Nifty Jul F:
Yesterday’s report mentioned ‘The Neutral Extreme reference for the next session would be from 11924 to 11948 and the PLR now is firmly to the upside’ and today NF opened above this zone to make a high of 11960 but the lack of new demand saw the auction probe lower as it got back into this reference making a low of 11927 in the ‘A’ period & not breaking the Neutral Extreme reference was an indication that the downside could be done. (Click here to view the profile chart for better understanding) NF then remained in this narrow range of 33 points for the next 6 periods displaying characteristics of a rare non-trend day which means the market is waiting for some event or news to be out of the way for the OTF (Other Time Frame) players to enter. The auction did make a range extension higher in the ‘H’ period but struggled to tag even the 1.5 IB extension in spite of such a narrow range and when it did finally did make a high of 11976 in the ‘K’ period, as often happens when volumes do not follow a move there was a long liquidation break as it was only the locals who were present in the market who had gone too long so their inventory had to be adjusted. NF broke below VWAP to make a low of 11936 retracing 40 points of a day where the range was just 49 points marking the lowest since 20th March 2019 before closing at the dPOC leaving a small balanced profile with higher Value for the day.
- The NF Open was a Open Auction (OA)
- The day type was a Normal Variation Day – Up
- Largest volume was traded at 11948 F
- Vwap of the session was at 11950 with volumes of 58.8 L and the lowest range since 20th MArch 2019 of just 49 points as it made a High-Low of 11976-11927
- NF confirmed an FA (Failed Auction) at 11840 on 02/07 and tagged the 1 ATR move up of 11961 today. The 2 ATR move higher comes to 12082
- The settlement day Roll Over point is 11915
- The VWAP & POC of Jun Series is 11833 & 11714 respectively.
- The VWAP & POC of May Series is 11613 & 11696 respectively.
- The VWAP & POC of Apr Series is 11641 & 11592 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 11934-11948-11956
Hypos / Estimates for the next session:
a) NF needs to stay above 11960 for a move to 11975-984 & 12005-009
b) Immediate support is at 11940-933 below which the auction could test 11916-908 & 11895
c) Above 12009, NF could move higher to 12030-45 & 12062-79
d) Below 11895, auction becomes weak for 11875-864 & 11840-833
e) If 12079 is taken out, the auction can rise to 12098-105 & 12121-133
f) Break of 11833 can trigger a move lower to 11811 & 11797-777
BankNifty Jul F:
BNF opened at the HVN of 31410 and probed lower but took support just above the pull back low of 31344 of previous day which was also yesterday’s VWAP to reverse the auction to the upside as it then got into the selling tail of 31448 to 31530 making a high of 31514 in the ‘A’ period. The auction then remained inside the range of ‘A’ period but at the same time stayed above the HVN of 31410 indicating that the PLR for the day was to the upside. (Click here to view the profile chart for better understanding) After balancing in a narrow range till the ‘F’ period, BNF then made a range extension to the upside in the ‘G’ period as it scaled above PDH (Previous Day High) to make a high of 31537 and continued higher the next 2 periods making marginally higher highs as it made new highs for the week in the ‘I’ period at 31570. Intent was clearly lacking in the auction as BNF could not even tag the 1.5 IB extension of 31592 despite being above IBH over multiple TPOs as it matched the previous highs of 31570 again in the ‘K’ period to leave poor highs indicating short term exhaustion and this led to a inventory adjustment move late in the day as BNF fell by over 100 points breaking below VWAP to make a low of 31461 in the ‘L’ period before closing at the dPOC of 31500 leaving a balanced profile making Value higher in the selling tail of yesterday.
- The BNF Open was a Open Auction In Range (OAIR)
- The day type was a Normal Variation Day – Up
- Largest volume was traded yet again at 31500 F
- Vwap of the session was at 31485 with volumes of 18.2 L in a session which traded in a range of 213 points making a High-Low of 31570-31357
- The settlement day Roll Over point is 31400
- The VWAP & POC of Jun Series is 30914 & 30961 respectively.
- The VWAP & POC of May Series 30211 & 28940 respectively
- The VWAP & POC of Apr Series is 30037 & 29762 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 31459-31500-31550
Hypos / Estimates for the next session:
a) BNF needs to stay above 31510 for a move higher to 31560-570 & 31625-640
b) Immediate support is at 31461 below which the auction can test 31410 & 31351-344
c) Above 31640, BNF can probe higher to 31690-740 & 31784-803
d) Below 31344, lower levels of 31297-280 & 31221 could come into play
e) Sustaining above 31803, BNF can give a fresh move up to 31875 & 31929-949
f) Break of 31221 could trigger a move down 31158 & 31071-041
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