Nifty Aug F: 10925 [ 11145 / 10910 ]
NF opened in previous Value but could not sustain above the yPOC of 11120 as it gave a sharp probe lower in the A period breaking below PDL (Previous Day Low) to give a 99 point range in the first 30 minutes as it took support in the band of 11054-40. The auction then probed higher over the next 3 periods to make a high of 11135 in the D period where it once again got rejected from the yPOC not only stalling the mini OTF (One Time Frame) move higher but triggering a huge trending move in the opposite direction as NF made lower highs & lower lows for the rest of the day making multiple range extensions from the ‘I’ period onwards where it left the first extension handle of 11046 breaking below the important support zone of 11054-40 and followed it up with a second one in the ‘K’ period at 11002 as it made lows of 10947 almost completing the 2 IB range extension lower. The auction however was still in imbalance as it confirmed the 3rd extension handle for the day at 10947 and made new lows of 10910 in the closing ‘M’ period to leave a Trend Day Down stopping just above the vPOC of 10905 which will be the immediate level to watch in the next session for more downside. On the upside, the extension handles will be the references to watch along with the Trend Day VWAP of 11043 which could now act as positional resistance for the rest of the series.
- The NF Open was an Open Auction In Range (OAIR)
- The day type was a Trend Day (Down)
- Largest volume was traded at 11075 F
- Vwap of the session was at 11043 with volumes of 120 L and range of 235 points as it made a High-Low of 11145-10910
- NF had confirmed a FA at 10807 on 05/08 and tagged the 2 ATR objective of 11085 on 08/08. This FA is currently on ‘T+6’ Days
- The Trend Day POC & VWAP of 13/08 at 11075 & 11043 are immediate references on the upside.
- The Trend Day POC & VWAP of 19/07 at 11478 & 11523 are now positional references on the upside.
- The higher Trend Day VWAP of 05/07 at 11965 is another important reference higher.
- The settlement day Roll Over point is 11315
- The VWAP & POC of Jul Series is 11575 & 11547 respectively.
- The VWAP & POC of Jun Series is 11833 & 11714 respectively.
- The VWAP & POC of May Series is 11613 & 11696 respectively.
- Value zones (volume profile) are at 11001-11075-11133
Hypos / Estimates for the next session:
a) NF needs to sustain above 10935-940 for a rise to 10960 & 10980-990
b) Staying below 10935, the auction can test 10913-905 / 10890-886 & 10865
c) Above 10990, NF can probe higher to 11004 / 11026-32 & 11050
d) Below 10865, auction becomes weak for 10844 / 10815-813 & 10802
e) If 11050 is taken out, the auction can rise to 11070-76 / 11103 & 11135
f) Break of 10802 can trigger a move lower to 10785 / 10768-758 & 10740-734
BankNifty Aug F: 27738 [ 28490 / 27682]
Friday’s report ended with this ‘but also marked the lowest range of this series so far thus can expect a range expansion in the coming session(s)’ and BNF confirmed the same as it got rejected just below the yPOC of 28500 as it made a high of 28490 after a gap down open to give an Open Test Drive Down and went on to fall by 370 points in the A period as it made lows of 28120. Similar to NF, the auction then gave a small retracement for the next 3 periods but made similar highs in C & D periods at 28275 & 28277 indicating that the upside probe is getting exhausted even before entering previous day’s range. BNF continued to balance in a narrow range inspite breaking below the IBL in the E period & sustaining below it as if formed a ‘b’ shape profile till the H period. The I period then witnessed an initiative activity which resulted in a big move lower leaving the first extension handle of the day at 28065 after which BNF more than doubled the IB range making lows of 27682 in the L period as it confirmed another extension handle at 27825 which would be the first reference on the upside as the day closed at the the developing HVN of 27740 leaving a Trend Down elongated profile for the day.
- The BNF Open was an Open Test Drive – Down (OTD)
- The day type was a Trend Day – Down
- Largest volume was traded at 27740 F
- Vwap of the session was also at 28063 with volumes of 34.4 L in a session which traded in a range of 808 points making a High-Low of 28490-27682
- The Trend Day POC & VWAP of 13/08 at 27740 & 28063 are immediate references on the upside.
- The Trend Day VWAP of 19/07 at 30085 is now positional supply point.
- The higher Trend Day VWAP of 18/07 & 08/07 at 30598 & 30995 remain important references going forward
- The settlement day Roll Over point is 29250
- The VWAP & POC of Jul Series is 30425 & 30586 respectively.
- The VWAP & POC of Jun Series is 30914 & 30961 respectively.
- The VWAP & POC of May Series 30211 & 28940 respectively
- Value zones (volume profile) are at 27690-27740-28140
Hypos / Estimates for the next session:
a) BNF needs to sustain above 27730 for a move to 27775-825 & 27895
b) Staying below 27730, the auction can test 27675-660 / 27625-610 & 27536
c) Above 27895, BNF can probe higher to 27935-980 & 28040-65
d) Below 27536, lower levels of 27490-486 / 27440 & 27390 could come into play
e) Sustaining above 28065, BNF can give a fresh move up to 28128 / 28168-175 & 28224
f) Break of 27390 could trigger a move down 27350 / 27288-258 & 27200
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