Nifty Dec F:
NF opened with a gap up indicating that the selling of the previous day at close got a bit emotional & stretched which meant it could build value in the low volume zone of yesterday’s profile. NF then got stuck in a very narrow range for the first half of the day where it formed an IB range of just 36 points with price rotating around the VWAP. The first attempt it made to break the IBL was swiftly rejected which meant the probe for day high & yPOC was on and it promptly got above the IBH confirming a FA at 10641 but could only make a high of 10693 unable to tag that yPOC of 10697. Though NF managed to stay above IBH for sometime it was unable to make new highs which meant it was due for another move down to continue making the balance it was forming today & the push back into IB triggered a fast move to tag the IBL but the morning FA of 10641 was not touched. The bounce back to VWAP was then rejected which meant NF has not yet completed it’s probe to the downside & that it wanted to check that morning FA which it did by making a new low of 10637 but once again was swiftly rejected & immediately got above VWAP also which meant that OTF buyers have entered & would want to take control of the auction. NF went on to make new highs for the day finally tagging that YPOC of 10697 & the late afternoon dip to VWAP was defended which meant that the buyers are still there and this resulted in a spike close higher in NF as it left an extension handle at 10698 and made highs of 10748 completing the 1 ATR move from the new FA of 10637. The spike close of 10722-10748 will be the first reference zone to watch on Monday. NF has also formed a nice bell on a 2-day composite with Value Area at 10650-10680-10716.
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- The NF Open was a Open Auction In Range
- NF was an Inside Day & the day type was a Neutral Extreme Day (Up)
- Largest volume was traded at 10670 F
- Vwap of the session was at 10677 with volumes of 95.3 L in a session which traded a High-Low range of 10748-10637 for 111 points
- NF has left a FA today at 10637 and has tagged the 1 ATR of 10744 at close, the 2 ATR target of this FA comes to 10850
- NF had completed the 2 ATR target of 10857 from the FA of 10625 made on 27/11 and tagged that FA on 6/12 at T+6 days
- The VWAP & POC of Nov Series 10480 & 10580 respectively
- The VWAP & POC of 31/10 10250 & 10248 will be important levels going forward
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 10646-10670-10692
Hypos / Estimates for the next session:
a) Neutral Extreme day with a spike 10702 and 10748 serve as ref for Monday open
b) POC remained detached at 10670 F and is a support on any pullback below spike highs
c) 10775-10785 is higher res zone above spike highs of 10748
d) Clean break upwards above 10785 for 10823 and 10853
e) break of 10670 F would mean PLR is lower for 10562.
BankNifty Dec F:
BNF gave a gap up of 100 points above the first resistance level of 26350 & immediately post open probed lower for a test making a low of 26335 in the opening 10 mins which was rejected giving an initiative move away from previous day’s Value which was a bullish sign. However BNF was stuck in a narrow range for the first hour making just a 114 point IB after confirming a buying tail of 26403-26335 at lows. It did break the IBH & probed the previous day high of 26495 but could not get above it on the first attempt but it stayed above IBH & went on to make a new high at 26519 & started consolidating making a ‘p’ shape profile indicating that there was no new demand coming in at highs. BNF then gave a dip below VWAP in the afternoon to almost tag the morning buying tail of 26403-26335 but could not get into that tail making a low of 26408. After this, BNF again started to consolidate building volumes at 26470 & when the last hour started it gave a dip to VWAP which was defended & from there BNF broke out giving a volume expansion leaving an extension handle at 26519 & gave a huge spike of 200 points in the last 45 mins tagging the VPOC of 26665 & almost kissing the FA of 26745. Spike rules come into play for Monday open & the spike is from 26550-26736. We have a prominent POC at 26470 & a pull back low of 26450 which will act as support if the spike low & the extension handle is breached. BNF has formed Value completely higher so above the spike highs it can look to tag the VPOCs of 26810 & 26960 with a pullback high of 26865 which can be a resistance level in between.
- The BNF Open was a Open Auction In Range
- The day type was a Normal Variation Day – Up (‘p’ profile with a Spike)
- Largest volume was traded at 26470 F
- Vwap of the session was at 26480 with volumes of 30.6 L in a session which traded a High-Low range of 26736-26335 for 401 points
- BNF confirmed a multi-day FA on 05/12 at 26745 and tagged the 2 ATR target of 26237 on 06/12. This FA is currently on T+2 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
- The VWAP & POC of Nov Series 25686 & 26218 (Spot) respectively
- 31st October’s VWAP of 24895 & POC of 24900 will be important levels going forward
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 26372-26470-26512
Hypos / Estimates for the next session:
a) The BNF spike is from 26513 to 26735. Spike rules apply at open
b) 26615 within the spike of 26513- 26735 is also a support
c) Bias would be down below 26472 for 26200 F again
d) Above spike highs of 26735 the BNF can rally to 26860 and 26960 HVN
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