATR move lower is at 28732 This FA got tagged on 29/07 at ‘T+4’ Days but closed below it yet again.
- The Trend Day VWAP of 19/07 at 30085 is the immediate reference on the upside.
- The higher Trend Day VWAP of 18/07 & 08/07 at 30598 & 30995 remain important references going forward
- The settlement day Roll Over point is 29250
- The VWAP & POC of Jul Series is 30425 & 30586 respectively.
- The VWAP & POC of Jun Series is 30914 & 30961 respectively.
- The VWAP & POC of May Series 30211 & 28940 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 29282-29440-29465
Hypos / Estimates for the next session:
a) BNF needs to sustain above 29440 zone for a rise to 29496-518 & 29570-592
b) Immediate support is at 29360-50 below which the auction can test 29304-296 / 29248 & 29200-175
c) Above 29592, BNF can probe higher to 29650-680 & 29725
d) Below 29175, lower levels of 29125 & 29085-45 could come into play
e) Sustaining above 29725, BNF can give a fresh move up to 29790 & 29854
f) Break of 29045 could trigger a move down 28995 / 28954-928 & 28860-853
For more tradeable ideas and intraday trading strategies based on MarketProfile and the OrderFlow live charts with OrderFlow analysis Live, subscribe to the trading room. The Vtrender Trading Room hosts India’s largest MarketProfile community live every trading session from 9.15 am to 3.30 pm.
If not a Trading Room member you can get immediate access at – https://in.explara.com/e/vtrender–trading–room/checkout