Nifty Jan F:
NF gave a gap up rejecting the previous day’s Neutral Extreme close & moved away from yesterday’s Value with a drive up getting above that FA of 10880 & also the VPOC of 10885 which was a bullish sign. NF then probed into the selling tail of 21/12 which started from 10917 & looked set to tag the top of that tail which was also an extension handle at 10948. Although the ‘B’ period made a higher high, the range contracted in a big way with volumes also declining so when the ‘C period extended IB (Initial Balance) higher, it did not get any follow through with volumes declining even more confirming that there were no new buyers above the IBH. NF then began to form a balance above VWAP making a ‘p’ profile which meant it could be a day of rotations unless OTF (Other Time Frame) enters and the move down in ‘F’ period was held just above the morning singles of 10906 to 10850 which was followed by the ‘G’ period making a bullish outside bar making new highs for the day but again volumes stayed well below the average indicating that it was only the locals who were in play. NF made another attempt at breaking out making a new high of 10946 in the ‘I’ period but for the third time in the day, the move above IBH did not attract any new volumes which meant there could be a inventory adjustment move coming to balance the locals who might have gone too long. NF then made a mini OTF move to the downside breaking below VWAP & getting into the morning singles making a low of 10897 before closing around the wide POC of 10920 which will be the level to watch on Monday.
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- The NF Open was a Open Drive (Up) on average volumes
- The day type was a Normal Day (‘p’ profile)
- Largest volume was traded at 10920 F
- Vwap of the session was at 10917 with volumes of 83.3 L in a session which traded a High-Low range of 10946-10850 for a range of 96 points
- NF (Jan) had left a FA at 10580 on 26/12 & completed the 2 ATR move up to 10862. This FA is currently on ‘T+3‘ Days
- NF negated & closed above the FA at 10880 it left on 27/12 & the 1 ATR move up comes to 11021
- NF closed above the Trend Day VWAP of 21/12 at 10884
- The VWAP & POC of Dec Series 10796 & 10741 respectively
- The VWAP & POC of Nov Series 10480 & 10580 respectively. It tagged the VWAP on 11/12 but closed above it
- 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 10902-10920-10931
Hypos / Estimates for the next session:
a) NF has a wide POC at 10920 & could give a move away from here
b) Immediate support is at 10897 below which NF can tag 10880 & 10860
c) A move higher from 10920 can take NF to tag 10950 & 10995
BankNifty Jan F:
BNF also gave a gap up of more than 100 points rejecting yesterday’s weak close & drove away higher from yesterday’s Value getting above the pull back high if 27215 & into the selling tail of 27289 all in the ‘A’ period and looked set to get above the previous day high of 27369 but then volumes died down & the range got narrower suggesting that there was no new demand coming in. Although BNF made a new high in the C period it got rejected back into the IB and was making a narrow range of 50 points before it entered the morning singles of 27255 but could only make a low of 27225 just above yesterday’s pullback high of 27215 which indicated that the morning buying tail could stay & a ‘p’ profile could be forming for the day. BNF continued to make balance in a narrow range building volumes at 27280 which ended up being a prominent POC which was acting like a magnet & though it made a new high of 27350 in the ‘J’ period, BNF continued to balance in the narrow range & as expected gave a close at the wide POC of 27280 making a ‘p’ profile for the day. BNF made an inside bar on daily & will need to find new business above today’s high for more upside else will get weak below 27280 for a probe lower in the coming week.
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- The BNF Open was a Open Drive (Up) on lower volumes
- The day type was a Normal Day (‘p’ profile)
- Largest volume was traded at 27280 F
- Vwap of the session was at 27282 with volumes at 21.4 L in a session which traded a High-Low range of 27350-27051 for a range of 299 points
- BNF has closed above the Trend Day VWAP of 21/12 at 27200
- 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:
- Value zones ( volume profile) are at 27250-27280-27308
Hypos / Estimates for the next session:
a) BNF has a prominent POC at 27280 & could give a move away from here
b) Immediate support is at 27225 below which BNF can tag 27150 & 27075
c) A move above 27350 can take BNF to 27430 & 27525
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