Nifty Jul F: 11604 [11665/11590]
NF opened lower around the immediate support and PDL (Previous Day’s Low) of 11645-643 and gave a move up as it tagged 11665 in the opening 5 minutes but was rejected from previous day’s Value after which it went on to make new lows at 11630 in the ‘A’ period just above the major support of 11625. The auction remained in a narrow range in the ‘B’ period making an inside bar leaving yet another narrow IB (Initial Balance) range of just 35 points. (Click here to view the profile chart for better understanding) The ‘C’ period broke above highs of ‘B’ but could only match the morning high of 11665 indicating exhaustion in the probe up or lack of new demand after which NF rotated back lower remaining in the IB while forming a balance till the ‘G’ period where there was a big spike down as 11625 was broken and new lows of 11615 was made. The auction was rejected at these new lows as it immediately got back into the IB and probed higher to get above VWAP but left a PBH (Pull Back High) at 11655 in the ‘I’ period from where it made another attempt to break below the IBL but was unable to break that support of 11625. NF continued to form the balance it was making inside the IB as it got above VWAP again in the ‘K’ period and tagged 11654 but was not able to get past the earlier PBH of 11655 and these poor highs yet again in the day at a lower level reinforced the fact that there was no new demand coming in & the auction was struggling to move higher and this led to a inventory adjustment move in the last 45 minutes as the auction spiked lower making new lows for the day at 11590. Spike Rules will be in play for the next session and the spike zone is from 11625 to 11590.
- The NF Open was a Open Auction (OA)
- The day type was a Normal Variation Day – Down (with a spike close)
- Largest volume was traded at 11637 F
- Vwap of the session was at 11638 with volumes of 76.5 L and range of 75 points as it made a High-Low of 11665-11590
- NF broke and closed below the support of 11625. The higher Trend Day VWAP of 05/07 at 11908 remains important reference on the upside.
- 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 11625-11637-11660
Hypos / Estimates for the next session:
NF hypos for next session
a) NF has immediate resistance at 11615-622 zone above which could rise to 11637 & 11658
b) Immediate support is at 11592-589 below which the auction can test 11574-561 & 11540
c) Above 11658, NF can probe higher to 11678-685 & 11705-710
d) Below 11540, auction becomes weak for 11523-515 & 11493
e) If 11710 is taken out, the auction can rise to 11743 & 11770
f) Break of 11493 can trigger a move lower to 11473 & 11457-430
BankNifty Jul F: 30449 [30745/30410]
BNF opened with a gap down of 50 points and probed higher to tag the yPOC of 30740 as it made a high of 30745 in the first 5 minutes but was rejected from there as it gave a drive down on low volumes to mark new lows 30613 in the ‘A’ period which was the start of previous day’s buying tail but staying below the POC of a ‘p’ profile the auction looked weak. The ‘B’ period then made an inside bar but stayed below VWAP to leave a narrow IB range of just 132 points. (Click here to view the profile chart for better understanding) BNF got above VWAP in the ‘C’ period but was rejected leaving a PBH (Pull Back High) at 30684 and this rejection re-confirmed the weakness and BNF proceeded to then trend lower all day to give a slow Trend Day down as it made lows of 30410 taking support at previous week’s lows before closing at the HVN of 30448. The auction had left 2 more PBHs at 30558 & 30591 in the ‘L’ & ‘K’ periods respectively which along with today’s VWAP of 30575 will be the important zone to be taken out on the upside in the coming session(s).
- The BNF Open was a Open Test Drive – Down (OTD) on lower volumes
- The day type was a Trend Day – Down
- Largest volume was traded at 30546 F
- Vwap of the session was at 30575 with volumes of 21.1 L in a session which traded in a range of 334 points making a High-Low of 30745-30410
- The Trend Day VWAP of 18/07 & 08/07 at 30575 & 30857 respectively will be important references 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 30477-30546-30662
Hypos / Estimates for the next session:
BNF hypos for next session
a) BNF needs to stay above 30475 for a move to 30527 & 30575-613
b) Immediate support is at 30425-390 below which auction can test 30338-320 & 30275
c) Above 30613, BNF can probe higher to 30665-690 & 30762-792
d) Below 30275, lower levels of 30210-170 & 30120 could come into play
e) Sustaining above 30792, BNF can give a fresh move up to 30857-883 & 30935
f) Break of 30120 could trigger a move down 30080/ 30017-29977 & 29935
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