Nifty Feb F:
As mentioned in yesterday’s report ‘Value for the day was higher so the PLR remains up‘, NF opened with a gap up which was also an OL start above previous day highs and gave a open drive higher as it made highs of 11045 in the first 15 minutes. The auction then began to balance making an inside bar in the ‘B’ period but broke VWAP at the start of the ‘C’ period to make a lower low of 11006 and seemed headed to close the gap. The ‘D’ period however did not break below ‘C’ though was getting resisted at VWAP which was also the previous week highs of 11023 but managed to close above it which started a one time frame up move as NF trended higher into the close with all the periods making higher highs except ‘I’ & ‘K’ which were inside bars giving a second Trend Day Up in the last 5 days. The identical lows of the ‘H’ & ‘I’ period of 11047 which was just above the IBH of 11045 will be the most important support going forward as today’s VWAP is also right there. The action this week has been similar to the last week where we made a 2 day composite ‘b’ profile (1st Feb & 4th Feb) and then stayed above the POC of that profile making higher Value yesterday and today making 4 months highs tagging the highs of 28th Sep 2018.
- The NF Open was a OAOR plus Drive (Up)
- The day type was a Trend Day (Up)
- Largest volume was traded at 11035 F
- Vwap of the session was at 11046 with volumes of 109.2 L in a session which traded a High-Low range of 11100-10986 for a range of 114 points
- NF had left a FA at 10830 on 04/02 and completed the 2 ATR move up of 11073 today and closed above it. This FA is currently on ‘T+3’ days.
- NF had left a FA at 10710 on 04/01 and completed the 2 ATR move up on 15/01 and was strong support. The auction broke below this FA twice last week but has got back above it.
- NF had left a FA at 10580 on 26/12 & completed the 2 ATR move up to 10862. This FA has not been tagged and is now strong support
- The Trend Day VWAP & POC of 31/01 10793 & 10775 will be important levels going forward
- The VWAP & POC of Jan Series is 10795 & 10823 respectively
- The VWAP & POC of Dec Series is 10796 & 10741 respectively
- The VWAP & POC of Nov Series is 10480 & 10580 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 10991-11035-11067
Hypos / Estimates for the next session:
a) NF has immediate support at 11075 below which it can test 11060 & 11045
b) Staying above 11090-95, the auction can move to 11117 & 11136-49
c) NF has strong support at 11045, below which can test 11023 and 11006
d) Above 11150, NF can probe higher to 11180-190 & 11210
e) Below 11005, NF gets weak for 10985-970 and vPOC of 10950
BankNifty Feb F:
BNF opened with a small gap up and sustained above previous day highs making a high of 27469 in the ‘A’ period but started to balance in a narrow range making an IB of just 89 points. The ‘C’ period broke below IBL marginally and was rejected back as BNF continued to balance and rotate around VWAP. The ‘G’ period attempted to break above the IBH making a new high at 27480 confirming a FA at 27373 but this range extension was also rejected back into the IB and triggered a fast move lower which not only broke VWAP but also went on to make new lows for the day at 27354 this time confirming a FA at highs of 27480. This 3rd attempt for a range extension too was rejected as BNF got back to VWAP which was acting as a magnet today and the auction again started to rotate around it again leaving a prominent POC at 27430 to give a Neutral Day and from here BNF has good chance of giving a directional move away.
- The BNF Open was a Open Auction Out of Range
- The day type was a Neutral Day (Bell Profile)
- Largest volume was traded at 27430 F
- Vwap of the session was at 27426 with low volumes of just 18.3 L in a session which traded a High-Low range of 27480-2754 for one of the lowest range of only 126 points
- BNF confirmed a FA at both 27480 and 27353 today so will have to negate one of them for a directional move
- BNF confirmed a FA at 27716 on 23/1 and completed the 2 ATR move down hence is now strong resistance
- The VWAP & POC of Jan Series 27236 & 27514 respectively
- The VWAP & POC of Dec Series 26713 & 26832 respectively
- The VWAP & POC of Nov Series 25686 & 26218 (Spot) 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 27408-27430-27458
Hypos / Estimates for the next session:
a) BNF has a prominent POC at 27430 which is immediate support below which can test 27380-350
b) BNF did not tag yesterday’s prominent POC of 27330 which is now support
c) Immediate resistance is at 27480 above which BNF can tag 27575 & 27640-675
d) Below 27330, the auction gets weak for a move to 27250 and 27180-160
e) Above 27675, BNF can probe higher to tag the FA of 27716 & the vPOC of 27788
For more tradeable ideas and intraday trading strategies based on MarketProfile and the OrderFlow live charts with OrderFlow analysis Live, subscribe to the trading room. The Vtrender Trading Room hosts India’s largest MarketProfile community live every trading session from 9.15 am to 3.30 pm.
If not a Trading Room member you can get immediate access at – https://in.explara.com/e/vtrender–trading–room/checkout