Love Vtrender Charts? Check out our new offer!
Nifty Spot: 23644 [ 24857 / 23460 ] – Neutral Extreme (Down)
Previous month’s report ended with this ‘Nifty formed Value below previous month’s POC of 24400 which will be the important swing reference on the upside for December above this month’s POC of 24185 whereas on the downside, the RollOver (RO) point of 24125 will be the immediate reference below which we have the series VWAP of 23978 as a probable support staying below which Nifty could fill up the zone till 23600 before giving a move away from this larger timeframe balance it is forming‘
Nifty opened the month with an initiative buying tail at previous month’s POC of 24185 and went on to probe higher scaling above 24400 and hitting a high of 24857 on 05th Dec with a Neutral Extreme profile up and true to its character did not get any follow through and remained in the 05th Dec range for the next 5 sessions before forming another NeuX profile to the upside on 13th but could only manage a lower high of 24792.
The second half of the month started with a long liquidation ‘b’ shape profile on the 16th which was followed by initiative selling tails and a gap down on 19th as the auction made new lows for the month confirming a FA (Failed Auction) on the higher timeframe and went on to complete the 1 ATR objective of 23622 while making a low of 23537 on 20th Dec with a Trend Day Down and consolidated in this profile for the next 5 sessions forming a balance before making new lows of 23460 on the last day of the month but giving a sharp bounce to close around the 2024 yearly VWAP of 23646.
The monthly profile is a Neutral Extreme one to the downside as Nifty confirmed a FA at top (24857) and completed the 1 ATR target of 23622 closing around the same with small tails at both ends along with overlapping to higher Value at 23867-24621-24851. The RollOver (RO) point for the January series is at 23915 which will be the first hurdle on the upside in the coming month along with the initiative selling tail from 24051 from 19th Dec. The higher references would be the yearly POC of 24143 along with December’s NeuX VWAP of 24193 being an important Swing Supply point which will have to be taken out for a visit to the daily VPOCs of 24231, 24394 & 24657 as potential objectives whereas on the downside, 23646 (2024 yearly VWAP) would be the immediate support below which it can go for a test of the responsive buying tail from 23537 to 23460 and a break of which could result in a drop lower to the weekly VPOC of 23339 along with June 2024 VWAP of 23247 which if the sellers are able to take out can take it further down to 22577.
Monthly ZonesBankNifty Spot: 50860 [ 53888 / 50599 ] – NeutralExtreme (Down)
Previous month’s report ended with this ‘The monthly profile is a Neutral one with completely overlapping Value at 50910-52129-52451 as the larger timeframe balance continues in BankNifty with the RollOver point for the December series being at 52620 which it will need to take down and sustain for more upside in the coming month whereas on the downside, November series VWAP of 51417 will be an important support level‘
BankNifty opened the month with a Normal Day and an Outside bar but got initiative buying from the next session as it trended higher till the 05th of December but as in case of Nifty, here also there was no follow through to the Neutral Extreme profile as the auction began to coil for the next 4 sessions before giving a big drop on the 12th & 13th of December first via a Double Distribution day down followed by an Open Drive as it got into the initiative buying tail from 03rd Dec making a low of 52264 where the buyers came back again strongly resulting in yet another NeuX Day to the upside taking it back to 53654 into the close.
The start of the 3rd week began with a small follow through above the NeuX highs but BankNifty could only manage to tag 53738 and left a very small but important selling tail in the IB (Initial Balance) forming a Gaussian Curve for the day with a prominent POC at 53355 indicating longs booking profits and this was taken advantage of by sellers who came in aggressively from 17th onwards even succeeding in making new lows for the month thereby leaving a monthly FA at 53888 and went on to tag the 1 ATR mark of 50680 while making a low of 50608 on 20th Dec and having hit a major objective then turned back to balance mode forming overlapping value for the next 5 sessions before a sharp bounce on 30th Dec stalled just below the extension handle of 52010 marking re-entry of supply causing a fresh downmove into the close of the month as it hit new lows of 50599 on 31st ending the month just the way it began which is with a Normal Day.
The monthly profile is a Neutral Extreme one to the downside with a FA on the monthly timeframe at highs of 53888 with overlapping to higher Value at 51424-53355-53868 with the series VWAP at 52436 which will be a positional level for sellers to hold in the coming month(s) where the immediate reference on the upside will be the 2024 POC of 51214 which could continue to act as a magnet before BankNifty moves away for good time away from it in either direction with the daily VPOC of 51463 & RO (RollOver) point of 51750 being the immediate upside levels to watch out for whereas on the downside, 31st Dec tail from 50654 will be the first support below which 21st Nov’s PBH of 50476 & 2024 yearly VWAP of 50395 will be the important zone to hold failing which it could drop to tag the weekly VPOCs of 49733 & 49326.
Monthly Zones
Markets don't move because indicators change.
Indicators change because markets move.
A practical reference for NSE & BSE derivatives traders. 366 pages, built to sit open beside live charts.