Nifty Aug F: 11024 [ 11125 / 10886 ]
NF opened with a big gap down right in that buying tail from 10940 to 10901 completely rejecting the previous day’s spike higher of the last 45 minutes as it made a high of 10967 in the IB (Initial Balance) and went on to make new lows for the week at 10895 leaving a relatively large IB range of 73 points. (Click here to view the profile chart for August NF for better understanding) The auction then made new lows of 10886 but after forming a large IB there was good chance that it could be one of those dreaded ‘C’ side RE (Range Extension) which fail as this new low got rejected & NF got back into the IB and the previous day’s range indicating that downside could be exhausted. NF then trended higher for the next 3 periods as it made as successful RE on the upside in the E period thereby confirming a FA at lows as it tagged similar highs of 10994 & 10992 in the F & G periods from where it gave a pull back lower to test VWAP as it hit 10927 in the ‘I’ period but was not able to sustain below VWAP which indicated that demand was coming in and the auction then took off for a big move higher till the ‘K’ period as it got into the selling tail of 11073 to 11132 making a high of 11125 almost tagging the 2 ATR move higher of 11141 from the day’s FA. The selling tail however saw supply coming back as the auction gave a quick retracement to VWAP as the L period made a low of 10991 before closing around the dVAH to leave a Neutral profile for the day with a FA at lows & a selling tail at top from 11089 to 11125. NF has made an outside bar on the daily with overlapping to lower Value and could fill up the zone of 11025 to 10965 making the composite smoother before giving a move away in the coming session(s).
- The NF Open was an Open Auction In Range (OAIR)
- The day type was a Neutral Day
- Largest volume was traded at 10920 F
- Vwap of the session was at 10987 with volumes of 174.9 L and range of 239 points as it made a High-Low of 11125-10886
- NF confirmed a FA at 10886 on 02/08 and completed the 1 ATR move higher of 11014. The 2 ATR move up comes to 11142
- The Trend Day POC & VWAP of 19/07 at 11478 & 11523 are now positional 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 10893-10920-11026
Hypos / Estimates for the next session:
a) NF needs to sustain above 11025 for a rise to 11041-60 & 11078-90
b) Staying below 11016, the auction can test 10991 & 10974-966
c) Above 11090, NF can probe higher to 11104-118 & 11136-141
d) Below 10966, auction becomes weak for 10930-920 & 10902-894
e) If 11141 is taken out, the auction can rise to 11160 / 11176-187 & 11202-220
f) Break of 10894 can trigger a move lower to 10876 / 10857-843 & 10824
BankNifty Aug F: 28327 [ 28685 / 28050 ]
BNF made a hat-trick of opening with big gap downs and today’s gap was the biggest of this week as it opened more than 250 points lower and then got resisted below yVAL before getting into the buying tail of previous day (28140 to 28290) where it got accepted and went on to make new lows for the week at 28082 in the ‘A’ period taking support at a vPOC it had left on 11th March 2019 after which it made an narrow inside bar in the B period leaving a large IB range of 316 points. (Click here to view the profile chart for August BNF for better understanding) The auction then made an attempt to probe lower in the ‘C’ period but coming on the back of a 4.5 IB down day yesterday and to add to it a large IB today, there was good chance of this RE failing which is precisely what happened as BNF was rejected back into the IB immediately after which it started a OTF move higher for the next 3 periods as it matched the morning highs by tagging 28390 in the F period. The poor highs however indicated some exhaustion which led to a probe down over the next 2 periods as BNF made a low of 28148 in the H period breaking below VWAP but recovered to close above it which meant that demand was coming back. BNF then made a big move in the I period as it made a successful RE to the upside not only confirming the FA at lows but went on to tag the 1 ATR move higher of 28498 while making a high of 28548 almost tagging the 1.5 IB extension of 28556. The auction then gave a dip to the IBH in the ‘J’ period where it took support indicating that the probe higher is still not over after which it made higher highs in the ‘J’ & ‘K’ periods scaling above the yPOC of 28580 as it made a spike high of 28685 from where it got swiftly rejected to get back to VWAP and went on to close around it giving a higher PBL (Pull Back Low) of 28260 along with a tail at top from 28574 to 28685 leaving a Neutral profile for the day which has a FA at lows. BNF could be in the midst of making a composite and could continue to build Value between 28200 & 28655 before giving a move away.
- The BNF Open was an Open Auction In Range (OAIR)
- The day type was a Neutral Day – Down
- Largest volume was traded at 28210 F
- Vwap of the session was at 28313 with volumes of 47.8 L in a session which traded in a range of 634 points making a High-Low of 28685-28050
- BNF confirmed a FA at 28050 on 02/08 and completed the 1 ATR move higher of 28498. The 2 ATR move up comes to 28946
- The Trend Day VWAP of 19/07 at 30085 is now positional supply point.
- 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 28101-28210-28370
Hypos / Estimates for the next session:
a) BNF has immediate supply in the zone 28375-400 above which it could test 28472-485 & 28570-574
b) Staying below 28310, the auction can move lower to 28260-208 / 28148-140 & 28100-075
c) Above 28580, BNF can probe higher to 28610-618 & 28675-708
d) Below 28075, lower levels of 28035-23 & 27970-920 could come into play
e) Sustaining above 28708, BNF can give a fresh move up to 28750 & 28820-848
f) Break of 27920 could trigger a move down 27880-830 & 27760-745
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