NF not only opened above PDH negating the extension handle of 18365 but made a drive like open on low volumes as it went on to tag the 16th May PBH of 18414 to the dot in the IB while leaving a good buying tail from 18393 to 18350 which got tested right at the start of the C period & got swiftly rejected from 18391 resulting in new highs of 18422 at the close of C & marginal new highs of 18425 in D indicating exhaustion on the upside.
The auction consolidated in a narrow range for the next couple of TPOs before making a fresh RE higher in the H period but once again could only manage to hit 18429 and for the second instance showed lack of demand which was taken good advantage of by the sellers as they not only broke into the A period singles but went on to make a late RE down in the M TPO hitting marignal new lows of 18347 leaving a Neutral Day with completely higher Value but a close around the lows.
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- The NF Open was an Open Drive – Up (OD on low volumes)
- The Day Type was a Neutral Day (NeuD)
- Largest volume was traded at 18411 F
- Vwap of the session was at 18393 with volumes of 49.3 L and range of 81 points as it made a High-Low of 18429-18347
- NF confirmed a FA at 18084 on 19/05 & completed the 2 ATR objective of 18365 on 23/05. This FA is currently on ‘T+3’ Days.
- NF confirmed a FA at 17965 on 28/04 & completed the 2 ATR objective of 18206 on 02/05. This FA has not been tagged & is now a positional reference.
- The settlement day Roll Over point (May 2023) is 17998
- The VWAP & POC of Apr 2023 Series is 17656 & 17631 respectively.
- The VWAP & POC of Mar 2023 Series is 17200 & 17069 respectively.
- The VWAP & POC of Feb 2023 Series is 17717 & 17839 respectively.
You can check the monthly charts & other swing levels for Nifty & NF here & for the weekly charts & analysis, please click here.
Daily Zones:- Value zones (volume profile) are at 18377-18411-18423
BankNifty May F: 43981 [ 44080 / 43902 ]
BNF did not get the volume expansion needed for a move away from previous Gaussian Curve as it made an OAIR start and even left a small A period buying tail from 43970 to 43902 in the IB and even got above the 18th May FA of 44057 but could only manage to tag 44080 leaving similar highs and yet another prominent POC at 44014 forming a narrow 178 point range Normal Day with completely higher Value.
The auction is still looking for volume confirmation & a strong open for a fresh imbalance on the upside whereas on the downside, it is a good candidate for the 80% Rule in 22nd May’s perefectly balanced profile.
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- The BNF Open was an Open Auction In Range (OAIR)
- The Day Type was a Normal Day
- Largest volume was traded at 44014 F
- Vwap of the session was at 44004 with volumes of 18 L and range of 178 points as it made a High-Low of 44080-43902
- BNF confirmed a FA at 44114 on 16/05 & tagged the 1 ATR objective of 43680 on 17/05. The 2 ATR target on the downside comes to 43246. This FA is currently on ‘T+5’ Days.
- BNF confirmed a FA at 44057 on 18/05 & tagged the 1 ATR objective of 43617 on 19/05. This FA got revisted on 23/05 which was the ‘T+3’ Day but could not close above it hence still a supply point.
- The settlement day Roll Over point (May 2023) is 43000
- The VWAP & POC of Apr 2023 Series is 41930 & 42194 respectively.
- The VWAP & POC of Mar 2023 Series is 38910 & 39444 respectively.
- The VWAP & POC of Feb 2023 Series is 40880 & 41462 respectively.
You can check the monthly charts & other swing levels for Nifty & NF here & for the weekly charts & analysis, please click here.
Daily Zones:- Value zones (volume profile) are at 43976-44014-44047
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