Nifty Dec F:
NF opened with a small gap up staying above the Neutral Extreme reference of previous day which was a bullish start & went on to probe higher testing above the recent weekly swing high of 10974 making a high of 10982 but was confined to a very narrow range of 26 points in the first hour & when the ‘C’ period made an identical high leaving poor highs in NF, it gave a signal that either buyers were exhausted or that there is no demand at these new highs which meant that NF had to probe lower to check for responsive buyers or initiative sellers. It promptly probed lower getting back below the Open price & then broke the morning lows to enter in the gap range of 10935-10955 making a low of 10946 & was swiftly rejected from there climbing back into the IB range & then above VWAP. This test of finding out that there were no new sellers below the IBL gave the confidence to the buyers who then took the initiative & NF trended higher breaking above the IBH thus confirming a FA at 10946 & almost tagging the 2 IB target of 11008. However, the dPOC at 10974 was a prominent one so was acting like a magnet and though the afternoon dip to VWAP was defended, NF could not make new highs & ended up giving a nice Bell Profile on daily making a Neutral Centre Day. The Value formed today is higher & the close has been at the prominent dPOC so can expect a move away from here at open tomorrow.
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- The NF Open was a Open Auction Out of Range
- The day type was a Neutral Centre Day (Bell profile)
- Largest volume was traded at 10983 F
- Vwap of the session was at 10978 with volumes of just 70.8 L in a session which traded a High-Low range of 11006-10946 for a range of just 60 points
- NF left a FA today at 10946 & the 1 ATR move from this FA comes to 11065
- 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 10965-10983-10995
Hypos / Estimates for the next session:
a) Auction stays bullish above 10986
b) Objective of the move above 11000 now is 11038
c) 10960-10940 is second support and buy on dip
BankNifty Dec F:
BNF also opened with a small gap up above the spike of previous day which was a bullish open & promptly tagged the 2ATR move of 27346 from that FA of 26770 & probed higher to make a high of 27405 in the first hour but remained in a narrow range of 104 points in IB in which there was a tail of 50 points from 27350-27301. When BNF did not extend IB higher inspite of the gap up & the morning buying tail as ‘C’ period made an inside bar & ‘D’ broke below ‘C’, it signalled that there may be an inverntory break coming as most market players must have gone too long at this point. BNF broke into the buying tail of 27350 & went on to make new day lows of 27271 breaking the IBL but was swiftly rejected & got back inside IB getting resisted at VWAP but eventually got above it making new day highs of 27425 confirming a FA at 27271. BNF could not even tag the 1.5 IB extension of 27456 on the upside & finally BNF settled to close just below the combo of VWAP & dPOC of 27370 leaving a nice Gaussian profile on daily with a prominent POC which is a nice set up for a move away at tomorrow open.
- The BNF Open was a Open Auction Out of Range
- The day type was a Neutral Centre Day (Bell profile)
- Largest volume was traded at 27370 F
- Vwap of the session was at 27370 with volumes of 21 L in a session which traded a High-Low range of 27425-27271 for a range of just 154 points
- BNF confirmed a FA at 27271 today and the 1 ATR target comes to 27568
- 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 this week & completed a 1 ATR move to the upside of 27330 today
- 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 27341-27370-27392
Hypos / Estimates for the next session:
a) The BNF was Neutral and Gaussian at close
b) Pivot is at 27370 for the move tom
c) Bullish above 27370 for 27475 and 27516
d) Bearish below 27370 for 27265 and 27225
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