Nifty May F:
It was yet another instance of a Neutral Extreme Profile not getting a follow through as NF opened with a gap up of more than 50 points tagging the extension handle of 11759 making a high of 11789 after which it probed lower leaving a big IB of 111 points. (Click here to view the profile chart for better understanding) The ‘C’ period then made an inside bar closing above VWAP after which the auction started a trending move to the upside in a mirror move of the previous day where it trended lower post the ‘D’ period, today it did the opposite as NF made multiple range extensions to the upside almost tagging the 2 IB as it made a high of 11890 in spite of the large IB range. It has left a pull back low at 11791 which was also the small extension handle for the day & would be the support to watch in the expiry week in case of any dip(s). We also have a 2-day overlapping POC near the 11865-870 zone and there is a good chance of moving away from this zone in the coming session(s). The PLR for now is to the upside as NF has made an inside bar on the daily but will need to take out the pull back high of 11900 to continue it’s probe higher.
- The NF Open was a Open Auction In Range (OAIR)
- The day type was a Normal Variation Day – Up
- Largest volume was traded at 11865 F
- Vwap of the session was at 11790 with volumes at 135.7 L in a session of 212 points trading in a High-Low range of 11890-11678
- The settlement day Roll Over point is 11722
- The VWAP & POC of Apr Series is 11641 & 11592 respectively.
- The VWAP & POC of Mar Series is 11327 & 11448 respectively.
- The VWAP & POC of Feb Series is 10830 & 10856 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 11750-11865-11886
Hypos / Estimates for the next session:
a) Staying above 11865-870, NF can tag 11885-900 & 11925
b) Immediate support is at 11834-830 below which the auction can test 11790 & 11766
c) Above 11925, NF can probe higher to 11960-972 & 11999
d) Below 11766, NF can fall further to 11750-745 & 11722-710
e) If 11999 is taken out, higher levels of 12015 & 12050-55 open up
f) Break of 11710 can trigger a move lower to 11695 & 11660-650
BankNifty May F:
BNF gave a gap up of almost 300 points rejecting the previous days Neutral Extreme range and went on to tag the extension handle of 30806 as it made a high of 30880 in the first hour after which it probed lower making a low of 30580 leaving a relatively large IB of 300 points as the ‘B’ & ‘C’ periods made double inside bars. (Click here to view the profile chart for better understanding) The auction then probed higher but continued to consolidate in the ‘A’ period making a nice balance till ‘G’ when it attempted a range extension higher and have a big move in the ‘H’ period to leave an extension handle at 30896 and a small zone of singles from 30896 to 30947 after which it made a nice balance till the ‘K’ period before making new highs of 30315 as it looked to test the previous day’s excess of 31308 to 30735. BNF made a Double Distribution Trend Day Up while remaining in the previous day’s range and the PLR is to the upside.
- The BNF Open was a Open Auction In Range (OAIR)
- The day type was a Double Distribution Trend Day – Up
- Largest volume was traded at 31210 F
- Vwap of the session was at 30944 with volumes at 41.1 L in a session which traded a High-Low range of 31315-30580 for a range of 735 points
- The settlement day Roll Over point is 29760
- The VWAP & POC of Apr Series is 30037 & 29762 respectively.
- The VWAP & POC of Mar Series is 29061 & 29778 respectively.
- The VWAP & POC of Feb Series 27042 & 26978 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 30790-31210-31310
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Hypos / Estimates for the next session:
a) Sustaining above 31248, BNF can tag 30310-335 & 31395
b) Immediate support is at 31210-175 below which the auction can test 31090 & 31040-32
c) Above 31395, BNF can probe higher to 31440 / 31510-536 & 31600
d) Below 31030, BNF can move lower to 30976-944 & 30825
e) If BNF sustains above 31600, higher levels of 31665 & 31735-780 could open up
f) Break of 30825 could trigger a move down to 30768 & 30687-664
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