Nifty May F:
NF opened around the HVN of 11810 & made a freak high of 11838 but was mostly inside previous day’s range as it then probed lower in the IB (Initial Balance) breaking below the extension handle of 11770 to tag that wide yPOC of 11750 and went on break the PDL (previous day’s low) as it made a low of 11712 giving a big IB range of 127 points which was more than double the average IB and this meant that NF could find it difficult to extend the range on either side. (Click here to view the profile chart for better understanding) After the big imbalance in the IB, the auction then began a slow probe to the upside making a balance as it got above VWAP in the ‘D’ period and tested the morning selling tail of 11764 to 11820 making a high of 11779 in the ‘G’ period. However, the ‘H’ period could not extend further to the upside making a similar high of 11777 indicating exhaustion in this probe and NF then moved lower till the ‘J’ period making a ‘b’ profile for the day along with an overlapping POC around 11750 and looked set to close around it. However, there was a short covering move in the last 45 minutes as NF probed above the pull back high of 11779 to tag 11798 in the ‘L’ period reducing the selling tail further and closed at 11791. NF was a Normal Day and though it made an outside bar on daily, the Value was completely inside previous day’s Value with almost overlapping POC in the 11750 zone which will be the important zone to watch for a move away from here in the next session to tag one of the vPOCs of 11856 or 11684.
- The NF Open was a Open Auction In Range (OAIR)
- The day type was a Normal Day (‘b’ profile)
- Largest volume was traded at 11744 F
- Vwap of the session was at 11754 with volumes of 80 L in a session which traded a High-Low range of 11838-11712 for a range of 127 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.
- 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 11725-11744-11772
Hypos / Estimates for the next session:
a) NF needs to sustain above 11796-800 for a move higher to 11820 & 11838-840
b) Immediate support is at 11789-785 below which the auction can probe lower to 11770 & 11751-742
c) Above 11840, NF could tag the vPOC of 11856 which if crossed can further rise to 11874-880
d) Below 11742, the auction could test lower levels of 11722-712 & 11700-684
e) If 11882 is taken out, higher levels of 11904-911 & 11928 can come into play
f) Break of 11684 would make the auction weaker for a move down to 11665 & 11649
BankNifty May F:
BNF gave a gap down of 125 points as it rejected the Neutral Extreme close of the previous day and drove lower in the IB after making a high of 30062 to give a big range of 312 points in the first hour as it made a mechanical low of 29750 which was just above the FA of 29735 and in the process left a selling tail from 29919 to 30062 which was earlier the demand zone indicating change in character of the auction. (Click here to view the profile chart for better understanding) The auction then stayed within the range of ‘B’ period for the next 7 periods as it made an inside bar in the ‘I’ period making a ‘b’ profile for the day with a very narrow base. BNF then attempted to move lower in the ‘J’ period as it made a range extension to the downside breaking below that FA of 29735 as it made a low of 29663 but was immediately rejected back trapping the late sellers and this lead to a probe above VWAP as BNF made a high of 29912 thus forming an outside bar in the ‘J’ period. The ‘K’ period saw another attempt to break below the IBL which was once again rejected leading to another probe above VWAP & this time the auction went on to get inside the morning selling tail making a higher high of 29947 in the ‘L’ period. BNF however could not sustain in the supply zone & closed at 29892 giving a ‘b’ profile for the day with singles at both ends and a prominent POC at 29856.
- The BNF Open was a Open Auction In Range (OAIR)
- The day type was a Normal Day (‘b’ profile)
- Largest volume was traded at 29856 F
- Vwap of the session was at 29832 with volumes at 30.4 L in a session which traded a High-Low range of 30062-29663 for a range of 399 points
- BNF confirmed a FA at 29735 on 26/04 and tagged the 1 ATR move up of 30164. This FA got tagged today at ‘T+1’ Day(s)
- 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 29764-29856-29914
Hypos / Estimates for the next session:
a) BNF needs to stay above 29896-920 for a probe to 29960 & 30050-62
b) Immediate support is at 29860-830 below which the auction can move lower to 29760-725 & 29670-660
c) Above 30062, BNF can test higher levels of 30115-140 & 30192-200
d) Below 29660, the auction could tag 29625 & 29555-528 on the downside
e) If 30200 is taken out & sustained, BNF can rise further to 30252-262 & 30305
f) Break of 29525 could being lower levels of 29463-440 & 29400-395 into play
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