Nifty Aug F: 11095 [11290/11080]
NF opened higher negating the previous day’s extension handle of 11252 & took support above the yPOC of 11210 as it made a low of 11220 in the IB (Initial Balance) before probing higher filling up the low volume zone of previous day’s DD profile to hit a high of 11290 giving a 70 point IB range which included a 30 points tail at lows from 11250 to 11220. (Click here to view the profile chart for August NF for better understanding) The auction however negated the buying tail in as early as the ‘C’ period which made the morning move look suspect & after an inside bar in the ‘D’ period this view got more confirmation as NF made a RE (Range Extension) to the downside breaking below the yPOC of 11210 and tagged the 1.5 IB move of 11185 after which it continued to probe lower in the ‘F’ period making a new low of 11176 which matched the previous day’s low as it took support & gave a bounce to VWAP in the ‘G’ period but could only leave a PBH (Pull Back High) at 11240 which indicated that the probe lower is still not complete. NF then made a low OTF lower over the next 3 periods staying below VWAP but also in the range of the ‘F’ period before it gave a big move down in the ‘K’ period to leave an extension handle at 11176 as it fell by almost 100 points making a low of 11080 before closing at 11095. This entire move of 11176 to 11080 will be the spike zone with 11136 being another reference in between. The auction has closed in imbalance so can expect this imbalance to continue in the coming session which is also the last day of the month which has been a trending month lower so can expect a close at lows.
- The NF Open was an Open Auction In Range (OAIR)
- The day type was a Normal Variation Day – Down [with a big spike close]
- Largest volume was traded at 11225 F
- Vwap of the session was at 11202 with volumes of 125.3 L and range of 210 points as it made a High-Low of 11290-11080
- The Trend Day POC & VWAP of 19/07 at 11478 & 11523 are the immediate references on the upside.
- The higher Trend Day VWAP of 05/07 at 11965 is another important reference higher.
- The settlement day Roll Over point is 11315
- The VWAP & POC of Jul Series is 11575 & 11547 respectively.
- The VWAP & POC of Jun Series is 11833 & 11714 respectively.
- The VWAP & POC of May Series is 11613 & 11696 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 11157-11225-11287
Hypos / Estimates for the next session:
a) NF needs to sustain above 11111 for a bounce to 11136-140 & 11176-187
b) Immediate support is at 11080-065 below which the auction can test 11042 & 11026-13
c) Above 11187, NF can probe higher to 11202-220 & 11240-248
d) Below 11013, auction becomes weak for 10988-976 & 10950-946
e) If 11248 is taken out, the auction can rise to 11268-286 & 11306-315
f) Break of 10946 can trigger a move lower to 10925-911 & 10896-893
BankNifty Aug F: 28853 [29588/28801]
Report to be updated…
Spike zone from 28801 to 29180 & extension handle at 29273-295 important reference going forward
- The BNF Open was an Open Auction In Range (OAIR)
- The day type was a Normal Variation Day – Down [with a big spike close]
- Largest volume was traded at 28850 F
- Vwap of the session was at 29263 with volumes of 35.9 L in a session which traded in a range of 787 points making a High-Low of 29588-28801
- The Trend Day VWAP of 19/07 at 30085 is the immediate reference on the upside.
- The higher Trend Day VWAP of 18/07 & 08/07 at 30598 & 30995 remain important references going forward
- The settlement day Roll Over point is 29250
- The VWAP & POC of Jul Series is 30425 & 30586 respectively.
- The VWAP & POC of Jun Series is 30914 & 30961 respectively.
- The VWAP & POC of May Series 30211 & 28940 respectively
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 28801-28850-29395
Hypos / Estimates for the next session:
a) BNF needs to sustain above 28850 for a bounce to 28900 & 29020
b) Staying below 28850, the auction can test 28810-795 & 28745-712
c) Above 29020, BNF can probe higher to 29125 & 29170-180
d) Below 28712, lower levels of 28660-650 & 28595-570 could come into play
e) Sustaining above 29180, BNF can give a fresh move up to 29225-233 & 29273-295
f) Break of 28570 could trigger a move down 28512 / 28436-408 & 28376
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