Nifty Jul F:
Previous report ended with this ‘The close has been in an imbalance so can expect some more downside at open in the next session’ and today not only did NF open with a gap down but also gave a drive lower breaking below the swing low & earlier FA of 11710 in the ‘A’ period itself and was never able to get back above it all day. (Click here to view the profile chart for better understanding) The auction left a selling tail from 11820 to 11710 as the IB (Initial Balance) was completed as ‘B’ period made an inside bar but made multiple range extensions to the downside in the ‘C’ & ‘D’ periods leaving extension handles at 11682 & 11665 as it made a low of 11615. NF then made a balance over the next 3 periods giving a pull back high at 11650 in the ‘F’ period after which it resumed the trending move lower from the ‘H’ period onward as it made multiple range extensions to the downside for the next 4 periods hitting a low of 11527. The last 2 periods then gave a small retracement as NF tagged 11583 which was the second pull back high for the day before closing around the dPOC of 11570 leaving a second consecutive Trend Day Down though the close was not at the lows as today’s was a Triple Distribution Trend Day with 3 HVNs at 11570, 11635 & 11708 which will be the important references for this week.
- The NF Open was a Open Auction Out of Range plus Drive Down (OAOR + D)
- The day type was a Triple Distribution Trend Day (Down)
- Largest volume was traded at 11570 F
- Vwap of the session was at 11624 with volumes of 149.2 L and range of 243 points as it made a High-Low of 11770-11527
- NF confirmed an FA (Failed Auction) at 11840 on 02/07 and tagged the 1 ATR move up of 11961 on 03/07. This FA got revisited in ‘T+3’ days and has closed below it. NF tagged the 2 ATR move down of 11590 on 08/07.
- The Trend Day VWAPs of 05/07 & 08/07 at 11908 and 11624 respectively will be important references going forward
- 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 11529-11570-11653
Hypos / Estimates for the next session:
a) NF needs to stay above 11570 for a test of 11583-592 & 11624-635
b) Sustaining below 11570-562, the auction can fall to 11542-535 & 11515-506
c) Above 11635, NF can probe higher to 11655-665 & 11682
d) Below 11506, auction becomes weak for 11490 / 11472-464 & 11450-445
e) If 11682 is taken out, the auction can rise to 11705-710 / 11743 & 11770
f) Break of 11445 can trigger a move lower to 11425 & 11396-390
BankNifty Jul F:
BNF opened with a big gap down of almost 200 points and attempted to probe higher as it entered previous day’s range but got rejected at 31373 giving an Open Rejection Reverse start to the day and went on to leave a big selling tail from 31160 to 31503 in the IB (Initial Balance). (Click here to view the profile chart for better understanding) The auction then made a ‘C’ side extension as it left an extension handle at 31115 indicating that the move down is very strong & followed it up with another extension handle in the ‘D’ period at 31011 as it saw more liquidation making a low of 30701 completing a 800 point fall from previous close in just 2 hours. BNF then consolidated over the next 5 periods making a balance inside the range of ‘D’ and staying in a relatively narrow range of 125 points after which it made a fresh range extensions lower in the ‘J’ & ‘K’ periods to make new day lows of 30606 before closing around the dPOC of 30704. The day’s profile looked like a long liquidation ‘b’ shape profile but is also a Double Distribution Trend Day Down with the DD singles from 30883 to 31011. Staying above 30705, BNF could make an attempt to fill these singles with 30800 being the first supply point above which we have the Trend Day VWAP of 30857 which could act as resistance. However, staying below 30700 BNF would remain weak for more downside.
- The BNF Open was a Open Rejection Reverse (ORR)
- The day type was a Double Distribution Trend Day – Down (‘b’ profile)
- Largest volume was traded at 30704 F
- Vwap of the session was at 30857 with volumes of 34.1 L in a session which traded in a range of 767 points making a High-Low of 31373-30606
- 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 30607-30704-31029
Hypos / Estimates for the next session:
a) BNF needs to stay above 30705 for a move higher to 30760-775 & 30857-883
b) Immediate support is at 30657-630 below which the auction can test 30580 & 30534-495
c) Above 30883, BNF can probe higher to 31011-35 & 31115-152
d) Below 30495, lower levels of 30399 & 30350-320 could come into play
e) Sustaining above 31152, BNF can give a fresh move up to 31210-260 & 31310
f) Break of 30320 could trigger a move down 30275-210 & 30120
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