Nifty Jun F:
NF made a high of 11730 along with a freak low of 11670 in the opening minute which it tested again as it made a new low of 11668 to check for volumes there and what seemed like a Open Drive Down in the first 15 minutes settled into an OAIR (Open Auction In Range) as the ‘A’ period closed around the highs. (Click here to view the profile chart for better understanding) This rejection of lower prices then led to a OTF (One Time Frame) move up in NF as it went on to leave an extension handle at 11730 along with a buying tail from 11712 to 11668 once the IB (Initial Balance) got over. The auction did meet supply again in the selling tail of 11780 to 11838 of 17th June in the ‘E’ period which was an outside bar & left the first pull back low of 11737 taking support above the morning extension handle which re-confirmed that the PLR (Path of Least Resistance) is to the upside. NF then made a high of 11790 in the ‘H’ period falling just short of the 1.5 IB extension and gave the second pull back low of 11753 in the ‘I’ period which was also the IBH (Initial Balance High) which was an indication that this could well be the afternoon pull back of the developing Trend Day. The auction then made multiple range extensions into the close probing higher and negated that selling tail (11780 to 11838) completely as it left another extension handle late in the day at 11807 making a high of 11863 in the ‘M’ period. NF has made a second attempt in 2 days to move away from that balance it was forming this week and is looking good to continue this imbalance to the upside till the time it stays above the Value of the composite which is now at 11678-11724-11781 (you can check the composite profile here)
- The NF Open was a Open Auction In Range (OAIR)
- The day type was a Trend Day – Up
- Largest volume was traded at 11760 F
- Vwap of the session was at 11764 with volumes of 119.6 L making a range of 195 points as it made a High-Low of 11863-11668
- The settlement day Roll Over point is 11980
- The VWAP & POC of May Series is 11613 & 11696 respectively.
- The VWAP & POC of Apr Series is 11641 & 11592 respectively.
- The VWAP & POC of Mar Series is 11327 & 11448 respectively.
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 11692-11760-11812
Hypos / Estimates for the next session:
a) NF has immediate resistance at 11868 above which it could tag 11884-895 & 11910-922
b) Staying below 11868, the auction could test 11848 & 11830-820
c) Above 11925, NF could probe higher to 11939-950 & 11965-979
d) Below 11820, lower levels of 11800-792 & 11778 could be tagged
e) Above 11980, the auction can rise to 11998-12005 & 12025-30
f) Break of 11778 can trigger a move lower to 11760 & 11740
BankNifty Jun F:
BNF also made a similar start as NF to probe lower for the first part of the ‘A’ period as it made a low of 30276 but went on to close the first period at highs indicating that the auction wants to check on the upside and went on to confirm an extension handle at 30445 as it left poor highs at 30526 in the ‘B’ & ‘C’ periods. (Click here to view the profile chart for better understanding) The auction then made a range extension in the ‘D’ period and followed it up by another set of poor highs this time at 30580 in the ‘E’ period as it looked exhausted and gave a pull back at 30470 & consolidated in the ‘F’ period making an inside bar after which it made fresh range extensions to the upside repairing the poor highs with a new high at 30629. BNF then gave that afternoon pull back in the ‘I’ period making a higher low of 30490 which set the move up for a trending close as the auction rose by more than 300 points in the next 3 periods making a high of 30809 in the ‘L’ period as it negated last Friday’s extension handle of 30700 leaving a Trend Day Up and in the process looks like leaving a weekly extension handle at 30663 which will be the immediate support to watch for in case of any dip. The Value of the composite of this week so far is 30290-30390-30553 (you can check the profile here)
- The BNF Open was a Open Auction In Range (OAIR)
- The day type was a Trend Day – Up
- Largest volume was traded at 30770 F
- Vwap of the session was at 30553 with volumes at 33.9 L in a session which traded a High-Low range of 30809-30276 for a range of 533 points.
- The settlement day Roll Over point is 31644
- The VWAP & POC of May Series 30211 & 28940 respectively
- The VWAP & POC of Apr Series is 30037 & 29762 respectively.
- The VWAP & POC of Mar Series is 29061 & 29778 respectively.
For the Monthly charts & other swing levels for BankNifty & BNF click here & for the weekly charts & analysis, please click here.
Daily Zones:
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- Value zones (volume profile) are at 30502-30770-30803
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Hypos / Estimates for the next session:
a) BNF needs to sustain above 30768 for a move to 30825 / 30875-885 & 30920
b) Staying below 30765, the auction can test 30726-698 / 30614 & 30562-548
c) Above 30920, the auction can probe higher to 30990-31010 & 31060-90
d) Below 30548, BNF can fall lower to 30490-470 & 30405-395
e) Sustaining above 31090, BNF can give a fresh leg up to 31141-150 & 31240-290
f) Break of 30395 could trigger a move down 30320 & 30275-210
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