Nifty Mar F:
NF gave a freak open-low tick of 11202-11101 which was to be ignored as there were no volumes below 11302 making it an OAIR start to the day & as NF stayed above the yPOC, the auction began to probe higher as it made a high of 11347 in the ‘A’ period which was followed by a probe above PDH (Previous Day High) in the ‘B’ period as NF tagged 11363 and was immediately rejected back as ‘B’ period closed at lows confirming a small selling tail from 11348 to 11363. (Click here to view the profile chart for better understanding) The auction continued to probe lower in the ‘C’ period as it made a low of 11313 but was not able to tag yVWAP of 11305 or yPOC of 11298 indicating that the downside is limited and the auction could balance till the morning selling tail is not negated. NF then probed higher in the ‘D’ period but was not able to get above yVAH of 11340 around where it made highs in the ‘E’ & ‘F’ periods also leaving 3 TPOs at the same level. The ‘G’ period made a lower high & made an unsucessful attempt to break below lows of ‘F’ which left poor lows similar to what the auction did yesterday and this triggered a upside move as NF probed higher in the next 3 periods as it first got above yVAH in the ‘H’ period and then moved into the morning selling tail in the ‘I’ period making new day high of 11369 and followed it up by another new high of 11375 in the ‘J’ period but the range contracted hinting at exhaustion in the upmove. The ‘K’ period then gave a pull back low 11346 and this intent to stay previous day’s Value meant that the upside probe for the day may not yet be done which got confirmed in the ‘L’ period as NF made new highs of 11388 but saw swift rejection as it came down & took support at PDH of 11352. The last 15 minutes then stayed inside ‘L’ leaving a small tail at top from 11375-11388 as NF made overlapping to higher Value for the day giving a Normal Variation Day which was also a 3-1-3 profile if we ignore the freak ticks of the open.
- The NF Open was a Open Auction In Range (OAIR)
- The day type was a Normal Variation Day (Up)
- Largest volume was traded at 11330 F
- Vwap of the session was at 11344 with volumes of 94.6 L in a session which traded a High-Low range of 11388-11302 for a range of 87 points
- NF re-confirmed the FA at 11033 on 08/03 and tagged the 2 ATR move of 11147. This FA is currently on ‘T+4‘ days
- The Trend Day VWAP & POC of 11/03 at 11165 & 11170 will now be the immediate support levels for the series.
- The Trend Day VWAP & POC of 05/03 at 10946 & 10934 will be important levels for the series.
- The VWAP & POC of Feb Series is 10830 & 10856 respectively.
- The VWAP & POC of Jan Series is 10795 & 10823 respectively.
- The VWAP & POC of Dec Series is 10796 & 10741 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 11314-11330-11362
Hypos / Estimates for the next session:
a) NF needs to sustain above 11375 for a move to 11390 and 11403
b) Immediate support is at 11352-346 below which NF can test 11330 & 11312
c) Above 11403, the auction can probe higher to tag the HVN of 11430 & 11455
d) Below 11312, NF can probe lower to 11298 & 11274
BankNifty Mar F:
BNF opened in the previous day’s spike & took support above the extension handle of 28419 indicating that the PLR is still to the up and the imbalance could continue as the auction then probed higher after making a low of 28436 to get above PDH as it made a high of 28648 in the ‘A’ period. BNF continued to rise higher making a high of 28715 in the ‘B’ period leaving a huge IB range of 279 points which was double of the normal IB range. (Click here to view the profile chart for better understanding) This called for a balance and the auction probed lower in the ‘C’ period making a low of 28556 after which it made a slow rotation to the upside over the next 5 periods as it moved towards the IBH to finally close above the IBH in the ‘H’ period making a new high of 28737. This triggered a fresh move to the upside in the ‘I’ period and BNF trended higher in the next 2 periods doubling the IB range as it made a high of 28998 in the ‘J’ period. The auction then consolidated & made a balance as it remained within the ‘J’ period to leave a Double Distribution Trend Day Up with the dPOC also shifting higher to 28928.
- The BNF Open was a Open Auction Out In Range (OAIR)
- The day type was a Double Distribution Trend Day – Up
- Largest volume was traded at 28928 F
- Vwap of the session was at 28744 with volumes at 37.9 L in a session which traded a High-Low range of 28998-28436 for a range of 562 points
- The Trend Day VWAP of 05/03 of 27380 will be important level for the series.
- The VWAP & POC of Feb Series 27042 & 26978 respectively
- The VWAP & POC of Jan Series 27236 & 27514 respectively
- The VWAP & POC of Dec Series 26713 & 26832 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 28648-28928-28980
Hypos / Estimates for the next session:
a) Staying below 28924 at open, the auction can test 28845 & 28737
b) BNF needs to stay above 28930 for a move higher to 29000
c) Below 28735, BNF can probe lower to the HVN of 28636 and 28556
d) Above 29000, BNF can move higher to 29100 & 29175
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