Nifty May F:
NF continued the weekly trend and opened with yet another gap down as it probed lower continuing the spike it gave yesterday as it made a low of 11344 in the ‘A’ period. The auction looked a bit stretched as it had made a 100 point move down from the extension handle of 11443 yesterday without any pull back. NF made an inside bar in the ‘B’ period confirming that the current move to the downside was getting exhausted & may need new sellers to continue lower. (Click here to view the profile chart for better understanding) The auction then probed higher in the ‘C’ & ‘D’ periods as it made a range extension to the upside making a high of 11397 but as has been the case in the previous 3 range extensions higher, this one also was rejected as the ‘D’ period closed back into the IB leaving scope of yet another FA (Failed Auction) at top. NF then trended lower over the next 6 periods as it made a successful range extension to the downside in the ‘G’ period confirming the FA and went on to tag the 2 IB move lower of 11304 in the ‘I’ period. The ‘J’ period saw a new low being made at 11291 but saw a swift rejection as it closed higher suggesting that the OTF (One Time Frame) move down could be coming to an end. The ‘K’ period then got above the highs of ‘J’ triggering a short covering move as the late shorts found themselves in a hole as NF tagged the IBH of 11384 and as often happens with a short covering rally, this one also soon fizzled out as the ‘L’ period retraced the entire move of the ‘K’ period as it broke below VWAP & IBL making a low of 11322. The day closed as a Neutral Day as NF closed around the dPOC and a 3-1-3 profile with small tails at both ends to suggest that there could be a bounce coming even though Value was completely lower for the third consecutive day.
- The NF Open was a Open Auction Out of Range (OAOR)
- The day type was a Neutral Day (3-1-3 profile)
- Largest volume was traded at 11332 F
- Vwap of the session was at 11348 with the highest volumes of this series so far at 108.4 L in a session of 106 points trading in a High-Low range of 11397-11291
- NF confirmed a FA at 11695 on 06/05 and has tagged the 2 ATR target of 11480. This FA is on ‘T+4’ Days
- NF confirmed a FA at 11397 on 09/05 and the 1 ATR move down comes to 11281
- The settlement day Roll Over point is 11722
- The VWAP & POC of Apr Series is 11641 & 11592 respectively.
- The VWAP & POC of Mar Series is 11327 & 11448 respectively.
- The VWAP & POC of Feb Series is 10830 & 10856 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 11330-11332-11375
Hypos / Estimates for the next session:
a) Staying above 11335 NF can probe higher to 11355-360 & 11384-397
b) Immediate support is at 11310 below which the auction can move lower to 11288-280 & 11252
c) Above 11397, NF can attempt higher levels of 11419 & 11438-443
d) Below 11252, the auction can fall further to 11230 & 11213-198
e) Sustaining above 11443 could open up levels of 11462 & 11485
f) If 11198 is taken out on the downside, the auction could test 11170-165 & 11145
BankNifty May F:
BNF opened with a gap down of 100+ points as it gave a rare follow up to the previous day’s Neutral Extreme profile making a low of 28986 in the ‘A’ period and in the process tagged the 1 ATR move down from the FA of 29419. The auction then consolidated in the ‘B’ period as it made an inside bar to leave another narrow IB range of just 98 points. (Click here to view the profile chart for better understanding) BNF then probed higher in the next 2 periods as it made the dreaded ‘C’ period extension but this time followed it up with another extension in the ‘D’ period as it entered the Neutral Extreme zone of 29115 to 29188 making a high of 29154. The ‘E’ period however not only stalled this OTF move up since open but also reversed the auction as it got back into the IB range and followed it up with a trending move down over the next 5 periods as the auction went on to make a range extension lower almost tagging the 2 IB range of 28888 as it made a low of 28902 in the ‘J’ period. The ‘K’ period then saw a big short covering move as BNF not only completed the 80% Rule in the day’s developing Value but went on to scale above the IBH as it made a high of 29130. The ‘L’ period then retraced most of the move up as BNF closed the day as a Neutral Centre Day with a balance profile with lower Value.
- The BNF Open was a Open Auction Out of Range (OAOR)
- The day type was a Neutral Day
- Largest volume was traded at 29050 F
- Vwap of the session was at 29031 with volumes of 26.3 L in a session which traded a High-Low range of 29154-28902 for a range of 252 points
- BNF confirmed a FA at 29418 on 08/05 & has tagged the1 ATR move of 29000 today. The 2 ATR move down from this FA comes to 28581.
- BNF confirmed a weekly FA at 29945 on 07/05. The 1 ATR move down of 29136 was tagged on 08/05. The 2 ATR move lower comes to 28327
- The settlement day Roll Over point is 29760
- The VWAP & POC of Apr Series is 30037 & 29762 respectively.
- The VWAP & POC of Mar Series is 29061 & 29778 respectively.
- The VWAP & POC of Feb Series 27042 & 26978 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 28980-29050-29084
Hypos / Estimates for the next session:
a) BNF has immediate resistance at 29050-85 above which it could probe higher to 29130 & 29190
b) Immediate support is at 28980-960 below which the auction can probe lower to 28880-864 & 28810
c) Above 29190, BNF could rise to tag the vPOC of 29250 & 29305
d) Below 28810, BNF gets weak for a move to 28736-708 & 28660-632
e) Sustaining above 29305, the auction could rise to 29375-381 & 29419-445
f) Break of 28632 could bring lower levels of 28580 & 28537-504
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