Nifty Apr F:
NF made an OAIR start opening inside the spike of 11740 to 11783 and made a high of 11780 in the opening minutes indicating that it is not ready to move away from the composite of 11685-11730-11787 and this meant that the PLR (Path of Least Resistance) could be down as NF probed lower and went on to break below the spike low in the ‘A’ period which then confirmed that the Friday spike was being rejected. (Click here to view the profile chart for better understanding) The auction then made a one time frame move lower till the ‘F’ period as it made a range extension to the downside in the ‘D’ period and went on to tag the 1.5 IB target of 11683 in the ‘F’ period also completing the 80% Rule in the composite Value. NF then gave a pull back to VWAP & IBL in the ‘G’ period but was rejected as it made a high of 11720 and post this rejection the auction continued it’s move lower as again did a OTF (one time frame) move for the next 4 periods completing the 2 IB range extension of 11651 in the ‘J’ period. NF then went on to break the poor lows of the composite at 11641 in the ‘K’ period as it made a low of 11622 and made a swift rejection there to give a pull back in the last 45 minutes as it tagged the VAL of 11685 of the composite and in the process leaving a small buying tail at lows from 11635 to 11622. If NF sustains above 11688-695 at open in the next session, it can again make a move higher to the composite VAH of 11784 with small hurdles at today’s pull back high of 11720 and the selling tail which starts from 11740.
- The NF Open was a Open Auction In Range (OAIR)
- The day type was a Normal Variation Day (Down)
- Largest volume was traded at 11675 F
- Vwap of the session was at 11694 with volumes of 92 L in a session which traded a High-Low range of 11780-11622 for a range of 158 points
- NF confirmed a FA at 11834 on 03/04 and almost tagged the 2 ATR move down of 11620 on 08/04. This FA is currently on ‘T+4’ days
- NF had confirmed a FA at 11432 on 26/03 and tagged the 2 ATR move of 11632 on 27/03. This FA has not been tagged & is now strong support.
- The settlement day Roll Over point is 11673
- The VWAP & POC of Mar Series is 11327 & 11448 respectively.
- The VWAP & POC of Feb Series is 10830 & 10856 respectively.
- The VWAP & POC of Jan Series is 10795 & 10823 respectively.
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 11624-11675-11712
Hypos / Estimates for the next session:
a) Staying above 11690 at open, NF can probe higher to 11705 & 11721-733
b) Immediate support is at 11675-670 below which the auction can test the important zone of 11650-640 and 11620
c) Above 11733, NF can move higher to 11755 and 11780-785
d) Below 11620, NF gets weak and can tag lower levels of 11608-601 and 11589-585
e) If 11790 is taken out and sustained, the auction can rise further to 11806-811 and 11828-834
f) Break of 11585 can trigger a move lower to 11570 & 11552
BankNifty Apr F:
BNF opened above the Neutral Extreme reference and made a new high of 30434 in the opening minutes but was swiftly rejected back into the previous day’s range giving an ORR (Open Rejection Reverse) start which was a bearish signal. BNF went on to break below the Neutral Extreme low of 30330 in the ‘A’ period itself confirming the weakness and hinting at more downside. (Click here to view the profile chart for better understanding) The auction then went into a balance mode as it stayed inside the range of ‘A’ period for the next 4 periods and the attempt to probe into the morning selling tail of 30343 to 30434 in the ‘E’ period was met with rejection as BNF made a high of 30340 and this triggered a move to the downside as it made a range extension lower in the ‘F’ period and extended it further in the ‘H’ period after making an inside bar in between. The ‘I’ period then saw BNF make a big move lower as it left an extension handle at 30180 to complete the 2 IB range extension lower as it made a low of 30033. The auction continued it’s probe down to complete the 3 IB objective of 29884 in the ‘K’ period as it made a low of 29875 after which it balanced in the last 2 periods in a narrow range to confirm a DD (Double Distribution) Trend Day down with the DD singles at 30078 to 30180 and 2 HVNs at 30012 and 30280.
- The BNF Open was a Open Rejection Reverse (ORR)
- The day type was a Double Distribution Trend Day (Down)
- Largest volume was traded at 30012 F
- Vwap of the session was at 30158 with volumes of 23.8 L in a session which traded a High-Low range of 30434-29875 for a range of 559 points
- The settlement day Roll Over point is 30500
- The VWAP & POC of Mar Series is 29061 & 29778 respectively.
- The VWAP & POC of Feb Series 27042 & 26978 respectively
- The VWAP & POC of Jan Series 27236 & 27514 respectively
For the Monthly charts & other swing levels for BankNifty & BNF click here & for the weekly charts & analysis, please click here.
Daily Zones:
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- Value zones (volume profile) are at 29880-30012-30260
Hypos / Estimates for the next session:
a) Staying above 30015 at open, BNF can move higher to 30080-110 and 30155-180
b) Immediate support is at 29990 below which the auction could probe lower to 29950-919 and 29875
c) Above 30180, BNF can tag higher levels of 30230 and 30280-290
d) Below 29875, the auction can move lower to 29835 and 29760
e) If BNF sustains above 30290, it could rise to 30343-356 and 30395
f) Break of 29760 can bring lower levels of 29711-680 and 29620-600
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