Nifty May F: 14710 [ 14842 / 14663 ]
NF made an Open Drive Down from previous VAL on just above average volumes as it made an OH (Open=High) start at 14842 and left an initiative selling tail in the Initial Balance from 14775 to 14842 and contiued to probe lower till the ‘E’ period where it hit 14706 signalling the end of the leg lower as the ‘F’ period went on to scale above the day’s VWAP for the first time since open triggering a short covering move over the next 3 periods as the late shorts ran for cover and the auction got into the morning singles hitting a high of 14808 in the ‘I’ period where the big supply started to come back as NF confirmed a Pull Back High there and made a fresh probe to the downside spiking lower to 14662 in the ‘L’ period. The new lows however was swiftly rejected as the auction bounced back to 14725 into the close leaving a well balanaced 3-1-3 profile for the day but with Value completely lower for the second consecutive day, the PLR (Path of Least Resistance) remains to the downside for the coming session for a probable move towards the VPOC of 14614 and previous week’s VAL of 14567 and the break of which could open up the weekly VPOC of 14420. On the upside, NF would need to sustain above 14728 above which the supply points to watch would be 14765 & 14808.
- The NF Open was a Open Drive – Down (OD on lower volumes)
- The Day type was a Normal Variation Day – Down (‘3-1-3’ profile)
- Largest volume was traded at 14752 F
- Vwap of the session was at 14751 with volumes of 118.1 L and range of 179 points as it made a High-Low of 14842-14663
- The settlement day Roll Over point (May) is 14925
- The VWAP & POC of Apr Series is 14576 & 14375 respectively.
- The VWAP & POC of Mar Series is 14816 & 14737 respectively.
- The VWAP & POC of Feb Series is 14893 & 15115 respectively.
- Value zones (volume profile) are at 14713-14752-14775
HVNs – 14606 / 14678 / 14738* / 14896 / 14976
BankNifty May F: 32520 [ 32817 / 32423 ]
BNF opened with a gap down and remained below 32820 (mentioned in previous report) as it made an OTF (One Time Frame) probe lower till the ‘E’ period hitting new lows for the week at 32448 but the ‘F’ period signalled the end of the OTF with a move above VWAP which led to a small bounce to 32788 in the ‘G’ period after which the auction remained in a narrow range forming a nice Gaussian profile for the day but gave a mini spike lower in the ‘L’ period where it made marginal new lows for the day at 32423 tagging the HVN of 32428 (from 4th May). Value for the day was once again lower with a prominent POC at 32706 which along with today’s VWAP of 32635 would be the important references on the upside in the coming session(s). BNF would continue to remain weak below 32470 for a move towards 32007 & the weekly VPOC of 31710.
- The BNF Open was a Open Auction (OAOR)
- The Day type was a Normal Variation Day – Down (Gaussian profile)
- Largest volume was traded at 32706 F
- Vwap of the session was at 32635 with volumes of 42.3 L and range of 394 points as it made a High-Low of 32817-32423
- BNF confirmed a FA at 33599 on 30/04 and tagged the 2 ATR objective of 31825 on 03/05. This FA has not been tagged and is now a positional supply point.
- The settlement day Roll Over point (May) is 33765
- The VWAP & POC of Apr Series is 33260 & 32490 respectively.
- The VWAP & POC of Mar Series is 34618 & 33870 respectively.
- The VWAP & POC of Feb Series is 35530 & 35820 respectively.
- Value zones (volume profile) are at 32561-32706-32758
HVNs – 32423 / 32615 / 32927*
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