Nifty Nov F:
As mentioned in yesterday’s report the PLR was up & NF not only opened with a gap up above prev week’s high but also gave a drive open on good volumes and kept probing higher to tag the trend day vwap of 10613 (17th Oct) after which it made a balance giving a ‘p’ shaped profile suggesting that shorts were forced to cover but there was no new buying at these new highs in NF. This got confirmed when NF after making a pull back of 10571 which was also the IBH of the day made new highs of 10632 which was swiftly rejected as it left a small tail of 10632-10619 at the top & went on to break the vwap making a new pull back low of 10542 before closing at vwap. 10590 will be the level to watch on Monday open as that is the POC of the ‘p’ profile & 10542 / 10535 will be the first support levels as that is the pullback low & the morning singles.
- The NF Open was an Open Auction out of Range and a Drive
- The day type was a Normal Variation Day with a ‘P’ shape profile
- Largest volume was traded at 10590 F
- Vwap of the session was at 10578 with volumes of 150.2 L in a session which traded a High-Low range of 10632-10478 for 154 points
- The vwap of 17/10 at 10612 is the resistance now for NOV which was tagged today but could not close above it.
- 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 2ATR objective & is now strong support
- The VWAP & POC of 31/10 10250 & 10248 will be important levels going forward
For the weekly and other swing levels of the Nifty go to – https://vtrender.in/monthly-and-weekly-charts-analysis(has monthly and weekly Profile charts updated to trade date 02/11)
Daily Zones:
- Value zones (volume profile) are at 10551-10590-10611
Hypos / Estimates for the next session:
a) supply seen on the probe above 10590F
b) 10534 is support 1 for Monday
c)10484 is support 2
d) The auction can break down to 10390 if these are broken
e) Above 10590 the objective is at 10680
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BankNifty Nov F:
BNF made a gap up above the trend day vwap of 25500 (17th Oct) and was also a open test drive up which kept probing higher for the first couple of hours before giving a small pull back of 25741 just above vwap & continued making higher highs till it tagged 25898 which was the highs of that trend day of 17th plus also the 2IB for today from where it gave a swift reversal leaving behind a small 50 point selling tail at top from 25848-25898 & broke the vwap & tested the IBH of 25700 to close around vwap giving a ‘p’ profile on daily. BNF has started to move away from the balance it formed in October & has already left 2 vpocs below at 25370 & 24900. PLR remains up as far as it stays above today’s POC of 25760 & immediate support is the start of the morning singles at 25650.
- The NF Open was an Open Auction out of Range and a Drive
- The day type was a Normal Variation Day with a ‘P’ shape profile
- Largest volume was traded at 25760 F
- Vwap of the session was at 25752 with volumes of 40.5 L in a session which traded a High-Low range of 25898-25515 for 383 points
- BNF has closed 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 1ATR of 25102 & today has closed above the 2ATR of 25575
- stayed above the FA we had on 30/10 of 25214 for most part today
- 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/monthly-and-weekly-charts-analysis/(The BN Monthly and BN weekly F charts are posted at the same link)
Daily Zones:
- Value zones ( volume profile) are at 25700-25760-25842
Hypos / Estimates for the next session:
a) supply seen at 25900 from earlier
b) support at 25658 lower
c)25488 is support 2
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