Nifty Apr F:
NF opened a bit higher & stayed above the PDL (Previous Day’s Low) setting up the 45 degree rule as it moved towards the prominent yPOC of 11673 in the ‘A’ period. The auction however stalled in the supply zone of 11646-660 (mentioned in yesterday’s report) as it made a high of 11656 in the ‘A’ period and closed at 11643. The ‘B’ period then stayed below the new supply met & probed lower breaking below PDL as NF made a low of 11592 in the IB (Initial Balance). (Click here to view the profile chart for better understanding) The auction did not sustain below PDL & got back above VWAP in the ‘C’ period which led to a probe higher for the next 3 periods as NF made a high of 11655 in the ‘F’ period to leave poor highs. The next 3 periods saw the auction making a balance around VWAP making similar lows in the 11622-624 zone indicating that the upside probe is still not over. The ‘J’ period then made a fresh range extension to the upside as the auction made new day highs of 11665 but this was again met with swift rejection & the late afternoon break of VWAP mostly leads to good liquidation & NF trended into the close breaking the IBL & confirming a FA at top and went on to make new day lows of 11573 in the ‘L’ period to confirm a Neutral Extreme Day.
- The NF Open was a Open Auction In Range (OAIR)
- The day type was a Neutral Extreme Day (Down)
- Largest volume was traded at 11644 F
- Vwap of the session was at 11627 with highest volumes of the series at 96 L in a session which traded a High-Low range of 11665-11573 for a range of 91 points
- NF confirmed a FA at 11665 today and the 1 ATR move down comes to 11559.
- NF had confirmed a FA at 11432 on 26/03 and tagged the 2 ATR move of 11632 on 27/03. This FA has not been tagged & is now strong support.
- The settlement day Roll Over point is 11673
- The VWAP & POC of Mar Series is 11327 & 11448 respectively.
- The VWAP & POC of Feb Series is 10830 & 10856 respectively.
- The VWAP & POC of Jan Series is 10795 & 10823 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 11608-11644-11653
Hypos / Estimates for the next session:
a) NF has immediate support at 11588 staying above which it can test the supply zone of 11600-615 and above it 11641-646
b) If NF stays below 11588 at open, it could probe lower to 11573-570 & 11554-552
c) Above 11646, the auction can move higher to 11665-670 & 11683
d) Below 11552, lower levels of 11535 & 11521-514 could come into play
e) If 11683 is taken out, NF can rise to 11705 & 11721-727
f) Break of 11514 could bring lower levels of 11496 and 11477-460
BankNifty Apr F:
BNF opened in the spike zone & made a freak low of 29651 at open but mostly stayed above the PDL and went on to probe above the spike high of 29838 to set up a move the the high volume zone of 29927-29970. The ‘A’ period made a high of 29928 but was rejected from the high volume zone after which BNF began to form a nice Gaussian Profile for the day as it stayed in the range of ‘A’ period till the start of ‘K’ making a nice Bell Curve with a prominent POC at 29800. (Click here to view the profile chart for better understanding) The auction was forming a nice balance but with lower Value & the rejection from 29927 meant that the PLR remained down & the ‘K’ period saw a huge inventory adjustment move as BNF made a range extension lower making a low of 29555 and went on to tag the 1.5 IB move of 29515 in the ‘L’ period at it made a low of 29492. BNF has closed in a spike for the third consecutive day & spike rules will apply at open for the next session. The spike zone is 29651 to 29492.
- The BNF Open was a Open Rejection Reverse – Up (ORR)
- The day type was a Normal Variation Day – Down (Gaussian Profile plus spike)
- Largest volume was traded at 29800 F
- Vwap of the session was at 29765 with volumes at 30.6 L in a session which traded a High-Low range of 29928-29492 for a range of 436 ponts
- The settlement day Roll Over point is 30500
- The VWAP & POC of Mar Series is 29061 & 29778 respectively.
- The VWAP & POC of Feb Series 27042 & 26978 respectively
- The VWAP & POC of Jan Series 27236 & 27514 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 29708-29800-29919
Hypos / Estimates for the next session:
a) BNF has immediate support at 29510-490 which if held can give a rise to 29632-652 & 29696-715
b) Staying below 29490 at open, the auction can move lower to 29452-448 & 29340
c) Above 29715, BNF can attempt to tag higher levels of 29792-800 & 29862-872
d) Below 29340, probe could be lower to 29175 & 29084-53
e) If 29872 is taken out, BNF can rise to 29936-970 & 30043-56
f) On the lower side, if 29050 is broken, the auction could move down to 28990-965 & 28880
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