NF opened with a gap up of almost 120 points right at the weekly reference of 17165 and even went on to make a swipe higher to 17203 but was swiftly rejected as it not only broke below the day’s VWAP but went on to make new lows for the day at 17101 in the IB confirming an A period selling tail from 17160 to 17203.
The C side then made an attempt to get into this tail but failed triggering an One Time Frame probe lower till the G period as the auction got back into previous value triggering the 80% Rule and promptly tagged the yPOC of 17033 while making a low of 17020 but ended up leaving similar lows in the H TPO indicating exhaustion to the downside.
More confirmation of the PLR (Path of Least Resistance) changing came in the next 2 TPOs as NF probed higher scaling above VWAP for the first time post IB in the J period making another attempt to enter the A period tail but could only manage to hit 17166 triggering a sharp drop in the K TPO down to 17074 holding above the afternoon’s SOC (Scene Of Crime) at 17060.
The auction then forced a short squeeze in the closing TPOs of L & M where it finally got back above 17165 & went on to form marginal new highs for the day at 17208 but could not close at the extreme leaving a Neutral Day with completely higher Value whereas on the larger timeframe NF has formed a nice 4-day balance with the composite Value at 17062-17123-17228 and remains to be seen if it continues in the same or makes a move away from here in the coming session(s). (Click here to view the 4-day composite on Vtrender Charts)
Click here to view the latest profile in NF on Vtrender Charts
- The NF Open was an Open Auction (OA)
- The Day Type was a Neutral Day (NeuD)
- Largest volume was traded at 17156 F
- Vwap of the session was at 17131 with volumes of 120.3 L and range of 189 points as it made a High-Low of 17208-17020
- The settlement day Roll Over point (Mar 2023) is 17635
- The VWAP & POC of Feb 2023 Series is 17717 & 17839 respectively.
- The VWAP & POC of Jan 2023 Series is 17923 & 18132 respectively.
- The VWAP & POC of Dec 2022 Series is 18337 & 18584 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 17104-17156-17196
(These are the actionable levels to watch out where we can initiate fresh trades based on getting further confirmation from the OrderFlow )
BankNifty Mar F: 39740 [ 39847 / 39136 ]
BNF not only opened higher by more than 250 points but similar to NF made a swipe higher to 39800 where it was swiftly rejected as it formed an One Time Frame probe lower for the first half of the day making a low of 39136 tagging previous session’s HVN of 39150 but stopping just above the PBL of 39120.
The auction then not only stopped the downside imbalance but reversed the OTF to the upside into the close even making couple of RE’s to the upside in the L & M TPOs as it tagged the weekly VWAP of 39839 while making a high of 39847 leaving a Neutral Extreme Day Up.
The larger timeframe in BNF is also seeing a balance being formed as the 4-day composite chart given below confirms and has Value forming at 39187-39631-39745 hence will need confirmation of initiative volumes in the coming session(s) to signal a move away from here. (Click here to view the 4-day composite on Vtrender Charts
Click here to view the latest profile in BNF on Vtrender Charts
- The BNF Open was an Open Auction (OA)
- The Day Type was a Neutral Day (NeuD)
- Largest volume was traded at 39390 F
- Vwap of the session was at 39471 with volumes of 53.1 L and range of 710 points as it made a High-Low of 39847-39136
- BNF confirmed a FA at 41765 on 09/03 & completed the 2 ATR objective on the downside of 40732 on 10/03. This FA is currently on ‘T+6’ Days.
- The settlement day Roll Over point (Mar 2023) is 40365
- The VWAP & POC of Feb 2023 Series is 40880 & 41462 respectively.
- The VWAP & POC of Jan 2023 Series is 41965 & 42320 respectively.
- The VWAP & POC of Dec 2022 Series is 43030 & 43128 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 39180-39390-39582
(These are the actionable levels to watch out where we can initiate fresh trades based on getting further confirmation from the OrderFlow )
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