Nifty Jul F: 11492 [11593/11467]
NF gave an OAIR start to the day around the yPOC of 11552 and took support at 11532 before probing higher into yesterday’s selling tail as it tagged 11593 in the ‘B’ period but was not able to get above PDH (Previous Day High). (Click here to view the profile chart for better understanding) This inability of the auction to scale above PDH turned the PLR (Path of Least Resistance) down as it made a low of 11511 while tagging the previous day’s pull back low of 11513 in the ‘C’ period making a successful range extension to the downside after which it made an inside bar in the ‘D’ period marking similar lows. The ‘E’ period then saw an attempt to get back into the IB (Initial Balance) which was rejected as NF left a PBH (Pull Back High) at 11536 and went on to make fresh multiple range extensions to the downside over the next 3 periods breaking below the FA of 11486 as it made a low of 11467 in the ‘H’ period completing the 2 IB move down. The auction gave a retracement to VWAP in the ‘I’ period as it tagged 11528 but again was rejected from here leaving a new PBH as it rotated back to test the lows of the day hitting 11471 in the ‘K’ period and remained in this range for the rest of the day to leave a Normal Variation Day (Down) representing a ‘b’ shape profile just like the ongoing weekly profile. However, the last 2 day composite in NF is giving a nice bell curve with poor highs at 11594 with Value at 11502-11553-11565 (you can view the chart here) which could be the immediate reference to watch in the coming session(s).
- The NF Open was a Open Auction In Range (OAIR)
- The day type was a Normal Variation Day (Down)
- Largest volume was traded at 11508 F
- Vwap of the session was at 11521 with volumes of 87.7 L and range of 125 points as it made a High-Low of 11593-11467
- NF had confirmed a FA (Failed Auction) at 11486 on 09/07 which got revisited on 10/07 but closed above it. The 1 ATR move up comes to 11612.
- 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.
- Value zones (volume profile) are at 11477-11508-11531
Hypos / Estimates for the next session:
a) NF needs to stay above 11510 for a test of 11530-553 & 11570
b) Immediate support is at 11480-470 below which the auction can fall to 11450-445 & 11425
c) Above 11570, NF can probe higher to 11586-594 & 11624-635
d) Below 11425, auction becomes weak for 11396-390 & 11370
e) If 11635 is taken out, the auction can rise to 11655-665 & 11682
f) Break of 11370 can trigger a move lower to 11350 & 11325-315
BankNifty Jul F: 30507 [30794/30412]
BNF took support at yVWAP of 30630 at open & just like the previous day made a swift move of 160+ points in the opening 10 minutes but this time it was to the upside as it looked above PDH (Previous Day High) of 30780 making highs of 30794 but was rejected from there as there was no new demand to confirm an Open Rejection Reverse start to the day. The PLR for the day was further confirmed to the downside as ‘B’ period made an inside bar staying below the PDH while leaving a relatively narrow IB range of just 164 points. (Click here to view the profile chart for better understanding) The auction then trended lower making a successful range extension in the ‘C’ period & followed it up with 3 more RE’s (Range Extension) to the downside from the ‘F’ to ‘H’ period after it made 2 narrow range inside bars in the ‘D’ & ‘E’ to make new weekly lows of 30412 completing the 2 IB move down. BNF then gave a pull back to the combo of VWAP & IBL in the ‘I’ period as it made a high of 30633 but got rejected from there to probe lower in the next 2 periods making a higher low of 30450 before closing around the dPOC of 30510 leaving a Normal Variation ‘b’ shape profile for the day. Just as in NF, BNF has also made a 2-day Gaussian profile (view the chart here) with Value 30474-30527-30666 which could be the immediate reference to look for a move away in the coming session(s).
- The BNF Open was a Open Auction In Range (OAIR)
- The day type was a Normal Variation Day – Down
- Largest volume was traded at 30510 F
- Vwap of the session was at 30579 with volumes of 24.9 L in a session which traded in a range of 382 points making a High-Low of 30794-30412
- The Trend Day VWAP of 08/07 at 30857 will be important reference going forward
- 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.
- Value zones (volume profile) are at 30458-30510-30646
Hypos / Estimates for the next session:
a) BNF needs to stay above 30527 for a move higher to 30595-635 & 30680-712
b) Immediate support is at 30490 below which the auction can test 30450-440 / 30399 & 30350-320
c) Above 30712, BNF can probe higher to 30760-775 & 30857-883
d) Below 30320, lower levels of 30275 & 30210 could come into play
e) Sustaining above 30883, BNF can give a fresh move up to 30950 & 31011-35
f) Break of 30210 could trigger a move down 30120 & 30085-50
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