Nifty May F:
NF opened at 11651 with a huge gap up of 225 points and probed higher as it made a high of 11700 and as expected there was a lot of long liquidation seen as NF dropped by almost 100 points making a low of 11601 in the ‘A’ period. The ‘B’ period however gave a OL (Open=Low) start which meant that the demand was getting back and the auction went on make new highs at 11712 in the ‘B’ period giving a big range of 111 points in the IB (Initial Balance). (Click here to view the profile chart for better understanding) NF then consolidated during the next 3 periods as it attempted a ‘C’ period range extension but considering the huge imbalance it had made, it was only apt that the auction balanced for a while before making the next move and it left a pull back low at 11680 just above VWAP which meant that the buyers were still in control of the auction. NF then made a fresh range extension on the upside in the ‘F’ period leaving an extension handle at 11718 and started a trending move to the upside as it entered the composite of 26th Apr to 3rd May (chart given below) and completed the 80% Rule in the composite by tagging the VAH of 11802 in the ‘I’ period. The strength of the trend was still strong as NF continued the one time frame move up till into the close as it made a new life time high of 11877 to give a second consecutive Trend Day Up which again is a rarity. The auction can now be expected to balance over the next 2 days with the new reference now at today’s Trend Day VWAP of 11744.
[26th April – 3rd May Composite]
- The NF Open was a Open Auction Out of Range (OAOR)
- The day type was a TREND DAY – Up
- Largest volume was traded at 11862 F
- Vwap of the session was at 11744 with highest volumes of the series so far at 158.9 L in a session of 276 points trading in a High-Low range of 11877-11601
- NF confirmed a new FA at 11165 on 16/05 and tagged the 2 ATR move of 11421
- NF confirmed a FA at 11695 on 06/05 and has tagged the 2 ATR target of 11480. NF got above this FA today & tagged the 1 ATR move up of 11803. The 2 ATR move higher comes to 11911
- The settlement day Roll Over point is 11722
- The VWAP & POC of Apr Series is 11641 & 11592 respectively.
- The VWAP & POC of Mar Series is 11327 & 11448 respectively.
- The VWAP & POC of Feb Series is 10830 & 10856 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 11688-11862-11872
Hypos / Estimates for the next session:
a) NF needs to stay above 11862-864 for a move to 11880-896 & 11911-938
b) Immediate support is in the 11834-825 zone below which it can probe lower to 11800 & 11770
c) Above 11938, NF can rise to 11957 & 12004-19
d) Below 11770, the auction can go down to 11744 & 11728-718
e) If 12019 is taken out, higher levels of 12051 & 12079 could come into play
f) Break of 11718 could lead to a move lower to 11693-680 & 11650-643
BankNifty May F:
After having given a Trend Day up for the first time in more than a month, BNF continued the imbalance it started on Friday to give a huge gap up of 700 points after which it made a large IB of 365 points between 30425 & 30060 which meant BNF could consolidated in the first half. (Click here to view the profile chart for better understanding) The auction then was forming a ‘p’ profile till the ‘H’ period with the range also narrowing making higher lows when the ‘I’ period made a fresh range extension to the upside leaving a extension handle at 30539 to trend into the close making new all time highs of 30885 and in the process confirming a second successive Trend Day Up. Immediate support would be zone of singles in the middle of the profile from 30610 to 30539 below which we have the Trend Day VWAP of 30513 which will be the important reference.
- The BNF Open was a Open Auction Out of Range (OAOR)
- The day type was a TREND DAY – Up
- Largest volume was traded at 30504 F
- Vwap of the session was at 30513 with highest volumes of the series at 42 L in a session which traded a High-Low range of 30885-30060 for a range of 825 points
- BNF had confirmed a weekly FA at 29198 on 15/05 which got negated on 17/05. BNF tagged both the 1 ATR & 2 ATR move up of 30012 and 30845 respectively
- BNF confirmed a weekly FA at 29945 on 07/05. The 1 ATR move down of 29136 was tagged on 08/05. The auction negated this FA also today and tagged the 1 ATR move up of 30754
- The settlement day Roll Over point is 29760
- The VWAP & POC of Apr Series is 30037 & 29762 respectively.
- The VWAP & POC of Mar Series is 29061 & 29778 respectively.
- The VWAP & POC of Feb Series 27042 & 26978 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 30123-30504-30690
Hypos / Estimates for the next session:
a) Staying above 30815, BNF can tag 30875-885 & 30975
b) Immeidate support is at 30785 below which the auction can move down to 30728-690 & 30610
c) Above 30975, BNF can probe higher to 31062 & 31132-154
d) Below 30610, lower levels of 30565-539 & 30448 could be tagged
e) If 31154 is taken out, the auction can rise to 31226-250 & 31340
f) Break of 30448 could give a leg down to 30352-334 & 30285
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