Nifty Jun F:
NF opened with a gap higher plus a drive up but the volumes were low which raised doubts about the authenticity of the drive which got more confirmation as the auction was stuck in a narrow range and struggled to extend the range to the upside after IB. (Click here to view the profile chart for better understanding) The failure to extend the range lead to a big liquidation move down in the ‘F’ period as the auction fell from 12020 to 11828 after which for the rest of the day balanced in the lower range of 11950 to 11870 leaving a Double Distribution profile (Down) with the DD singles from 11992 to 11955 and a tail at lows from 11862 to 11828. The DD has come in a composite range so has a very good chance of the singles separating the 2 distributions being revisited soon. The profile closed at the dPOC & lower HVN of 11910 & the HVN in the upper profile is at 12030.
- The NF Open was a Open Auction Out of Range (OAOR)
- The day type was a Double Distribution Day – Down
- Largest volume was traded at 11910 F
- Vwap of the session was at 11940 with volumes at 144.9 L in a session of 218 points trading in a High-Low range of 12047-11828
- The settlement day Roll Over point is 11980
- The VWAP & POC of May Series is 11613 & 11696 respectively.
- The VWAP & POC of Apr Series is 11641 & 11592 respectively.
- The VWAP & POC of Mar Series is 11327 & 11448 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 11858-11910-11968
Hypos / Estimates for the next session:
a) NF needs to sustain above 11930 for a move to 11948-965 & 11980-988
b) Staying below 11910-905, the auction can test 11880-870 & 11850
c) Above 11988, NF can probe higher to 12013-20 & 12040-45
d) Below 11850, NF can fall to 11830-825 & 11800-795
e) If 12045 is taken out, higher levels of 12073 & 12096 open up
f) Break of 11795 can trigger a move lower to 11770 & 11750-745
BankNifty Jun F:
BNF also gave a Double Distribution profile (Down) after rejecting the gap up & new weekly highs of 31815 leaving an extension handle at 31661 with the selling tail separating the 2 distributions from 31640 to 31487. (Click here to view the profile chart for better understanding) The auction has left 2 HVNS at 31320 & 31790 which will be important references in the coming session(s) along with the long buying tail at lows from 31169 to 30562.
- The BNF Open was a Open Auction Out of Range (OAOR)
- The day type was a Double Distribution Day – Down
- Largest volume was traded at 31350 F
- Vwap of the session was at 31430 with volumes at 44.6 L in a session which traded a High-Low range of 31815-30562 for a range of 1253 points
- The settlement day Roll Over point is 31644
- The VWAP & POC of May Series 30211 & 28940 respectively
- The VWAP & POC of Apr Series is 30037 & 29762 respectively.
- The VWAP & POC of Mar Series is 29061 & 29778 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 31119-31350-31600
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Hypos / Estimates for the next session:
a) BNF needs to get above 31385-395 for a move to 31430-487 & 31528
b)Staying below 31350, the auction can test 31250-225 & 31152-125
c) Above 31528, BNF can probe higher to 31584 & 31625-661
d) Below 31125, BNF can move lower to 31075-020 & 30965
e) If BNF sustains above 31661, higher levels of 31720-736 & 31792 could come into play
f) Break of 30965 could trigger a move down to 30880-850 & 30790
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