Nifty Jul F: 11582 [11606/11528]
NF opened higher around the 2-day composite POC of 11553 but was unable to get above the composite VAH of 11565 as it made a high of 11560 in the ‘A’ period after which it probed lower breaking below VWAP closing the gap partially while taking support just above the mid point of the gap zone as it made a low of 11528 which was a bullish sign. The auction then got above VWAP in the ‘B’ period and went on to make new highs of 11570 in the IB (Initial Balance) leaving a buying tail from 11536 to 11492. (Click here to view the profile chart for better understanding) The auction then made an inside bar in the ‘C’ period making similar highs indicating short term exhaustion after which it made 2 narrow range bars in ‘D’ & ‘E’ giving a dip to VWAP as it left a higher low of 11546 and closed above VWAP in both the periods indicating PLR is still to the upside. NF then multiple range extensions to the upside starting from the ‘F’ period as it made a high of 11591 in the ‘I’ period tagging the 1.5 IB extension to the dot after which it gave that customary afternoon dip to VWAP making a pull back low of 11563 in the ‘J’ period as VWAP was once again defended which enabled the auction to make new highs of 11606 in the ‘K’ period just falling short of the 2 IB plus the 1 ATR move from that FA of 11486 which was at 11612. The last 2 periods saw the auction making a small balance above VWAP to leave a balanced profile for the day with higher Value but the overall weekly profile is still a ‘b’ shaped one. The last 3-day composite (can view the chart here) is giving a balanced profile below that Trend Day VWAP & HVN of 11624 & 11635 respectively with Value at 11512-11576-11587 so unless we have a close above 11635, the PLR remains down with a good chance of NF moving away from this balance in the next couple of sessions.
- The NF Open was a Open Auction In Range (OAIR)
- The day type was a Normal Variation Day (Up)
- Largest volume was traded at 11577 F
- Vwap of the session was at 11569 with volumes of 77.5 L and range of 78 points as it made a High-Low of 11606-11528
- NF had confirmed a FA (Failed Auction) at 11486 on 09/07 which got revisited on 10/07 but closed above it. NF almost tagged the 1 ATR move up of 11612 on 11/07.
- The Trend Day VWAPs of 05/07 & 08/07 at 11908 and 11624 respectively will be important references going forward
- The settlement day Roll Over point is 11915
- The VWAP & POC of Jun Series is 11833 & 11714 respectively.
- The VWAP & POC of May Series is 11613 & 11696 respectively.
- The VWAP & POC of Apr Series is 11641 & 11592 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 11551-11577-11588
Hypos / Estimates for the next session:
a) NF needs to get above 11595 & sustain for a move to 11624-635 & 11655-665
b) Immediate support is at 11569-563 below which the auction can fall to 11546-536 & 11518
c) Above 11665, NF can probe higher to 11682 & 11705-710
d) Below 11518, auction becomes weak for 11500-492 & 11480-470
e) If 11710 is taken out, the auction can rise to 11743 & 11770
f) Break of 11470 can trigger a move lower to 11450-445 / 11425 & 11396-390
BankNifty Jul F: 30717 [30832/30600]
BNF also opened higher by almost 200 points looking to move away from the 2 day balance it was forming but was swiftly rejected from 30718 as it did not find any new demand post the gap up as it probed lower taking support at exactly the mid point of the gap up as it made a low of 30600 which was an indication that the gap is being defended & hence the PLR would be to the upside. The ‘B’ period then got above VWAP making an inside bar to leave a narrow 119 point IB (Initial Balance) after which the ‘C’ period made a double inside bar still searching for fresh demand. (Click here to view the profile chart for better understanding) Unable to break higher, BNF then probed below VWAP in the ‘D’ period as it made a low of 30608 and stalled again as there were no signs of new sellers as well after which it made a narrow range inside bar in the ‘E’ period before probing higher scaling above VWAP and finally making a range extension to the upside in the ‘G’ period as it hit 30748 and tried probing higher in the ‘H’ as it made similar highs of 30750 but could not sustain and gave a dip to VWAP making a pull back low of 30660 in the ‘J’ period after which it made new highs of 30832 in the ‘K’ period almost tagging the 2 IB but saw some swift rejection here just below that trend day VWAP of 30857 as BNF retraced back falling by 150 points as it made a low of 30680 before closing around the dPOC of 30700. As in NF, BNF has also made a nice balance on the 3-day composite (view the chart here) with Value at 30548-30698-30752 and could give a move away from this balance with a downward bias for now.
- The BNF Open was a Open Auction In Range (OAIR)
- The day type was a Normal Variation Day – Up
- Largest volume was traded at 30700 F
- Vwap of the session was at 30695 with volumes of 21.3 L in a session which traded in a range of 232 points making a High-Low of 30832-30600
- The Trend Day VWAP of 08/07 at 30857 will be important reference going forward
- The settlement day Roll Over point is 31400
- The VWAP & POC of Jun Series is 30914 & 30961 respectively.
- The VWAP & POC of May Series 30211 & 28940 respectively
- The VWAP & POC of Apr Series is 30037 & 29762 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 30636-30700-30735
Hypos / Estimates for the next session:
a) BNF needs to get above 30752 & sustain for a move to 30815-825 & 30857-883
b) Immediate support is at 30710-698 below which the auction can test 30655-645 & 30590-580
c) Above 30883, BNF can probe higher to 30955 & 31011-35
d) Below 30580, lower levels of 30522-490 & 30450-440 could come into play
e) Sustaining above 31035, BNF can give a fresh move up to 31115-152 & 31210
f) Break of 30440 could trigger a move down 30399 / 30350-320 & 30275
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