Nifty Feb F:
NF opened right at yesterday’s close and the attempt to probe higher was stalled at yesterday high of 10954 which indicated that the auction could head lower to test the other end of the Neutral Extreme reference of 10954 to 10918 break of which would mean more downside probe to come. NF did break 10918 not once but twice both in the ‘A’ period and then in the ‘B’ period making similar lows of 10911 showing exhaustion and was not able to sustain below 10918 confirming that sellers were missing. The auction then probed higher making a high of 10950 in the ‘C’ period and balanced in a narrow range till the ‘F’ period where it broke higher above the IBH making new highs of 10970. NF again stalled this time showing exhaustion at highs as the next 3 periods ‘G’, ‘H’ & ‘I’ made contracting inside bars all above VWAP so the PLR was still to the upside. The ‘J’ period went above ‘I’ period highs but got rejected at day high of 10970 yet again & this rejection triggered a inventory adjustment as NF broke below the ‘I’ period lows and went below VWAP to make a low of 10930 but was rejected leaving a new pull back low there after which NF started to coil again till the close staying above VWAP but also inside the ‘J’ period making a nice bell profile on the daily with poor lows & poor highs and closed right at the prominent POC at 10950. Value for the day was higher so the PLR remains up.
- The NF Open was a Open Auction In Range
- The day type was a Normal Variation Day -Up (Bell Profile)
- Largest volume was traded at 10950 F
- Vwap of the session was at 10944 with lowest volumes in last one month of just 69.7 L in a very narrow session which traded a High-Low range of 10970-10911 for a range of just 59 points
- NF had left a FA at 10830 on 04/02 and completed the 1 ATR move up of 10952 that day itself and closed around it today. The 2 ATR move up from this FA comes to 11073
- NF had left a FA at 10710 on 04/01 and completed the 2 ATR move up on 15/01 and was strong support. The auction broke below this FA twice last week but has got back above it.
- NF had left a FA at 10580 on 26/12 & completed the 2 ATR move up to 10862. This FA has not been tagged and is now strong support
- The Trend Day VWAP & POC of 31/01 10793 & 10775 will be important levels going forward
- The VWAP & POC of Jan Series is 10795 & 10823 respectively
- The VWAP & POC of Dec Series is 10796 & 10741 respectively
- The VWAP & POC of Nov Series is 10480 & 10580 respectively.
- Value zones (volume profile) are at 10937-10950-10965
Hypos / Estimates for the next session:
a) NF has immediate support is at 10935 below which it can probe lower to 10920 & 10890
b) Immediate resistance is at 10970 above which the auction can tag 10995 & 11025
c) NF gets weak below 10890 for a move lower to the vPOC of 10870 & 10851
d) Above 11025, NF can probe higher to 11050-55 and 11073
e) Below 10850, lower supports of 10830 and the trend day extension handle & VWAP of 10793-789 could be tested
BankNifty Feb F:
BNF also opened right at previous day’s close and attempted to probe above previous day highs but was not successful after which it moved lower to make a low of 27236 just below the spike lows indicating that the PLR remained up. The auction then moved higher in the ‘B’ period breaking above PDH of 27318 and tagging the vPOC of 27348 in the ‘C’ period as it extended IB higher but was rejected back into the IB giving a probability of a FA at highs. The ‘D’ period even broke and closed below VWAP making a low of 27280 but could not sustain lower and got back above it. BNF then made an inside bar in the ‘E’ period and probed higher in the next period ‘F’ as it made new highs of 27393 but after that started to balance for the next 3 periods making a range of just 42 points in the ‘I’ period indicating that a range expansion could come. The ‘J’ period started with a move higher making a new day high in BNF at 27407 tagging the 1.5 IB range extension but got swiftly rejected resulting in a fast move down as it saw some long liquidation to break VWAP and make a low of 27252 taking support above the morning lows. BNF then balanced into the close with the last 3 periods staying inside the ‘J’ period building up on the prominent POC of 27330 for the day and ended up making a nice bell profile with a close at the POC so looks good for a move away from here.
- The BNF Open was a Open Auction In Range
- The day type was a Normal Variation Day (Bell Profile)
- Largest volume was traded at 27330 F
- Vwap of the session was at 27326 with very low volumes of just 17.7 L in a session which traded a High-Low range of 27407-27236 for a range of only 171 points
- BNF confirmed a FA at 27716 on 23/1 and completed the 2 ATR move down hence is now strong resistance
- The VWAP & POC of Jan Series 27236 & 27514 respectively
- The VWAP & POC of Dec Series 26713 & 26832 respectively
- The VWAP & POC of Nov Series 25686 & 26218 (Spot) respectively
- Value zones ( volume profile) are at 27310-27330-27390
Hypos / Estimates for the next session:
a) BNF has a prominent POC at 27330 and could give a move away from here
b) Immediate resistance is at 27410 above which BNF can probe higher to 27500 & 27575
c) Staying below 27310, the auction can test 27250 and 27190-180
d) Above 27575, BNF can tag that vPOC of 27640 and the FA of 27716
e) Below 27180, test of that extension handle of 27090 could happen and below it 27020
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