Nifty Aug F: 11028 [ 11100 / 10935 ]
NF opened with a gap up almost 75 points but with a OH of 10999 indicating that the previous day’s sell off was more emotional and which invited lot of late shorts who were stuck & which probably caused this higher open. The auction then made a small balance in the previous day’s spike zone of 11002 to 10910 as NF made a low of 10935 in the A period & made an inside bar in the B period leaving a narrow range IB. Having confirmed no new selling in previous day’s seller’s zone, NF then made a big move in the C period leaving an extension handle at 10999 as it made a RE (Range Extension) higher almost completing the 2 IB move higher and in the process negated the Trend Day VWAP of 11043. The auction then remained inside ‘C’ in the D period after which it made fresh RE on the upside in the E period to mark new highs of 11070 and well on course to complete the 45 degree rule as the yPOC (yesterday’s POC) remained higher at 11074 inspite of price trending lower. NF then gave a dip to VWAP in the F period which was defended & this led to a small OTF (One Time Frame) probe higher over the next 4 periods as new day highs of 11100 were hit in the ‘J’ period where finally there was some swift rejection indicating return of supply and this led to the entire move from the F period being retraced as the auction reversed in a similar OTF move down and broke below VWAP marking lows of 11007 ending up with a nice balanced profile above the day’s extension handle of 10999 leaving a ‘p’ shape profile for the day. The day’s range as well as value was inside that of the previous day’s range which means that we have a nice 2 day balance (Click here to view the composite profile) and the auction has a good chance of moving away from this balance in the next session.
- The NF Open was an Open Auction In Range (OAIR)
- The day type was a Normal Variation Day – Up (‘p’ profile plus Inside Day)
- Largest volume was traded at 11044 F
- Vwap of the session was at 11030 with volumes of 129.6 L and range of 164 points as it made a High-Low of 11100-10935
- NF had confirmed a FA at 10807 on 05/08 and tagged the 2 ATR objective of 11085 on 08/08. This FA is currently on ‘T+7’ Days and is now strong positional support
- The Trend Day POC & VWAP of 13/08 at 11075 & 11043 were tagged on 14/08 but the auction could not close above them.
- The Trend Day POC & VWAP of 19/07 at 11478 & 11523 are now positional references on the upside.
- The higher Trend Day VWAP of 05/07 at 11965 is another important reference higher.
- The settlement day Roll Over point is 11315
- The VWAP & POC of Jul Series is 11575 & 11547 respectively.
- The VWAP & POC of Jun Series is 11833 & 11714 respectively.
- The VWAP & POC of May Series is 11613 & 11696 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 11016-11044-11074
Hypos / Estimates for the next session:
a) NF needs to get above 11040 & sustain for a rise to 11055-60 / 11075-85 & 11104
b) Staying below 11022-18, the auction can test 11004 / 10986 & 10970-965
c) Above 11104, NF can probe higher to 11135 & 11152-163
d) Below 10965, auction becomes weak for 10952-944 & 10925-910
e) If 11163 is taken out, the auction can rise to 11180-182 & 11205-217
f) Break of 10910 can trigger a move lower to 10890-886 / 10865 & 10844
BankNifty Aug F: 27994 [ 28149 / 27759]
BNF opened with a gap up & stayed above the HVN of 27740 as it made a low of 27759 in the A period which was an indication that sellers were no longer in control after which it made a nice balance in the IB (Initial Balance) with the B period making an inside bar right in the middle of A period. Similar to NF, the auction gave a big move higher in the C period as it left a bullish extension handle at 27935 & went on to negate previous day’s main extension handle of 28065 after which BNF made a balance above VWAP making slightly higher REs (Range Extension) but could not scale above the yVAH as it made a high of 28149 in the J period & this rejection at yVAH lead to a quick fall in the K period as the auction broke below VWAP & went on to test the IBH & morning extension handle leaving a pull back low of 27925 making a nice balance in the upper part of the day’s profile. Again like in NF, the day’s range & value both made inside bar in BNF forming a 3-1-3 profile on the 2 day composite which has a selling tail from 28490 to 28278 & the buying tail can be considered to be from 27788 to 27682 with composite Value at 27895-28013-28227. [Click here to view the composite profile.] We will need to monitor if the auction remains in this balance or gives a move away from here in the coming session(s).
- The BNF Open was an Open Auction In Range (OAIR)
- The day type was a Normal Variation Day – Up (‘p’ profile plus Inside Day)
- Largest volume was traded at 28050 F
- Vwap of the session was also at 27985 with volumes of 31 L in a session which traded in a range of 390 points making a High-Low of 28149-27759
- The Trend Day POC & VWAP of 13/08 at 27740 & 28063 are immediate references on the upside. The auction stayed above 27740 on 13/08 which is now important support.
- The Trend Day VWAP of 19/07 at 30085 is now positional supply point.
- The higher Trend Day VWAP of 18/07 & 08/07 at 30598 & 30995 remain important references going forward
- The settlement day Roll Over point is 29250
- The VWAP & POC of Jul Series is 30425 & 30586 respectively.
- The VWAP & POC of Jun Series is 30914 & 30961 respectively.
- The VWAP & POC of May Series 30211 & 28940 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 27942-28040-28122
Hypos / Estimates for the next session:
a) BNF needs to sustain above 28015 for a move to 28050 / 28115 & 28149-168
b) Staying below 28010, the auction can test 27950 / 27895 & 27840-825
c) Above 28168, BNF can probe higher to 28227 / 28278 & 28330
d) Below 27825, lower levels of 27785 / 27740-735 & 27675-660 could come into play
e) Sustaining above 28330, BNF can give a fresh move up to 28375 / 28420 & 28500
f) Break of 27660 could trigger a move down 27625-610 / 27536 & 27490-486
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