Nifty Aug F: 10978 [ 11054 / 10831 ]
NF opened lower but was met with rejection as it gave a drive up from 10831 leaving singles in the A period & not only scaled above the yPOC of 10885 but went on to get above PDH to tag the 1 ATR move higher of 10946 from the previous day’s FA of 10807 as it made a high of 10960 in the ‘A’ period leaving a big range of 129 points. The auction then consolidated till the F period with the buying tail from 10905 to 10831 at lows after which it made multiple REs (Range Extension) to the upside in the G & H period to tag 10990 and then gave a dip tp VWAP in the I period as it left a PBL (Pull Back Low) at 10952. NF then made fresh REs to the upside in the next 2 periods as it tagged the HVN of 11022 and went on to make highs of 11054 in the K period but saw swift rejection and the auction retraced back to tag VWAP leaving a ‘p’ shape profile for the day which means short covering. Value for the day was higher but will need more follow up to confirm that this was not just a bounce in the main trend which is down. The dPOC of 10936 will be important reference for the next session & below it NF becomes weak and can go in for new lows.
- The NF Open was an Open Auction In Range plus Drive Up (OAIR + D)
- The day type was a Normal Variation Day (‘p’ shape profile)
- Largest volume was traded at 10936 F
- Vwap of the session was at 10960 with volumes of 140.7 L and range of 223 points as it made a High-Low of 11054-10831
- NF had confirmed a FA at 10807 on 05/08 and tagged the 1 ATR move of 10946 on 06/08. The 2 ATR objective from this FA comes to 11085
- The Trend Day POC & VWAP of 19/07 at 11478 & 11523 are now positional 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 10915-10936-10984
Hypos / Estimates for the next session:
a) NF has immediate supply at 10990-11000 above which it can rise to 11022 / 11040-52 & 11085
b) Staying below 10972, the auction can test 10959-952 / 10935 & 10914-905
c) Above 11085, NF can probe higher to 11104-118 & 11136-141
d) Below 10905, auction becomes weak for 10886-880 & 10860-844
e) If 11141 is taken out, the auction can rise to 11160 / 11176-187 & 11020-220
f) Break of 10844 can trigger a move lower to 10818-815 / 10802 & 10785
BankNifty Aug F: 28110 [ 28240 / 27651]
BNF for the 5th consecutive day gave a gap down but today it was also an OL (Open=Low) start at 27651 after which it gave a drive up leaving a ‘p’ shape profile for the day just like NF with higher Value. The buying tail is from 27651 to 27850 and the auction has left a bfor the next session.
- The BNF Open was an Open Auction In Range plus Drive Up (OAIR + D)
- The day type was a Normal Variation Day (‘p’ shape profile)
- Largest volume was traded at 27975 F
- Vwap of the session was at 28022 with volumes of 33.6 L in a session which traded in a range of 589 points making a High-Low of 28240-27651
- The Trend Day VWAP of 19/07 at 30085 is now positional supply point.
- 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 27890-27975-28105
Hypos / Estimates for the next session:
a) BNF needs to sustain above 28128 for a move to 28184 & 28232-268
b) Staying below 28105-070, the auction can test 27975-965 / 27890-880 & 27840
c) Above 28268, BNF can probe higher to 28315-327 & 28375-400
d) Below 27840, lower levels of 27800-776 & 27730 could come into play
e) Sustaining above 28400, BNF can give a fresh move up to 28472-485 / 28570-574 & 28610-618
f) Break of 27730 could trigger a move down 27675-660 / 27625-610 & 27536-525
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