NF made an Open Auction start trying to move away from the yPOC of 18385 to the downside in the A period and made a low of 18327 stalling just above the 22nd May buying singles of 18315 to 18270 where it saw demand coming back as the B TPO tried to rebel making new highs for the day at 18399 but once again saw supply coming back strongly resulting in a small tail at the top.
The auction then consolidated for sometime before making a good RE (Range Extension) in the E period where it made a low of 18300 but saw some profit booking by the sellers as it gave a bounce back to the day’s VWAP in the important G TPO where it left a PBH at 18347 indicating that the downside was still not done.
The next 2 TPOs made lower lows with the I also making a fresh RE as NF completed the 1.5 IB objective of 18291 but could not extend any further suggesting that the inventory was getting too short and this triggered a big short covering move into the close with the auction leaving a zone of singles from 18421 to 18399 and hitting new highs of 18439 leaving a Neutral Extreme Day Up.
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- The NF Open was an Open Auction (OA)
- The Day Type was a Neutral Extreme Day – Up (NeuX)
- Largest volume was traded at 18347 F
- Vwap of the session was at 18355 with volumes of 77.3 L and range of 149 points as it made a High-Low of 18439-18290
- NF confirmed a FA at 18163 on 19/05 & completed the 2 ATR objective of 18443 on 23/05. This FA is currently on ‘T+5’ Days.
- The settlement day Roll Over point (June 2023) is 18410
- The VWAP & POC of May 2023 Series is 18235 & 18288 respectively.
- The VWAP & POC of Apr 2023 Series is 17656 & 17631 respectively.
- The VWAP & POC of Mar 2023 Series is 17200 & 17069 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 18294-18347-18374
NF (June) Weekly Settlement Profile (19th to 25th May 2023)
18420 [ 18507 / 18163 ]
- Friday – NF began with an Open Drive Down from previous week’s POC of 18254 leaving an initiative selling tail from 18232 to 18278 and made a low of 18170 in the IB but made the dreaded C side extension to 18163 which got rejected and resulted in a Failed Auction being confirmed along with a Neutral Extreme (NeuX) Day Up as it made new highs of 18314 into the close completing the 1 ATR objective of 18303
- Monday – saw a test of the NeuX zone low at open after which the auction continued the upside imbalance with a probe higher to 18386 in the IB leaving a small but important A period tail from 18315 to 18270 and even made couple of REs higher but ended up forming similar highs of 18420 leaving a ‘p’ shape profile for the day with a prominent POC at 18380
- Tuesday – made a higher open and a fresh probe higher in the IB completing the 2 ATR target of 18443 while making a high of 18487 but remained in a very narrow range for the rest of the day signalling poor trade facilitation as the attempt to make a RE resulted in a tag of the 15th May VPOC of 18503 but it could not be sustained as NF closed as a Normal Day with a prominent POC at 18490
- Wednesday – The exhaustion to the upside led to a lower open right in 22nd May’s Value where the auction found demand coming back as it left an initiative buying tail from 18427 to 18370 and got back into Tuesday’s value with the help of couple of REs in the C & D periods but could only tag 18481 stalling right below the prominent yPOC marking the end of the upside as sellers then took control for the rest of the day and even made new lows of 18354 in the L TPO leaving a Neutral Centre Day as the dPOC shifted down to 18385 into the close
- Thursday – started with a move away from 18385 but was engaged in 2-way auction for most part of the day forming a nice balanced profile before giving a spike higher into the close from 18399 to 18439 closing the week just the way it had started which is with a NeuX Day Up
The weekly profile which consisted of 4 Neutral Days confirms an even fight here between the OTF (Other Time Frame) buyers & sellers has formed a Neutral Centre one with overlapping to higher Value at 18300-18428-18440 and is the third consecutive week which has been forming a balance in this zone so there is a good chance of a move away happening as a new series begins but will need good initiative volumes & non-overlapping Values on daily time frame going forward.
