Monthly Profile (June)
Last month’s report mentioned this ‘Nifty has made a Neutral Extreme profile on the monthly time frame and needs to get accepted above 12041 to continue higher in the new month’.
Nifty did get a follow up to the Neutral Extreme Monthly Profile on the first trading day of this month (3rd June) as it tagged new all time highs of 12103 giving a Trend Day Up but with a irregular profile which asked for repair. The auction failed to get any further follow up on the next day as it made a balance with a prominent POC on daily timeframe at 12042 which was also the previous month high and thus an important level. Nifty opened with a Drive Down on 6th June moving away from 12042 and got back into previous month’s range & Value initiating the 80% Rule as it left a Trend Day Down negating the earlier Trend Day Up thus turning the PLR for the month to the downside. After making a low of 11769 on 7th June, Nifty gave a pull back high as it touched 12000 on 11th June but left a weekly FA there to start a new leg down as it probed lower to tag the 1 ATR target of 11725 on 17th June and went on to complete the first objective of the 80% Rule on the monthly Value as it even broke below previous month’s POC of 11696. The auction made new lows of 11625 on 19th June taking support just above the weekly singles of 11615 to 11407 and then made a failed attempt to drive lower the next day as it left a higher low of 11635 confirming that the probe to the downside was done and a balance was getting formed in the range of 11845 to 11650 till 24th June. Nifty then confirmed another weekly FA on 25th but this time at lows as it tagged 11651 as it reversed the auction to trend higher into the close opening up the 1 ATR level higher of 11906 which got tagged on 27th June as it made a high of 11911 where it was met with swift rejection as it retraced 50% of the move up to close the month at 11788. Nifty has made a nice balanced profile for the month with Value being inside previous month’s Value so looks set to give a trending move in July but needs to give a move away from this month’s Value of 11664-11714-11920.
The vwap of the June series is at 11833 spot and the POC is at 11714
The settlement day (Jul) rollover volume point is at 11915 F.
The vwap of the May series is at 11613 spot and the POC is at 11696
The settlement day (Jun) rollover volume point is at 11980 F.
The vwap of the April series is at 11641 spot and the POC is at 11656
The settlement day (May) rollover volume point is at 11878 F.
The vwap of the March series is at 11327 spot and the POC is at 11448
The settlement day (Apr) rollover volume point is at 11673 F.
The vwap of the February series is at 10830 spot and the POC is at 10856
The settlement day (Mar) rollover volume point is at 10860 F.
The vwap of the January series is at 10795 spot and the POC is at 10823
The settlement day (Feb) rollover volume point is at 10676 F.
Monthly Profile (June)
BankNifty began the month with a probe higher as it hit 31753 on 4th June but was not able to get past the all time highs of 31784 it had tagged in the previous month indicating that the upside is limited. The auction then reversed the probe to the downside which got further confirmation on the 11th as BankNifty confrimed a weekly FA along with a new daily swing high of 31399 and this triggered a trending move lower of more than 1200 points over the next 5 days during completing the 1 ATR move down of 30389 on 17th June and made similar lows in the 30250-220 zone for 4 consecutive days suggesting that the probe lower is getting exhausted. The auction then made a slow probe higher as it tagged 30824 on 20th June and started to form a balance when in the last week it confirmed a weekly FA at 30451 on the 25th negating the earlier weekly FA of 31399. BankNifty then surged higher moving by 1000 points in 3 days as it tagged the 1 ATR move up of 31384 making a high of 31490 on 27th June but retraced this up move by 50% as it made a low of 31060 on 28th June before closing the month at 31105. BankNifty has made an inside bar along with a nice balanced profile on the monthly with poor lows with the monthly Value being overlapping to higher which means the PLR would be to the upside in the coming month. This month’s Value is 30520-30961-31320
The vwap of the June series is at 30914 spot and the POC is at 30961
The settlement day (Jul) rollover volume point is at 31400 F.
The vwap of the May series is at 30211 spot and the POC is at 28940
The settlement day (Jun) rollover volume point is at 31644 F.
The vwap of the April series is at 30037 spot and the POC is at 29850
The settlement day (Apr) rollover volume point is at 29760 F.
The vwap of the March series is at 29061 spot and the POC is at 29778
The settlement day (Apr) rollover volume point is at 30500 F.
The vwap of the February series is at 27042 spot and the POC is at 26978
The settlement day (Mar) rollover volume point is at 26965 F.
The vwap of the January series is at 27236 spot and the POC is at 27514
The settlement day (Feb) rollover volume point is at 27332 F.