Nifty Jul F: 11579 [11600/11515]
NF opened higher giving a gap up of almost 40 points and went on to tag 11599 at open where it got rejected to get back into the composite Value it was forming over the past 4 days (details in previous report) as it initiated a 80% Rule probing lower for the first 4 periods & completing the 80% Rule as well as tagging the 1.5 IB extension lower of 11520 in the ‘D’ period where it made a low of 11515. (Click here to view the profile chart for better understanding) The auction however did not any new supply at the lower levels which indicated that it is still not ready to move away from this composite and therefore the PLR (Path of Least Resistance) was now to the upside for a reverse 80% Rule as NF then made a slow probe higher and eventually completed the entire composite Value stalling at exactly the VAH of 11588 in the ‘L’ & ‘M’ periods to give a balanced profile for the day with Value being completely inside previous day’s Value. The composite has now extended to 5 days & the Value is 11515-11576-11588 (view the chart here) as NF closed around the POC so unless we get a move away from this POC on the upside in the coming session, the auction is most likely to remain in this composite giving a probe lower towards the VAL.
- The NF Open was a Open Auction In Range (OAIR)
- The day type was a Normal Variation Day (Down)
- Largest volume was traded at 11577 F
- Vwap of the session was at 11555 with volumes of 65.1 L and range of 85 points as it made a High-Low of 11600-11515
- The Trend Day VWAPs of 05/07 & 08/07 at 11908 and 11624 respectively were tagged on 12/07 but auction closed below hence are still important references.
- The settlement day Roll Over point is 11915
- The VWAP & POC of Jun Series is 11833 & 11714 respectively.
- The VWAP & POC of May Series is 11613 & 11696 respectively.
- The VWAP & POC of Apr Series is 11641 & 11592 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 11545-11577-11584
Hypos / Estimates for the next session:
a) NF needs to get above 11592-610 for a move to 11633-643 & 11665
b) Staying below 11555, the auction can test 11523-515 & 11493
c) Above 11665, NF can probe higher to 11682-685 & 11705-710
d) Below 11493, auction becomes weak for 11473-465 & 11445-430
e) If 11710 is taken out, the auction can rise to 11743 & 11770-773
f) Break of 11430 can trigger a move lower to 11396-390 & 11370
BankNifty Jul F: 30456 [30700/30323]
BNF also opened higher giving a gap up of almost 100 points tagging previous week’s HVN of 30698 but got rejected from there to give a Open Test Drive down as it moved away from the composite Value of the previous 4 days leaving a selling tail from 30548 to 30700. The auction continued to probe lower post IB (Initial Balance) in the ‘C’ & ‘D’ periods as it made lows of 30337 almost tagging the 1.5 extension. (Click here to view the profile chart for better understanding) BNF continued to remain weak as it started to balance below VWAP post the ‘D’ period and in fact made a new low of 30323 in the ‘G’ period but was unable to extend lower for the remaining part of the day forming a ‘b’ profile with lower Value but closed around the VAH. BNF has immediate resistance at 30495 & above it 30550 which it needs to scale for any probe higher & stays weak below 30450 for lower levels in the days to come.
- The BNF Open was a Open Test Drive – Down (OTD)
- The day type was a Normal Variation Day – Down
- Largest volume was traded at 30450 F
- Vwap of the session was at 30441 with volumes of 20.8 L in a session which traded in a range of 376 points making a High-Low of 30700-30323
- The Trend Day VWAP of 08/07 at 30857 will be important reference going forward
- The settlement day Roll Over point is 31400
- The VWAP & POC of Jun Series is 30914 & 30961 respectively.
- The VWAP & POC of May Series 30211 & 28940 respectively
- The VWAP & POC of Apr Series is 30037 & 29762 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 30375-30450-30489
Hypos / Estimates for the next session:
a) BNF needs to get above 30495 & sustain for a move to 30548-560 & 30630-640
b) Immediate support is at 30400-390 below which the auction can test 30338-320 & 30275
c) Above 30640, BNF can probe higher to 30685-698 & 30760-790
d) Below 30275, lower levels of 30210-170 & 30120 could come into play
e) Sustaining above 30790, BNF can give a fresh move up to 30840-883 / 30935 & 31015-35
f) Break of 30120 could trigger a move down 30085-80/ 30017-29977 & 29935
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