Nifty Jan F:
NF at open gave a swift move away from the yPOC of the ‘b’ profile signalling a Open Test Drive though the volumes did not indicate presence of any OTF (other time frame) player. The auction not only sustained below previous day’s Value but went on to first break previous day’s low of 10772 & then broke below previous week’s low of 10758 also tagging the weekly HVN of 10755. NF made a relatively bigger IB range of 75 points which was broken immediately as NF made a low of 10740 but gave a pull back from there which got resisted at VWAP after which the auction again turned lower & went on to make new lows for the day at 10720. The volumes inspite of this move lower were still well below average which meant that there were no new sellers coming in and the second part of the day went on to retrace the fall as NF trended higher into the close from the ‘H’ period giving a perfect ‘b’ shaped profile with a selling tail from 10780 to 10820 closing just above the POC of 10760 which will be the level to watch for tomorrow.
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- The NF Open was a Open Test Drive Down(but on low volumes)
- The day type was a Normal Variation Day (‘b’ shape Profile)
- Largest volume was traded at 10760 F
- Vwap of the session was at 10755 with very low volumes of just 75.5 L in a session which traded a High-Low range of 10820-10720 for a range of 99 points
- NF had left a FA at 10678 on 04/01 and tagged the 1 ATR move of 10803 & closed above it. The 2 ATR target comes to 10928.
- NF had left a FA at 10580 on 26/12 & completed the 2 ATR move up to 10862. This FA has not been tagged since the & is now strong support
- The VWAP & POC of Dec Series 10796 & 10741 respectively
- The VWAP & POC of Nov Series 10480 & 10580 respectively. It tagged the VWAP on 11/12 but closed above it
- The VWAP & POC of 31/10 10250 & 10248 will be important levels going forward
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 10744-10760-10774
Hypos / Estimates for the next session:
a) NF will be weak below 10760 to test 10740 & 10720
b) Sustaining above 10760, NF can probe higher to tag 10780 & 10805
c) NF has good resistance at 10818-820 & if gets above that & sustains can probe higher to 10840-845 & 10866
d) Below 10720, NF gets weak for a probe down to 10705 and 10678
BankNifty Jan F:
BNF opened with a gap down of 100 points & got rejected as it tried to move higher into previous week’s Value leaving a high of 27490 at open after which it probed lower tagging the 1 ATR move down of 27435 & the VPOC of 27420 after which it went on to break the support of 27344 making a low of 27320 in the first hour leaving a relatively large IB and with the volumes being on the lower side meant there is limited downside. BNF did break the IBL & make a new low of 27301 in the ‘F’ period but was immediately rejected back into the IB getting above VWAP & giving a pull back high of 27416 in the ‘I’ period before making a balance giving a smooth ‘b’ profile for the day. BNF closed at the prominent POC of 27355 which had all the TPOs of the day except ‘F’ which has left a probable multiday FA at lows if BNF can get back above today highs in the coming session. BNF formed lower Value for the day & has a selling tail from 27416 to 27502 which will be the first resistance zone to watch if BNF manages to stay above 27355.
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- The BNF Open was a Open Auction Out of Range plus Drive Down on low volumes
- The day type was a Normal Variation Day (‘b’ shape Profile)
- Largest volume was traded at 27355 F
- Vwap of the session was at 27360 with the lowest volumes of the series so far at just 19.9 L in a session which traded a High-Low range of 27490-27301 for a range of 189 points
- BNF confirmed a multi-day FA at 27784 today and tagged the 1 ATR move to the downside of 27453 and closed below it. The 2 ATR move down comes to 27130
- The VWAP & POC of Dec Series 26713 & 26832 respectively
- The VWAP & POC of Nov Series 25686 & 26218 (Spot) respectively
- 31st October’s VWAP of 24895 & POC of 24900 will be important levels going forward
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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 27337-27355-27385
Hypos / Estimates for the next session:
a) BNF closed around the prominent POC of 27355 and could give a move away at the open
b) Above 27355, the auction can probe higher to 27415 & 27490
c) Sustaining below 27355, BNF can probe lower to tag 27300-290 & 27205
d) Above 27490, BNF can probe higher to 27560 & 27620
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