Nifty Mar F:
NF opened around the previous day’s close giving an almost OL start and probed higher into the previous day’s small tail at top giving an indication that it the auction may move higher as it made a high of 11399 in the ‘A’ period but could not close above PDH. The ‘B’ period made a lower high of 11392 & stayed inside the ‘A’ period for most of the time as it probed lower and went on to break below the morning OL to to make new lows at 11361 & closed at lows indicating more downside could come. (Click here to view the profile chart for better understanding) The ‘C’ period continued the probe lower as NF made a low of 11345 but got rejected here from yVWAP leaving a ‘C’ side extension with a probable FA at lows. The auction got back into IB in the ‘D’ period but was rejected at VWAP which meant chances of FA at lows were less. The ‘E’ period made an inside bar staying below VWAP confirming that there was constant supply at VWAP. The ‘F’ period then went lower to make a low of 11350 but did not get any follow through in the ‘G’ period which managed to closed just inside the IB. The ‘H’ period went above ‘G’ but yet again got rejected at VWAP & this triggered a fast move lower as the auction broke below morning lows to make a new low of 11333 but was not able to tag the yPOC of 11330 which meant that demand was coming in here as the ‘H’ period confirmed a small tail at lows from 11345-11333. The ‘I’ period then remained above this tail & probed higher to get above VWAP for the first time and the auction continued to move higher over the next 2 periods matching the morning high of 11399 in the ‘K’ period but was not able to get above it. This inability to get above IBH led to a test of VWAP as NF moved lower to leave a pull back low of 11362 in the ‘L’ period before climbing back higher to close at the IBH of 11388 which also the level with the highest volume for the day and hence becomes important reference for tomorrow’s open & could play an important role in the week’s close.
- The NF Open was a Open Auction
- The day type was a Normal Variation Day (Down)
- Largest volume was traded at 11387 F
- Vwap of the session was at 11369 with volumes of 75.6 L in a session which traded a High-Low range of 11399-11333 for a range of 65 points
- NF re-confirmed the FA at 11033 on 08/03 and tagged the 2 ATR move of 11147. This FA is currently on ‘T+5‘ days
- The Trend Day VWAP & POC of 11/03 at 11165 & 11170 will now be the immediate support levels for the series.
- The Trend Day VWAP & POC of 05/03 at 10946 & 10934 will be important levels for the series.
- The VWAP & POC of Feb Series is 10830 & 10856 respectively.
- The VWAP & POC of Jan Series is 10795 & 10823 respectively.
- The VWAP & POC of Dec Series is 10796 & 10741 respectively.
- Value zones (volume profile) are at 11362-11387-11392
Hypos / Estimates for the next session:
a) NF could face supply at HVN of 11387 which needs to be taken out for a move to 11403 & 11422-430
b) Immediate support is at 11364-361 below which the auction can probe lower to 11345 & vPOC of 11330
c) Above 11430-435, NF can climb higher to 11455-467 and 11485-490
d) If 11328 is broken & sustained, NF can test support of 11301-298 and 11286-274
e) On the upside, if 11490 is taken out in NF we can expect levels of 11505 & 11532
f) Below 11274, the auction can fall to 11252 & 11215
BankNifty Mar F:
BNF opened with a gap up of 100+ points and stayed above the PDH making a high of 29095 in the first 15 minutes to close at 29078 in the ‘A’ period. The ‘B’ period though could not get above ‘A’ & in fact probed lower closing the gap and closed well inside previous day’s range making a low of 26952. (Click here to view the profile chart for better understanding) The ‘C’ period made a range extension lower as it made a low of 28890 and just missed to tag the 1.5 IB move of 28881 which led to a bounce in the D period as BNF tagged VWAP but was not able to sustain above it. The auction then balanced for the next 3 periods in a narrow range staying below VWAP as BNF remained weak before giving a fresh move lower in the ‘H’ period as BNF made a new low for the day as it tagged 28862 but was not able to get into the previous day’s DD singles of 28845 giving a strong signal that the move down could be done with. The ‘I’ period then probed higher to get back into IB and get above the pull back high of 29019 left in the ‘D’ period and closed above VWAP confirming that the PLR for the day is now to the upside. The ‘J’ period then consolidated making an inside bar after which BNF resumed the upmove in the ‘K’ period as it probed above IBH to make new highs of 29135 confirming a Neutral Day. BNF could not sustain above IBH & was rejected back into IB as it probed below VWAP to almost tag IBL leaving a pull back low of 28958 in the ‘L’ period before it closed around the dPOC of 29005 leaving a 3-1-3 profile along with a Neutral Day raising the chances of a move away from there.
- The BNF Open was a Open Auction Out Of Range (OAOR)
- The day type was a Neutral Centre Day (3-1-3 profile)
- Largest volume was traded at 29005 F
- Vwap of the session was at 28992 with volumes at 27.1 L in a session which traded a High-Low range of 29135-28862 for a range of 272 points
- The Trend Day VWAP of 05/03 of 27380 will be important level for the series.
- The VWAP & POC of Feb Series 27042 & 26978 respectively
- The VWAP & POC of Jan Series 27236 & 27514 respectively
- The VWAP & POC of Dec Series 26713 & 26832 respectively
- Value zones (volume profile) are at 28955-29005-29066
Hypos / Estimates for the next session:
a) BNF needs to sustain above yPOC of 29005 for a move to 29055-83 & 29135
b) Staying below 29005 at open, the auction can test 28958-950 and below it could fall to 28890
c) Above 29135, BNF can probe higher to 29175-180 and 29273
d) Below 28890, BNF gets weak for a test of 28820 and 28735-715
e) Sustaining above 29275, BNF could rise further to 29330-350 and 29420
f) If BNF stays below 28715, it can go down to 28640-635 and 28555
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