Nifty Jan F:
NF opened around yVAH & probed lower to first tag the volume POC of 10920 and then the tpo POC of 10905 but was met with swift rejection and got back into the value of the 3-day bell (10911-10950) which NF had formed last week and completed the 80% Rule. The auction continued to drive higher on increasing volumes going past the supply zone of 10960-10968 and making a high of 11003 in the ‘B’ period leaving a big IB (Initial Balance) range of 101 points. The big IB range called for a consolidation and NF started to balance between 10960-11000 for rest of the day leaving a prominent POC at 10980 and a ‘p’ profile which means the move in the morning was caused by covering of shorts and there was no new demand above 10960 because of which NF failed to extend higher. The singles of 10962-10902 will be the immediate support but for more upside NF will first need to get above the prominent POC pf 10980 & then find new demand above today highs.
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- The NF Open was a Open Test Drive (Up)
- The day type was a Normal Day (‘p’ profile)
- Largest volume was traded at 10980 F
- Vwap of the session was at 10972 with volumes of 82.7 L in a session which traded a High-Low range of 11003-10902 for a range of 101 points
- NF had left a FA at 10958 on 17/01 and closed above it today so can do the 1 ATR move to the upside which comes to 11072
- NF had left a FA at 10678 on 04/01 and tagged the 1 ATR move of 10803 & closed above it. The 2 ATR target of 10928 was tagged on 15/01. This FA has not been tagged and is now strong support
- NF had left a FA at 10580 on 26/12 & completed the 2 ATR move up to 10862. This FA has not been tagged and is now strong support
- The VWAP & POC of Dec Series 10796 & 10741 respectively
- The VWAP & POC of Nov Series 10480 & 10580 respectively.
- 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 10966-10980-10995
Hypos / Estimates for the next session:
a) NF has immediate resistance in the 10980-995 zone above which it can probe higher to 11022 and 11055
b) Below 10960-950, the auction can move lower to 10920
c) NF gets weak below 10910 for 10890 and 10875
d) Below 10870, NF would get weak for a move lower to 10845 & 10820
BankNifty Jan F:
BNF started like a open drive down breaking the Friday lows and testing the weekly VAL of 27448 in the first 5 minutes as it made a low of 27449 but the volumes were still on the lower side indicating that no big selling was happening and it was only the locals who were moving the market. The auction then probed higher & once it got back into the previous day range, there was a big volume expansion and BNF not only completed the 80% rule in previous day’s Value (27521-27576) but also played out 80% in the weekly Value as well (27448-27624). BNF went on to make highs of 27675 in the ‘B’ period but it was more of a spike as price did not sustain above 27640. A big IB (Initial Balance) range of 226 points led to a balance & BNF stayed in the range of 27560 to 27640 for remaining part of the day leaving a nice ‘p’ profile on daily which has singles from 27551 to 27449. Today’s POC of 27580 will be the important reference for tomorrow as BNF will need fresh demand above the POC & today’s high for upside momentum else BNF can continue to make the composite profile it has been forming since 7th Jan more smooth.
- The BNF Open was a Open Rejection Reverse (Up)
- The day type was a Normal Day (‘p’ profile)
- Largest volume was traded at 27580 F
- Vwap of the session was at 27595 with volumes of 18.1 L in a session which traded a High-Low range of 27675-27449 for a range of 226 points
- The VWAP & POC of Dec Series 26713 & 26832 respectively
- 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:
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- Value zones ( volume profile) are at 27565-27581-27631
Hypos / Estimates for the next session:
a) BNF continues to form a composite balance with a prominent POC now at 27574 from where it could give a move away
b) Above 27615-625, BNF can tag 27680 & the VPOC of 27748
c) The auction will be weak if stays below 27550 for a probe lower to 27495 & 27448
d) Below 27448, BNF can fall to test the swing low of 27377 & the vPOC of 27350
e) Above 27748, BNF can rise to 27804 & 27850
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