Nifty Jan F:
NF opened with a gap down of 50 points well below the spike & probed lower at the open testing the break out level of 10880 making a low of 10872 in the ‘A’ period. The next period was an inside bar with a low exactly at 10880 which mean the auction could balance in the low volume region of 10880-10930. The ‘C’ period notorious for it’s fake breakout probed higher & ventured into the spike of 10931-10967 printing a high of 10938 but could not sustain confirming that the spike has been rejected which meant the PLR of the auction has turned down. The next 2 periods ‘D’ & ‘E’ were narrow range inside bars but both stayed below the spike low of 10931 before ‘F’ period broke below them indicating the move down has begun. The ‘G’ period started with breaking the VWAP & the ‘C’ period lows of 10903 & made a big move down not just making new lows for the day but also breaking the previous day low & tagging that VPOC of 10839 it narrowly missed yesterday. This imbalance to the downside continued for the next 3 periods when NF went on to tag the 3 IB range extension down of 10777 making a low of 10757 testing the spike lows of 26/12. The profile also looked too stretched here & the OTF down also got stopped in the ‘K’ period where it made a higher low & higher high & NF got back to VWAP closing at the dPOC giving a Double Distribution Trend Day Down with singles at 10872-10850.
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- The NF Open was a Open Auction in Range(but below spike)
- The day type was a Neutral Day plus a Double Distribution Trend Day (Down)
- Largest volume was traded at 10825 F
- Vwap of the session was at 10858 with volumes of 144.1 L in a session which traded a High-Low range of 10938-10757 for a range of 181 points
- NF had left a FA at 10580 on 26/12 & completed the 2 ATR move up to 10862. This FA is currently on ‘T+6‘ Days
- The VWAP & POC of Dec Series 10796 & 10741 respectively
- 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 10758-10825-10879
Hypos / Estimates for the next session:
a) Below 10825, NF can look to tag 10780 & 10755 again
b) Above 10850, auction can test the extension handle of 10872
c) Sustaining above 10880, NF can move to 10910 & 10924
BankNifty Jan F:
BNF opened with a gap down of almost 100 points below the spike of 27450-27532 & made a low of 27349 in the opening minute after which it probed higher to enter back into the spike to be rejected for the first time & it again found support at the 27350 level indicating seller exhaustion from where it again entered into the spike zone & made a high of 27523 almost doing the entire spike before it started to contract building volumes at 27465 level. Unable to get above previous day high meant BNF could probe lower & the move came in the ‘G’ period where BNF moved away from the HVN of 27465 breaking the morning low & trending lower for the next 4 periods making a low of 27175 before the OTF stopped & then ‘K’ period gave a pull back high of 27334 to close around the dPOC. The profile looks like a Double Distribution where we have 2 halves with the upper HVN at 27465 & that in the lower one at 27260 with the midpoint at 27349. BNF made an inside bar on daily & could either balance between the 2 HVNs at open tomorrow or give a move away from one of them.
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- The BNF Open was a Open Auction in Range (but below spike)
- The day type was a Neutral Day plus a Double Distribution Trend Day (Down)
- Largest volume was traded at 27260 F
- Vwap of the session was at 27357 with volumes of 33.9 L in a session which traded a High-Low range of 27523-27175 for a range of 348 points
- BNF left a FA at 27135 today & tagged the 1 ATR level of 27460 on 01/01 but closed below it today. The 2 ATR move from this FA comes to 27785
- BNF has closed above the Trend Day VWAP of 21/12 at 27200. BNF broke below this intraday but closed higher yet again
- The VWAP & POC of Dec Series 26713 & 26832 respectively
- 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 27184-27260-27400
Hypos / Estimates for the next session:
a) BNF has resistance at 27350 above which it can tag 27460
b) A move lower from the POC of 27260 can get the auction to probe 27175 & 27135
c) Above 27465-470, auction can probe higher to tag 27530 and above it 27615
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