Nifty Aug F: 11132 [11165/11031]
NF opened lower making new lows for the week & continuing the imbalance it began in the form of a spike yesterday as it made lows of 11041 in the ‘A’ period and stayed below the PDL (Previous Day’s Low) for the first 20 minutes to confirm an OAOR start to the day. As often happens post an OAOR, the auction then stayed in a narrow range as it attempted a probe in previous day’s range closing the gap while making a high of 11102 in the IB (Initial Balance) from where it made a slow probe lower as ‘C’ period remained inside the ‘A’ period range which was followed by an attempted RE (Range Extension) lower in the ‘D’ period as NF made a new low of 11031 but got rejected as it immediately got back into the IB. (11033 was an important reference as NF had confirmed a FA there on the 8th March 2019 from where a new leg up had started and this FA was not visited since then) The auction continued to play out a typical OAOR as it then made a slow probe higher with the ‘E’ period tagging the IB high of 11102 after which in the ‘F’ period it made a RE to the upside which confirmed a FA at lows and NF then defended VWAP twice in the ‘H’ & ‘J’ periods to first complete the 1.5 IB move higher of 11132 in the ‘I’ period and then went on to tag the 1 ATR move of 11149 from the FA in the ‘K’ period where it made highs of 11165 as it got into the previous day’s reference of 11136 to 11176 but was unable to take out that important extension handle of 11176 as it left a small tail at top from 11165 to 11145 which will be the reference in the coming session(s) for any continuation to the upside. NF closed as a Neutral Extreme Day Up with a nice balanced profile for the day but with Value completely lower and Neutral Extreme profiles have a very poor record of giving a follow up in the next session so can expect the 80% Rule to play out in the next session unless 11145 is sustained. On the downside, the FA will be the important reference which if negated can start a new leg lower.
- The NF Open was an Open Auction Out of Range (OAOR)
- The day type was a Neutral Extreme Day – Up [Gaussian profile]
- Largest volume was traded at 11075 F
- Vwap of the session was at 11096 with volumes of 136.9 L and range of 134 points as it made a High-Low of 11165-11031
- NF confirmed a FA today at 11031 and completed the 1 ATR move higher of 11149. The 2 ATR move on the upside comes to 11271
- The Trend Day POC & VWAP of 19/07 at 11478 & 11523 are the immediate references on the upside.
- The higher Trend Day VWAP of 05/07 at 11965 is another important reference higher.
- The settlement day Roll Over point is 11315
- The VWAP & POC of Jul Series is 11575 & 11547 respectively.
- The VWAP & POC of Jun Series is 11833 & 11714 respectively.
- The VWAP & POC of May Series is 11613 & 11696 respectively.
You can check the monthly charts & other swing levels for Nifty & NF here & for the weekly charts & analysis, please click here.
Daily Zones:
- Value zones (volume profile) are at 11048-11075-11120
Hypos / Estimates for the next session:
a) NF needs to sustain above 11145-160 for a rise to 11176-187 & 11202-220
b) Immediate support is at 11120-108 below which the auction can test 11090-75 & 11048-41
c) Above 11220, NF can probe higher to 11240-248 & 11268-286
d) Below 11041, auction becomes weak for 11026-13 & 10988-976
e) If 11286 is taken out, the auction can rise to 11306-315 & 11335
f) Break of 10976 can trigger a move lower to 10950-946 & 10925-911
BankNifty Aug F: 28972 [29078/28655]
BNF opened with a big gap down of almost 170 points from previous day’s close of 28853 but could not extend much lower as it made a low of 28655 in the ‘A’ period indicating that the imbalance it started from 29270 zone could be coming to a close. The auction then probed higher scaling back into the previous day’s range as it made a high of 28935 in the IB leaving a relatively big range of 279 points. BNF then remained in the IB range for almost all day making a balance building volumes at 28815 level before it gave a spike higher in the ‘K’ period as it tagged the 1.5 IB extension of 29074 while making a high of 29078 but was rejected leaving a small tail of 29077 to 29001 at the top while closing at the HVN of 28975 leaving a nice balanced profile for the day with a tail at top. PLR for the coming session would be towards the bigger HVN & dPOC of 28820 if the tail at top is not taken out as Value formed was completely lower for the day.
- The BNF Open was an Open Auction Out of Range (OAOR)
- The day type was a Normal Variation Day – Up [3-1-3 profile]
- Largest volume was traded at 28820 F
- Vwap of the session was at 28845 with volumes of 35 L in a session which traded in a range of 422 points making a High-Low of 29078-28655
- The Trend Day VWAP of 19/07 at 30085 is the immediate reference on the upside.
- The higher Trend Day VWAP of 18/07 & 08/07 at 30598 & 30995 remain important references going forward
- The settlement day Roll Over point is 29250
- The VWAP & POC of Jul Series is 30425 & 30586 respectively.
- The VWAP & POC of Jun Series is 30914 & 30961 respectively.
- The VWAP & POC of May Series 30211 & 28940 respectively
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 28722-28820-28940
Hypos / Estimates for the next session:
a) BNF has immediate supply at 29016 above which it could test 29072 & 29125
b) Staying below the zone of 28975-960, the auction can move lower to 28890-885 & 28848-820
c) Above 29125, BNF can probe higher to 29170-180 & 29225-233
d) Below 28820, lower levels of 28780 & 28735-705 could come into play
e) Sustaining above 29250, BNF can give a fresh move up to 29273-295 & 29410-425
f) Break of 28705 could trigger a move down 28655-650 / 28595-570 & 28512
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