Nifty May F:
NF opened lower but found support at the yPOC of 11744 as it made a low of 11735 at open before giving a move away from there to the upside leaving singles in the IB (Initial Balance) from 11771 to 11735 as it made yet another big IB range of 90 points. (Click here to view the profile chart for better understanding) The auction extended the range higher in the ‘C’ & ‘D’ periods as NF made a high of 11834 but the large IB & lack of volumes stalled the upmove and reversed the auction to the downside as NF probed lower over the next 5 periods making a low of 11757 in the ‘H’ period taking support at previous day’s VWAP. After making an inside bar in ‘I’ period, NF then got above VWAP in the ‘J’ period but ended up making similar highs of 11817 & 11820 which indicated that there was still no new demand coming in for the auction to continue higher and this triggered a long liquidation break as NF made a quick fall to make a low of 11745 in the ‘L’ period before closing at 11765 which was also the dPOC for the day. NF has given 2 back to back Normal Days as it has followed the previous ‘b’ profile with a ‘p’ profile today giving a nice Bell curve on the 2 day composite with a close at the POC of 11766 and has a good chance of giving a move away from this balance and a Trend Day can be expected in the next couple of sessions.
- The NF Open was a Open Auction In Range (OAIR)
- The day type was a Normal Day
- Largest volume was traded at 11766 F
- Vwap of the session was at 11790 with volumes of 85.2 L in a session which traded a High-Low range of 11834-11735 for a range of 99 points
- NF confirmed a FA at 11665 on 24/04 and tagged the 1 ATR move up of 11779. The 2 ATR target from this FA comes to 11893. This FA is currently on ‘T+5’ Days.
- NF had confirmed a FA at 11432 on 26/03 and tagged the 2 ATR move of 11632 on 27/03. This FA has not been tagged & is now strong support.
- 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 11759-11766-11812
Hypos / Estimates for the next session:
a) NF needs to sustain above 11766 for a move higher to 11777-780 & 11796-800
b) If auction stays below 11766, it could test levels of 11748-745 & 11730
c) Above 11800, NF can probe higher to 11820 & 11835-840
d) Below 11730, the auction can test the zone of 11712-700 & 11684
e) If 11840 is taken out, higher levels of 11856 & 11874-880 could come into play
f) Break of 11684 would make the auction weaker for a move down to 11665 & 11649
BankNifty May F:
BNF opened with a gap down of 100 points but took support at previous day’s VAL as it made a low of 29741 at open to get back into the Value & complete the 80% Rule in the well balanced profile of the previous session in the ‘A’ period itself as it made a high of 29931. The auction then continued higher into the selling tail of 29912 to 30062 as it made an OTF (One Time Frame) move higher for the first 4 periods making a high of 30047 in the ‘D’ period. (Click here to view the profile chart for better understanding) BNF met with supply near PDH (Previous Day High) and this stopped the OTF up and ‘D’ period made an outside bar confirming the change in auction as BNF then started to probe lower over the next 6 periods attempting a reverse 80% Rule as it got back into previous day’s Value this time from the top and tagged the volume POC of 29810 as it made a low of 29804 in the ‘I’ period. The auction then probed back to VWAP & even scaled above it but stalled at the weekly POC of 29960 which was also the zone where it was finding support in the first half to indicate that the demand there is now missing. This led to a big move to the downside in BNF as it completely negated the morning singles and went on to make new day lows of 29730 in the ‘L’ period confirming a FA at top. BNF however got rejected from these new lows as it closed around the overlapping volume POC of 29800 to give a nice Gaussian profile on a 2 day composite and looks set to give a move away in the coming session(s).
- The BNF Open was a Open Auction In Range (OAIR)
- The day type was a Normal Day
- Largest volume was traded at 29800 F
- Vwap of the session was at 29907 with volumes at 25.9 L in a session which traded a High-Low range of 30047-29730 for a range of 399 points
- BNF confirmed a FA at 30047 on 02/05 and the 1 ATR move down comes to 29632.
- The settlement day Roll Over point is 29760
- 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 29798-29800-29961
Hypos / Estimates for the next session:
a) BNF needs to stay above 29810 for a move to 29850 & 29900-910
b) Immediate support is at 29780 below which the auction can test levels of 29730-725 & 29660-625
c) Above 29910, BNF can probe higher to 29970 & 30025-50
d) Below 29625, the auction could go down to 29555-528 & 29463-440
e) Sustaining above 30050, higher levels of 30115-140 & 30192-200 could come into play
f) Break of 29440 could bring the auction down to 29400-395 & 29340
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