Nifty Jan F:
NF opened below previous day’s Value in the stem of the ‘p’ profile and was not able to get above the singles of 10962 indicating that the PLR is down. The auction began to make Value in the singles of yesterday and was back into the 3-day balance of last week which meant there was no fresh demand. NF made a narrow IB (Initial Balance) of just 37 points and continued to probe lower after making an inside bar in the ‘C’ period when the next 3 periods ‘D’, ‘E’ & ‘F’ trended lower to tag the 2 IB range extension of 10881 which was also near the Friday lows. The ‘G’ period then balanced making an inside bar after which the auction probed higher in the next 3 periods ‘H’, ‘I’ & ‘J’ probing into the selling tail of morning but where it got rejected leaving a pull back high of 10942 after which NF balanced inside the IB till close giving a nice bell profile with Value lower after leaving a vPOC at 10980. We have singles above today’s Value from 10942-10969 so till they hold, NF can continue to probe lower.
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- The NF Open was a Open Auction In Range
- The day type was a Normal Variation Day – Down (‘Bell’ profile)
- Largest volume was traded at 10935 F
- Vwap of the session was at 10920 with volumes of 76.8 L in a session which traded a High-Low range of 10954-10880 for a range of 74 points
- NF had left a FA at 10958 on 17/01 and closed below it today. This FA so far has not been able to tag the 1 ATR move on either side which comes to 10844 lower & 11072 on the up
- 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 10917-10935-10941
Hypos / Estimates for the next session:
a) NF has immediate resistance at 10942-10950 above which it can tag the vPOC of 10980
b) Staying below 10920, the auction can probe lower to 10902 & 10880
c) NF gets weak below 10870 and can move lower to 10845 & 10820
d) NF has supply in the 10980-995 zone above which higher levels of 11022 & 11055 can be seen
BankNifty Jan F:
BNF also opened lower below the previous day’s Value and was getting accepted in the buying tail which meant that the upside could be capped for the day. The ‘A’ period took support just above the previous day’s low making a low of 27452 and with the morning high of 27544 at open formed the range for IB (Initial Balance) as ‘B’ made an inside bar and BNF continued to trade in a narrow range inside the the IB till the ‘F’ period which tried to break below the IBL but was rejected back immediately post which BNF trended higher from the ‘G’ to the ‘J’ period when it broke the above the IBH confirming an FA at 27435 but was rejected from just below the yVAL making a high of 27560 which is also the POC of last week. BNF then stayed between the IBH & VWAP till close making a nice bell profile on daily with Value being formed lower but with an FA at lows. BNF continues to remain in the composite it has been forming from 7th Jan.
- The BNF Open was a Open Auction In Range
- The day type was a Normal Variation Day – Down (‘Bell’ profile)
- Largest volume was traded at 27515 F
- Vwap of the session was at 27498 with volumes of just 16.7 L in a session which traded a High-Low range of 27560-27435 for a narrow range of 125 points
- BNF left a FA at 27435 today and the 1 ATR move on upside comes to 27675
- 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 27479-27515-27526
Hypos / Estimates for the next session:
a) BNF confirmed an FA at 27435 so above 27544, PLR will be to the upside for a tag of the vPOC of 27581 & 27624
b) Staying below 27530, BNF can probe lower to 27480 & 27445
c) Above 27615-625, BNF can tag 27680 & the vPOC of 27748
d) BNF gets weak below 27435 and can move lower to test 27377 and vPOC of 27350
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