Nifty Nov F:
We had another gap up in NF today and volumes also looked good at open & it probed higher to make a high of 10680 but then volumes dipped & VWAP was broken indicating lack of demand and that led NF to get back into previous day range & tag the yVAL of 10585 after which it gave a bounce back to test the morning singles of 10646-10680 but was again rejected from there to make new day lows at 10551 just above yesterday’s extension handle of 10549 which was again defended by buyers as NF formed a small tail at lows too and got back to VWAP to close at the dPOC. We have a selling tail at 10655-10680 & a buying tail at 10567-10551 and a nice balance in between giving a 3-1-3 profile on daily with Value overlapping & higher.
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- The NF Open was a Open Rejection Reverse (Down)
- The day type was a Normal Variation Day (3-1-3 profile)
- Largest volume was traded at 10597 F
- Vwap of the session was at 10614 with volumes of 120 L in a session which traded a High-Low range of 10680-10551 for 129 points
- The vwap of 29/10 at 10175 is strong support now which was broken intraday but re-captured
- We had a FA at 10111 on 31/10 which has done its 2 ATR objective & is now strong support
- The VWAP & POC of 31/10 10250 & 10248 will be important levels going forward
For the weekly and other swing levels of the Nifty go to – https://vtrender.in/monthly-and-weekly-charts-analysis(has monthly and weekly Profile charts updated to trade date 09/11)
Daily Zones:
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- Value zones (volume profile) are at 10585-10597-10643
Hypos / Estimates for the next session:
a) supply at 10670 seen today and is confirmed as supply along with 10640 lower
b) NF tested 10550 which saw some RB
c)Broader auction continues as a range
BankNifty Nov F:
BNF had a relatively big gap up of 150 points today and if went on to make a high of 26043 before reversing & then broke vwap to go on & test the previous day high of 25855 in the first hour where it took support and again reversed getting above vwap & making new high of the day at 26080 but did not sustain above IBH & then broke vwap to make new lows for the day at 25811 confirming a FA today at 26080. It made a swift bounce back from the new lows to again tag today’s HVN of 26020 before closing at the prominent POC of 25950 thereby giving a Neutral Centre Day and a 3-1-3 profile with small tail at both ends. We have back to back FA’s in BNF, while yesterday we had a FA at lows at 25429 which was on way to its 2 ATR move of 26230 if not for the FA we got today at highs. Below 25850, BNF gets into the smooth composite bell it had made in the past few days so can tag the POC of that composite at 25755 & the VAL at 25650 which will also hit the 1 ATR target from today’s FA at 25682. On the other hand if BNF moves higher tomorrow at open then 26030 & the FA of 26080 will be in focus & any move them can mean BNF is on path first to the 2 ATR target of the earlier FA at 26230 & then can do the 1ATR up from today’s FA which comes to 26475. Either ways, we can expect a higher range weekly expiry day tomorrow in BNF.
- The BNF Open was an Open Auction Out of Range (OAOR)
- The day type was a Neural Centre Day (3-1-3 Profile)
- Largest volume was traded at 25950 F
- Vwap of the session was at 25965 with volumes of 44.7 L in a session which traded a High-Low range of 26080-25811 for 269 points
- BNF has left a FA today at 26080 and the 1ATR target from there is 25682
- BNF had left a FA on 13/11 at 25429 and has tagged the 1ATR from there at 25833
- BNF has stayed above the vwap of 17/10 which was 25500 and is now support
- We had a FA at 24625 on 31/10 which has completed 1ATR of 25102 & has stayed above the 2ATR of 25575
- another FA we had on 30/10 of 25214 is now support
- 31st October’s VWAP of 24895 & POC of 24900 will be important levels going forward
For the weekly and other swing levels of the Bank Nifty go to – https://vtrender.in/monthly-and-weekly-charts-analysis/(The BN Monthly and BN weekly F charts are posted at the same link)
Daily Zones:
- Value zones ( volume profile) are at 25920-25950-26030
Hypos / Estimates for the next session:
a) auction was a neutral center with an FA at 26080 which is short term supply
b) weakness is below 25940 only
c)Broad 2 way balance in the multi day Time Frame
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