Nifty Dec F:
NF made a gap down open of 50 points below the supports of 10880-885 & 10865 & probed lower in the first 90 minutes breaking IBL & making a low of 10835 in the ‘C’ period which incidentally was also the VAH of the 2-day balance NF had made on 13th & 14th Dec. Post the ‘C’ period, NF made couple of small inside bars on the 30 mins unable to extend the range any further to the downside stopping the OTF (One Time Framing) down since morning & which also indicated that the sellers were doing a bad job. When the ‘F’ period broke out to the upside, it confirmed the auction reversal now to the upside & NF went on to trend higher on big ranges making a high of 10897 before it gave that customary pull back of the afternoon to check if buyers are going to defend the day’s VWAP & it was defended in style as NF made a low of 10867 & went on to resume it’s trending move to the upside making a high of 10940 & confirming a Neutral Extreme Day. NF has an extension handle at 10897 which will be important support going forward. It has singles from 10897 to 10919 and a spike close from 10920 to 10940 which will be the immediate levels to watch at open tomorrow.
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- The NF Open was a Open Auction In Range
- The day type was a Neutral Extreme Day (Up)
- Largest volume was traded at 10937 F
- Vwap of the session was at 10878 with volumes of just 80.8 L in a session which traded a High-Low range of 10940-10835 for a range of just 105 points
- 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 10863-10937-10939
Hypos / Estimates for the next session:
a) Auction stays bullish above 10900
b) Objective of the move above 10935 is 11000
c) 10860 is second support and buy on dip
BankNifty Dec F:
BNF opened with a gap down of 140 points & made a low of 26926 in the opening minute but could not go lower though it stayed below that pull back low of 26994 it had made yesterday which meant the Value was forming lower. BNF had one of the narrowest IB range of just 73 points & it remained in this range for the first half of the day making a small bell & indicating that there was a Big move coming up. The inability of the sellers to push below IBL inspite of the gap down was a first sign & the OTF (One Time Frame) up from the C period was another signal that the BNF needs to probe higher & this was confirmed when the ‘G’ period made an IBH extension & BNF went on to make a high of 27055 just below yVWAP of 27060 before giving a dip to VWAP which was defended & this added wings to the upmove as BNF just blasted away to the upside leaving an extension handle at 27055 & moving higher by 220 points in the last 75 minutes. BNF has singles from 27069 to 27211 and has a spike close at 27211 to 27278 which will be the levels to watch at open tomorrow. On the upside, it can do that 2 ATR move from that FA of 26770 which comes to 27346.
- The BNF Open was a Open Auction In Range
- The day type was a Normal Variation Day – Up (with a huge spike)
- Largest volume was traded at 27225 F
- Vwap of the session was at 27058 with volumes of 23. L in a session which traded a High-Low range of 27278-26926 for 352 points
- BNF had confirmed a multi-day FA at 26770 on 17/12 and tagged the 1 ATR target of 27058. The 2 ATR move from this FA comes to 27346
- BNF negated the FA of 27029 it left on 13/12 without tagging the 1 ATR move down & closed above it today so can do a 1 ATR move to the upside which comes to 27330
- BNF had left a FA at 26453 on 10/12 and tagged the 2 ATR target of 25927 on 11/12. It got back above this FA on 12/12 at T+2 days & completed the 2 ATR move at 26976 on the upside on 13/12. This is now important support.
- BNF had confirmed a multi-day FA on 05/12 at 26745 and tagged the 2 ATR target of 26237 on 06/12. BNF tagged & closed above this FA on 12/12 which was T+5 Days and tagged the 1 ATR move up of 26999 on 13/12
- 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 1 ATR of 25102 & has stayed above the 2 ATR of 25575
- 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
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 27041-27085-27095
Hypos / Estimates for the next session:
a) The BNF has support at 27180
b) Supply may still come at 27356 higher
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