Nifty Dec F:
NF opened with a gap up above the recent swing high & after the Non-trend day yesterday we were in for a higher range day today. The gap up was sustained & we were accepting in the selling tail we had on 4th Oct of 10805-10848 which meant the PLR was up. This was also confirmed by the tail we left at lows after the open though we had a very narrow IB (first hour) range of just 31 points (typical of a OAOR day). NF completed the probe of that selling tail but above that we had a bigger resistance zone which was the invisible selling tail of the big gap down we had on 4th Oct which was from 10848-10935. We had also left a extension handle that week at 10905 which were the levels to watch on the upside. NF trended higher in the first half of the day making a high of 10868 but then started consolidating and stopped the OTF (one time frame) up when the ‘G’ period made a lower low but this dip to VWAP was defended & next period saw a fresh breakout above the day highs to trend into the close & tag that weekly extension handle of 10905. We had a 3 IB day today so post the first hour tomorrow, we could have some consolidation. The PLR however still remains up with 10935 & 10962 (vPOC) as probable targets. On the downside NF has support at 10873-865 zone & below it the pull back low of 10846.
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- The NF Open was a Open Auction Out of Range
- The day type was a Double Distribution Trend Day (Up)
- Largest volume was traded at 10873 F
- Vwap of the session was at 10866 with volumes of 116.4 L in a session which traded a High-Low range of 10910-10812 for 98 points
- NF tagged the 2 ATR target of 10857 from the FA of 10625 on 27/11 and is currently on T+2 days
- The VWAP & POC of Nov Series 10480 & 10580 respectively
- The VWAP & POC of 31/10 10250 & 10248 will be important levels going forward
For the latest weekly and other swing levels of the Nifty go to https://vtrender.in/weekly-charts-market-profile-analysis-19th-to-22nd-nov-2018 and https://vtrender.in/market-profile-analysis-with-monthly-and-weekly-charts/
Daily Zones:
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- Value zones (volume profile) are at 10826-10873-10882
Hypos / Estimates for the next session:
a) The auction broke above the multi day composite highs of 10800 on inventory adjustments
b) The auction will continue to be bullish above 10850- 10873 F tom
c) Upsides intra day can be to 10940- 10966
d) there is weakness below 10850 for 10810 and 10780
BankNifty Dec F:
BNF opened with a big gap up of 150 points negating the Dec (F) FA we had yesterday at 26629 therefore opening up the 1 ATR move to the upside from there which was at 26910 which was also close to the 2 ATR target of 26902 from the FA we had on 27/11 at 26340. BNF did attempt to probe lower in the opening minute but got rejected just above that prominent POC of 26590 thereby confirming an Open Test Drive though on low volumes & narrow range for the first part of the day. The OTF upside was briefly stopped in the ‘G’ period when it made a lower low & tagged the VWAP & IBH but it immediately got rejected from there to make new day highs in the same period. This move also saw increase in the volumes as a result of which it started trending again to the upside & now on wider ranges thereby giving a Trend Day Up exactly after a month. (The previous trend day was on Oct 29th). BNF has left 2 extension handles today at 26740 & 26820 which along with the VWAP of 26770 will be important support going into the new series with a pull back low at 26670. We had a 4.5 IB day today so BNF could look to consolidate tomorrow.
- The BNF Open was an Open Test Drive(Up)
- The day type was a Trend Day (Up)
- Largest volume was traded at 26790 F
- Vwap of the session was at 26770 with volumes of 22.6 L in a session which traded a High-Low range of 26940-26600 for 340 points
- BNF negated the FA of 26629 it made on 28/11 and tagged the 1 ATR target up of 26910. The 2 ATR move from that faild FA comes to 27191.
- BNF had left a FA on 27/11 at 26340 and tagged the 2 ATR target of 26902 today & is currently on T+2 days
- BNF has stayed above the vwap of 17/10 which was 25500 and is now support
- We had a FA at 24625 on 31/10 which has completed 1 ATR of 25102 & has stayed above the 2 ATR of 25575
- 31st October’s VWAP of 24895 & POC of 24900 will be important levels going forward
For the weekly and other swing levels of the Bank Nifty go to – https://vtrender.in/weekly-charts-market-profile-analysis-19th-to-22nd-nov-2018 and https://vtrender.in/market-profile-analysis-with-monthly-and-weekly-charts/
Daily Zones:
- Value zones ( volume profile) are at 26710-26790-26935
Hypos / Estimates for the next session:
a) The BNF also broke higher on inventory adjustment
b) 26860- 26880 is the first support and auction stays positive above it
c) upsides above 26860 can stretch to 27111 and 27200
d) weakness below 26860 invites 26790 and 26710
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