Nifty Aug F: 11063 [ 11088 / 10866 ]
As expected, the Neutral Extreme profile of previous day failed to given any follow up as NF opened higher and scaled above the Neutral Extreme reference high of 10894 to probe into previous day’s value making a high of 10928 resisting just below the yPOC of 10940 as it reversed the auction to the downside & took support just above PDL (Previous Day Low) making a low of 10865 in the A period indicating lack of supply. The ‘B’ period then made an inside bar after which there was that dreaded ‘C’ side failed attempt for a RE (Range Extension) higher as NF made new day highs of 10931 but once again the auction failed to get new supply below VWAP as it made similar lows of 10882 & 10881 in the E & H periods as it made a balance staying inside the A period range. This sign of exhaustion by sellers led to a fresh RE on the upside in the I period as NF tagged the yPOC of 10942 and went on to make a higher high of 10948 in the J period after which there was a dip to VWAP in the K period which was defended as a new pull back low of 10913 got confirmed & this triggered a big move on the upside as the auction which had not even completed the 1.5 IB move till then went on to almost tag the 3 IB extension higher of 11051 as it made a high of 11048 in the K period which negated the previous day’s FA of 10993. NF continued to make higher highs in the last 2 periods as it tagged the previous week’s POC of 11088 which also marked the completion of the 2 ATR objective from Monday’s FA of 10806. The auction has left an extension handle at 10948 and has a huge spike to 11088 with immediate support at 11054-40 zone as the PLR (Path of Least Resistance) stays up above this for the 1 ATR move of 11147 from that negated FA of 10993.
- The NF Open was an Open Auction In Range (OAIR)
- The day type was a Normal Variation Day – Up (with a spike close)
- Largest volume was traded at 10905 F
- Vwap of the session was at 10940 with volumes of 139.8 L and range of 222 points as it made a High-Low of 11088-10866
- NF confirmed a FA at 10993 on 07/08 but negated the same today & the 1 ATR objective up from this negated FA comes to 11147
- NF had confirmed a FA at 10807 on 05/08 and tagged the 2 ATR objective of 11085 on 08/08. This FA is currently on ‘T+4’ Days
- The Trend Day POC & VWAP of 19/07 at 11478 & 11523 are now positional 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 10866-10905-11018
Hypos / Estimates for the next session:
a) NF has immediate supply zone at 11078-90 above which it can rise to 11104-118 & 11136-147
b) Immediate support is at 11054-40 below which the auction can test 11025-15 & 10994-986
c) Above 11147, NF can probe higher to 11176-187 & 11202-220
d) Below 10986, auction becomes weak for 10960 & 10940-936
e) If 11220 is taken out, the auction can rise to 11240-248 & 11268-286
f) Break of 10936 can trigger a move lower to 10913-905 / 10890-886 & 10865
BankNifty Aug F: 28240 [ 28370 / 27611]
Similar to NF, the Neutral Extreme profile in BNF also did not give any follow up as the auction made a gap up open and probed higher but was not able to take out the Neutral Extreme reference of 27961 as it got rejected at 27900 in the A period after which it went on to make a low of 27611. BNF remained in this range till the H period making a balance in a narrow 200 point range between 27860 & 27660 before making an attempt to move higher in the I period as it made a new day high of 27925 but was still unable to scale the reference of 27961. The auction then gave a dip to VWAP which was defended & a pull back low of 27734 was confirmed which led to a big spike higher into the close as BNF not only got above that 27961 but also went onto repair those poor highs if 28240-28242 of the last 2 days as it made highs of 28370 in the M period. BNF has left a daily extension handle at 27925 along with a probable weekly one at 28240 would be the immediate reference inside the big spike zone of 27925 to 28370 for the next session. The profile also has a buying tail from 28020 to 27925 which could act as support if the auction stays below 28240.
- The BNF Open was an Open Auction In Range (OAIR)
- The day type was a Normal Variation Day – Up (with a spike close)
- Largest volume was traded at 27953 F
- Vwap of the session was also at 27953 with volumes of 42.2 L in a session which traded in a range of 759 points making a High-Low of 28370-27611
- The Trend Day VWAP of 19/07 at 30085 is now positional supply point.
- 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 27725-27953-28165
Hypos / Estimates for the next session:
a) BNF needs to sustain above 28272-300 for a move to 28375-400 & 28472-485
b) Staying below 28216-200, the auction can test 28128-096 & 28020-15
c) Above 28485, BNF can probe higher to 28570-574 & 28610-618
d) Below 28015, lower levels of 27968-925 & 27863-845 could come into play
e) Sustaining above 28618, BNF can give a fresh move up to 28675-708 / 28750 & 28820-848
f) Break of 27845 could trigger a move down 27800 / 27735 & 27675-660
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