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Business Areas for 26th May 2023:
Up
18421 – NeuX singles (25 May)
18450 – HVN from 24 May
18490 – VPOC from 23 May
18523 – Tail from 15 May
18552 – Ext Handle (15 Dec)
18584 – December 2022 VPOC
Down
18410 – June RO Point
18396 – SOC from 25 May
18355 – NeuX VWAP (25 May)
18310 – HVN from 25 May
18276 – LVN from 19 May
18239 – VWAP from 19 May
BankNifty June F: 43736 [ 43796 / 43455 ]
BNF opened below the yPOC of 43818 and probed lower leaving an A period selling tail from 43750 to 43796 along with a low of 43609 in the IB after which it made a good C side RE almost tagging the 1.5 IB objective of 43515 while making a low of 43530 but still ended up doing the C side play giving a retracement back to the day’s VWAP as it left a PBH at 43650 in the important G TPO.
The auction the made couple of fresh REs lower in the H & I periods making a look down below the swing low of 43467 as it made a low of 43455 but left a small responsive tail till 43483 indicating that buyers were coming back and this triggered a good short covering move testing the morning tail as it tagged 43759 and even saw the dPOC shift higher to 43740 into the close leaving a Normal Variation Day Down with a close arounf the VAH.
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- The BNF Open was an Open Drive – Down (OD on low volumes)
- The Day Type was a Normal Variation Day – Down (NV)
- Largest volume was traded at 43740 F
- Vwap of the session was at 43636 with volumes of 26 L and range of 341 points as it made a High-Low of 43796-43455
- BNF confirmed a FA at 44194 on 16/05 & tagged the 1 ATR objective of 43760 on 17/05. The 2 ATR target on the downside comes to 43326.
- The settlement day Roll Over point (June 2023) is 43734
- The VWAP & POC of May 2023 Series is 43540 & 43540 respectively.
- The VWAP & POC of Apr 2023 Series is 41930 & 42194 respectively.
- The VWAP & POC of Mar 2023 Series is 38910 & 39444 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 43588-43740-43753
BNF (May) Weekly Settlement Profile (19th to 25th May 2023)
43736 [ 44168 / 43455 ]
- Friday – BNF opened the week with a probe lower in the IB but took support at previous week’s POC of 43652 and ended up filling up the low volume zone of the weekly profile with a Normal Day buiding a prominenet POC at 43752 before giving a small spike higher to 44080 into the close
- Monday – opened with a freak OH (Open=High) tick of 44905 but could not sustain above PDH leaving a small tail in the IB till 44078 but took support at Friday’s VWAP of 43843 forming a narrow 292 point range Gaussian Curve with a close around the prominent POC of 43973
- Tuesday – The auction opened above 43973 and sustained but could only manage a 176 point range day leaving a hat-trick of Normal Days with another prominent POC at 44104 and similar highs at 44168 & 44163 signalling poor trade facilitation in this zone
- Wednesday – began with a probe lower swiping through Monday’s Value and making a low of 43850 taking support yet again just above Friday’s VWAP as the buyers came back and left an initiative buying tail 43968 even making an attempt to extend higher in the D period where it hit 44100 getting rejected right from previous day’s POC resulting in a Neutral Extreme (NeuX) Day Down as BNF made new lows for the day at 43780 and saw the dPOC shift lower to 43818 into the close
- Thursday – gave a rare follow up to a NeuX profile as the auction opened below the yPOC leaving an A period selling tail from 43750 to 43796 and probed lower for most part of the day hitting a low of 43455 in the I period where it left a small responsive buying tail trapping the late shorts and triggering a short covering move higher to 43759 with the dPOC also shifting to 43740 into the close
The weekly profile is a Neutral Centre one with almost similar range as the previous week with overlapping to lower Value at 43470-43740-43956 and will need initiative volumes at 43740 for a move away in the coming week with the TPO HVN of 43968 being the higher reference along with 16th May’s FA of 44194 whereas on the downside, the virgin weekly VWAP of 43409 (05th to 11th May) will be an important support level to watch.
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