Nifty Jan F:
NF opened with a big gap up of 80 points moving away from the 2-day composite & tagged that extension handle of 10872 right at open after which it probed lower breaking below VWAP & making a low of 10828 early in the ‘B’ period before scaling back above VWAP & then extended IBH making a new high of 10895 but this came in the ‘C’ period which has the dubious reputation of triggering false breakouts. Though NF stayed above IBH for more than 30 minutes, it could not make new highs & retraced the morning move up in the D & E periods & went on to break IBL making a low of 10825 which which was swiftly rejected leaving a probable FA there. NF then balanced in a narrow range inside IB making higher lows & higher highs in the next 3 periods & even made a higher high of 10864 in the ‘I’ period but could not sustain above VWAP & went on to make lower low also thus making an outside bar after which NF trended lower into the close making lower highs in the periods from ‘J’ to ‘M’ & closing as a Neutral Extreme Day. The Neutral Extreme reference for tomorrow’s open is 10827-10778. Value was higher today & the profile has singles at both ends, the tail at lows is from 10803-10778 & the selling tail is from 10879-10895.
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- The NF Open was a Open Auction Out of Range
- The day type was a Neutral Extreme Day (Down)
- Largest volume was traded at 10840 F
- Vwap of the session was at 10842 with volumes of 103.3 L in a session which traded a High-Low range of 10895-10778 for a range of 117 points
- NF had left a FA at 10678 on 04/01 and tagged the 1 ATR move of 10803 today & closed above it. The 2 ATR target comes to 10928
- NF had left a FA at 10580 on 26/12 & completed the 2 ATR move up to 10862. This FA has not been tagged since the & is now strong support
- The VWAP & POC of Dec Series 10796 & 10741 respectively
- The VWAP & POC of Nov Series 10480 & 10580 respectively. It tagged the VWAP on 11/12 but closed above it
- The VWAP & POC of 31/10 10250 & 10248 will be important levels going forward
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 10825-10840-10878
Hypos / Estimates for the next session:
a) Neutral Extreme Day reference of 10778 to 10827 in play for tomorrow open
b) Sustaining above 10803-813, NF can tag 10840-843 & 10865
c) NF remains weak below 10803 & can test VPOC of 10775 & 10757 below it
d) Lower support in NF below 10767 is at 10740 e) On the upside, NF sustaining above 10865 can probe higher to 10895 & 10914
BankNifty Jan F:
BNF opened with a gap up of almost 200 points & gave a very narrow IB range of just 114 points making a high-low of 27587-27472 & remained in this range till the the ‘I’ period making a nice bell with volumes building up around the 27540 level. The ‘J period went on to break the morning lows after which BNF one time framed lower into the close leaving a spike at 27442-27375. BNF seems to have taken support just above the HVN of 27370 with Value also higher for the day so if rejects the spike at open tomorrow can probe higher to tag the wide POC of 27516 & the volume POC of 27540.
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- The BNF Open was a Open Auction Out of Range
- The day type was a Normal Variation Day (Down)
- Largest volume was traded at 27540 F
- Vwap of the session was at 27506 with volumes of 21.1 L in a session which traded a High-Low range of 27587-27375 for a range of 212 points
- The VWAP & POC of Dec Series 26713 & 26832 respectively
- The VWAP & POC of Nov Series 25686 & 26218 (Spot) respectively
- 31st October’s VWAP of 24895 & POC of 24900 will be important levels going forward
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 27470-27540-27563
Hypos / Estimates for the next session:
a) BNF closed in a spike of 27442-27375 so Spike Rules in play for tomorrow open
b) Sustaining below 27380, BNF can tag VPOC of 27308 & pull back low of 27205
c) Above 27445, BNF can probe higher to tag 27515-540 & 27615
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