Nifty May F:
NF broke below PDL (Previous Day Low) at open making a low of 11138 but was immediately rejected and stayed above 11155 indicating that demand is coming in at lows & absorbing all the supply. The auction made a IB range of just 47 points and continued to make a balance in the IB till the ‘H’ period when it made a range extension to the upside. (Click here to view the profile chart for better understanding) The auction then changed character to trend higher as it left an extension handle at 11196 to give a huge rise till the ‘K’ period as it not only completed the 3 IB move higher but went on to tag the FA & PDH of 11328 while making a high of 11338. However, NF was once again rejected from these highs as it made a big retracement in the ‘L’ period almost tagging that extension handle leaving a pull back low at 11202 and gave a bounce to close at 11241 leaving an elongated profile along with an outside bar on daily which means more of these 2 sided moves can be expected in the next session.
- The NF Open was a Open Rejection Reverse – Up (ORR)
- The day type was a Normal Variation Day – Up (3 IB)
- Largest volume was traded at 11167 F
- Vwap of the session was at 11215 with the highest volumes of this series so far at 135.5 L in a session of 200 points trading in a High-Low range of 11338-11138
- NF confirmed a new FA at 11328 on 13/05 and tagged the 1 ATR move of 11207. This FA got tagged today at ‘T+1‘ Day
- NF confirmed a FA at 11695 on 06/05 and has tagged the 2 ATR target of 11480. This FA has not been tagged & is now strong resistance
- NF confirmed a FA at 11376 on 10/05 and almost tagged the 2 ATR of 11143. This FA is on ‘T+3’ Days
- NF confirmed a FA at 11397 on 09/05 and the tagged 2 ATR move lower at 11165. This FA is on ‘T+4’ Day
- The settlement day Roll Over point is 11722
- The VWAP & POC of Apr Series is 11641 & 11592 respectively.
- The VWAP & POC of Mar Series is 11327 & 11448 respectively.
- The VWAP & POC of Feb Series is 10830 & 10856 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 11147-11167-11261
Hypos / Estimates for the next session:
a) NF has immediate resistance at 11258-265 above which it can probe higher to 11285-295 & 11328-330
b) Staying below 11250 at open, NF can test 11230 & 11202-196
c) Above 11330, the auction can move higher to 11349-358 & 11373-376
d) Below 11195, NF could test levels of 11175-167 & 11145-143
e) If 11376 is taken out, higher levels of 11397 & 11419 could come into play
f) Break of 11143 can bring lower levels of 11129 & 11109
BankNifty May F:
BNF gave an ORR (Open Rejection Reverse) start as it made a new weekly low of 28700 at open but got swiftly rejected to get back into previous day’s range leaving a small buying tail from 28761 to 28700 and was forming a ‘p’ shape profile for the first part of the day as it stayed in a narrow IB range of just 140 points though a ‘D’ period range extension to the upside was rejected. (Click here to view the profile chart for better understanding) The auction then attempted to probe lower in the ‘G’ period as it tested the buying tail making a low of 28737 but was again rejected confirming that there was demand coming in at lower levels. BNF then made a fresh range extension to the upside in the ‘H’ period & trended higher as it got above the FA of 29080 in the ‘J’ period and not only completed the 3 IB range extension of 29120 but went on to make highs of 29198 in the K period when finally this imbalance to the upside seemed to be stalling. BNF then broke below 29080 which confirmed that the auction has now changed direction and BNF went on to retrace the entire move to the upside as it made a low of 28810 in the ‘L’ period where it was met with rejection after which it closed at 28918 leaving an outside bar on the daily with Value overlapping to lower.
- The BNF Open was a Open Rejection Reverse – Up (ORR)
- The day type was a Normal Variation Day – Up (3 IB)
- Largest volume was traded at 28800 F
- Vwap of the session was at 28911 with volumes of 31.7 L in a session which traded a High-Low range of 29198-28700 for a range of 498 points
- BNF confirmed a FA at 29080 on 13/05 and the 1 ATR move down comes to 28675. This FA got negated today at ‘T+1’ Day.
- BNF confirmed a FA at 29418 on 08/05 & has tagged the 1 ATR move of 29000 . The 2 ATR move down from this FA comes to 28581
- BNF confirmed a weekly FA at 29945 on 07/05. The 1 ATR move down of 29136 was tagged on 08/05. The 2 ATR move lower comes to 28327
- The settlement day Roll Over point is 29760
- The VWAP & POC of Apr Series is 30037 & 29762 respectively.
- The VWAP & POC of Mar Series is 29061 & 29778 respectively.
- The VWAP & POC of Feb Series 27042 & 26978 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 28701-28800-28991
Hypos / Estimates for the next session:
a) BNF has immediate supply at 28984-997 above which it can probe higher to 29048 & 29112-125
b) Immediate support is at 28910 which if broken can bring a move lower to 28860-832 & 28760-736
c) Above 29125, the auction tag higher levels of 29176-200 & 29280
d) Below 28736, BNF gets weak and could test 28660-632 & 28580-556
e) If 29280 is taken out, BNF could climb higher to 29360-364 & 29419-445
f) Break of 28556 can bring lower levels of 28436-418 & 28376
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