NF continued previous session’s imbalance close with a lower open as it made a low of 18284 testing below 22nd May’s VAL but got rejected as it not only completed the 80% Rule in that day’s Value area in the A period but went on to close the gap and tag yesterday’s closing HVN of 18369 in the B while making a high of 18372 leaving a good initiative buying tail from 18340 to 18284 in the IB.
The auction then made a C side extension to 18384 and followed it up with new highs of 18394 in the D TPO tagging yVWAP looking good for a further probe to the prominent yPOC of 18411 but ended up making a similar high in the E period as it signalled the end of the OTF (One Time Frame) move to the upside.
More confirmation of the PLR (Path of Least Resistance) changing to the downside came in form of the day’s VWAP being broken followed by the sellers gaining acceptance in the A period buying singles forming lower lows till the I TPO where it hit 18302 & gave a bounce back to the day’s VWAP in the all important K period which was rejected as confrimed by a PBH at 18344 triggering a quick drop down to 18265 with NF holding the afternoon PBL of I period from 22nd May and saw the dPOC shift lower to 18297 leaving a Neutral Centre Day with completely lower value.
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- The NF Open was an Open Auction Out of Range (OAOR)
- The Day Type was a Neutral Centre Day (NeuC)
- Largest volume was traded at 18297 F
- Vwap of the session was at 18329 with volumes of 67.2 L and range of 129 points as it made a High-Low of 18394-18265
- 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+4’ 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 18289-18297-18363
BankNifty May F: 43719 [ 44014 / 43679 ]
BNF opened with a gap down of 156 points and continued to probe lower as it hit 43758 taking support just above the Weekly POC of 43753 indicating demand coming back in this zone which in turn led to an OTF (One Time Frame) probe higher not just in the IB where it made a high of 43928 leaving an initiative tail from 43841 to 43758 but made couple of REs to the upside in the C & D TPOs as it tagged the prominent yPOC of 44014 to the dot.
The auction however failed to get fresh demand as this important level triggering a reversal of the probe for the rest of the day to the downside as it first made a low of 43760 in the I period where the reference of 43753 held giving a bounce back to 43865 in the K as it got rejected from the day’s VWAP clearly indicating the the downside was not yet done.
More confirmation came through the extension handle at 43758 in the L TPO as BNF formed a Neutral Extreme Day Down hitting new lows of 43679 into the close and looks good to continue on the downside as far as it remains below today’s VWAP of 43841 in the coming session(s).
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- The BNF Open was an Open Auction Out of Range (OAOR)
- The Day Type was a Neutral Extreme Day – Down (NeuX)
- Largest volume was traded at 43818 F
- Vwap of the session was at 43841 with volumes of 24.6 L and range of 335 points as it made a High-Low of 44014-43679
- 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+6’ 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 43760-43818-43930
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