Nifty Spot – 16584 [ 17132 / 15735 ]
Monthly Profile (May 2022)
Previous month’s report ended with this ‘The monthly profile resembles a DD (Double Distribution) with overlapping to higher Value at 16884-17145-17654 and an extension hande at 17423 which separates the 2 distributions of the month. The upper distribution has couple of weekly VPOCs left at 17516 & 18004 along with a daily one at 17708 which will be the references on the upside for May 2022 where as on the downside, Nifty has formed a 2-week balance with an overlapping POC around 17145 which will be the immediate level to watch along with the daily VPOC of 17047 as the new month begins
Nifty began the month with a rejection from just below April’s POC of 17145 as it confirmed a weekly FA at 17132 in the first week and made a trending move lower for the first 2 weeks as it broke below previous month’s low of 16888 and went on to tag the March 2022 monthly profile’s extension handles of 16436, 16030 & 15946 along with the important daily VPOC of 15808 from 08th Mar 2022 while making a low of 15735 on 12th May. This zone showed seller exhaustion as the auction made similar lows of 15740 & 15739 over the next 2 days and the imbalance turned to a balance between 15800 and 16400 over the next couple of weeks before it gave a move away in the form of a gap up in the last week closing the month with a 2-day balance with an overlapping POC at 16656.
The monthly profile was a Double Distribution Trend One Down with completely lower Value at 15785-16340-16401 and looks like a ‘b’ shape with a low volume zone between 16400 to 16920 which it could fill up in the coming days and will turn weaker if breaks below 16340 & 16270 for a move towards the weekly VPOCs of 16146 & 15840.
Click here to view the daily Nifty chart of May 2022 as per above analysis on MPLite
Monthly Zones:
The VWAP of the May 2022 series is at 16270 and the POC is at 16340
The settlement day (Jun 2022) rollover volume point is at 16180 F.
The VWAP of the April 2022 series is at 17430 and the POC is at 17145
The settlement day (May 2022) rollover volume point is at 17265 F.
The VWAP of the March 2022 series is at 16753 and the POC is at 17255
The settlement day (Apr 2022) rollover volume point is at 17546 F.
The VWAP of the February 2022 series is at 17183 and the POC is at 17409
The settlement day (Mar 2022) rollover volume point is at 16251 F.
The VWAP of the January 2022 series is at 17669 and the POC is at 17703
The settlement day (Feb 2022) rollover volume point is at 17165 F.
The VWAP of the December 2021 series is at 17169 and the POC is at 17240
The settlement day (Jan 2022) rollover volume point is at 17260 F.
BankNifty Spot – 35487 [ 36309 / 33002 ]
Monthly Profile May 2022)
Previous month’s report ended with this ‘Value for the month was overlapping to higher at 35760-36386-37680 and represents a long liquidation ‘b’ shape profile‘
BankNifty continued previous month’s imbalance to the downside after showing rejection from just below April’s POC of 36386 as it confirmed a weekly FA at 36309 in the very first week & made a trending move lower till the end of the second week where it made a low of 33008 into the close. The auction began the third week with new lows of 33002 but made an ORR (Open Rejection Reverse) start confirming the end of the downside as it left a long initiative buying tail till 33346 and went on to give a bounce to 34656 on 18th May stalling right at the top of the 4-day bracket from 6th to 11th May which inturn triggered a fresh leg lower and a big gap down on the 19th where it tested the weekly singles building Value in it & formed the POC at 33344 and gave a move away from here to the upside from 20th May onwards as BankNifty closed the 6th May gap singles from 34797 to 35232 on the 26th leaving a monthly extension handle at 34830 before leaving buying singles till 35135 after which it went on to almost tag the 4th May daily VPOC of 36085 where the selling had started this month while making a high of 36083 but confirmed a FA there to mark the end of the upmove leading to a retracment down to 35289 with the help of a Neutral Extreme Down close on the last day of the May.
The Monthly profile was a Trending one down in the first half but the similar daily lows of 33008 & 33002 displayed exhaustion creeping in which led to a bounce back to 36083. Value for May was completely lower at 33030-34477-34890 with the singles zone of 35135 to 34830 being the immediate zone to watch on the downside along with the daily VPOCs of 34477, 34091 & 33344 whereas on the upside, BankNifty will need to get above the daily VPOCs of 35802 & 35997 after which are the daily & weekly FAs of 36083 & 36309 respectively as the important references.
Click here to view the daily BankNifty chart of May 2022 as per above analysis on MPLite
Monthly Zones:
The VWAP of the May 2022 series is at 34570 and the POC is at 34477
The settlement day (Jun 2022) rollover volume point is at 35250 F.
The VWAP of the April 2022 series is at 37090 and the POC is at 36386
The settlement day (May 2022) rollover volume point is at 36515 F.
The VWAP of the March 2022 series is at 34992 and the POC is at 35648
The settlement day (Apr 2022) rollover volume point is at 36550 F.
The VWAP of the February 2022 series is at 37712 and the POC is at 37712
The settlement day (Mar 2022) rollover volume point is at 35296F.
The VWAP of the January 2022 series is at 37772 and the POC is at 38232
The settlement day (Feb 2022) rollover volume point is at 38240F.
The VWAP of the December 2021 series is at 36082 and the POC is at 35100
The settlement day (Jan 2022) rollover volume point is at 35240 F.
