Nifty Dec F:
NF opened a gap up for the third day in a row (third gap is also known to be the exhaustion gap) & probed higher to tag the first level of 10935 to close that gap of 4th Oct & made a high of 10950 in the first period but unlike the previous 2 days, the ‘B’ period did not make a higher high which was the first indication that we may see some consolidation & not to forget we had a 3 IB day to the upside yesterday. NF broke & stayed below VWAP in the narrow IB range of 37 points and its first attempt to get over VWAP late in the D period was met with swift rejection giving a pull back high of 10938 which was the new reference for the day. NF trended from here to the downside breaking the IBL to make a low of 10891 which was also the 1.5 IB extension to the downside. Post this, NF again attempted a bounce & the G period made a higher high but got rejected at IBL which was an indication that NF has more downside left & now the IBL of 10913 became the new reference for the day. After this IBL rejection, NF went on to trend lower for the next 5 periods testing that support level of 10873-10865 (given in yesterday’s report) & making a low of 10855 but was unable to close below the 10865 on 30 mins plus had also tagged almost 2.5 IB. Another point to note in this fall was that the dPOC of NF remained higher which meant the afternoon fall was getting a bit stretched & when the K period stopped the OTF down by making a higher high one could sense that the close could be near the VWAP or dPOC. The last 2 periods ‘L’ & ‘M’ both made higher highs & closed at the VWAP & dPOC combo giving a balanced profile but one which is still not smoothed so can spend some more time here before giving a move away.
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- The NF Open was a Open Auction Out of Range
- The day type was a Normal Variation Day (Down)
- Largest volume was traded at 10900 F
- Vwap of the session was at 10902 with volumes of 91 L in a session which traded a High-Low range of 10950-10855 for 95 points
- NF tagged the 2 ATR target of 10857 from the FA of 10625 on 27/11 and is currently on T+3 days
- The VWAP & POC of Nov Series 10480 & 10580 respectively
- The VWAP & POC of 31/10 10250 & 10248 will be important levels going forward
For the latest weekly and other swing levels of the Nifty go to https://vtrender.in/weekly-charts-market-profile-analysis-19th-to-22nd-nov-2018 and https://vtrender.in/market-profile-analysis-with-monthly-and-weekly-charts/
Daily Zones:
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- Value zones (volume profile) are at 10865-10900-10919
Hypos / Estimates for the next session:
a) The auction created value higher and stayed above 10850 F
b) The auction will continue to be bullish above 10900 on Monday
c) Upsides intra day can be to 10966 & 10989
d) There is weakness below 10850 for 10810 and 10780
BankNifty Dec F:
BNF also opened for the third day with a gap up making new highs of 27035 in the opening minutes but there was no increase in volumes which meant no new demand & after coming from a 4.5 IB day, this gap up looked a bit stretched & after yesterday’s elongated profile which was due to imbalance, it was only right to expect BNF to make a balance in a smaller range. This was confirmed when we got a narrow IB range of 96 points & both B & C periods stayed inside the A period. Then we saw ‘D’ making an IB extension to the downside but could not sustain & gave a bounce to VWAP which was also promptly rejected & BNF started trending lower post this VWAP rejection to make a low of 26841 which was also exactly the 2 IB level on the downside. BNF made a balance (Bell Curve) on daily & left a prominent POC at 26915 where it also closed so good chances of it giving a trending move away from here on Monday.
- The NF Open was a Open Auction Out of Range
- The day type was a Normal Variation Day (Bell Curve)
- Largest volume was traded at 26915 F
- Vwap of the session was at 26927 with volumes of 24.3 L in a session which traded a High-Low range of 27034-26841 for 193 points
- BNF negated the FA of 26629 it made on 28/11 and tagged the 1 ATR target up of 26910. The 2 ATR move from that failed FA comes to 27191.
- BNF had left a FA on 27/11 at 26340 and tagged the 2 ATR target of 26902 today & is currently on T+3 days
- BNF has stayed 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 1 ATR of 25102 & has stayed above the 2 ATR of 25575
- 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-nov-and-weekly-charts-26th-to-30th-nov-market-profile-analysis/
Daily Zones:
- Value zones ( volume profile) are at 26877-26915-26965
Hypos / Estimates for the next session:
a) The BNF was a Gaussian with POC at 26915
b) 26860- 26880 is the first support and auction stays positive above it
c) upsides above 26860 can stretch to 27111 and 27200
d) weakness below 26860 invites 26790 and 26710
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