Nifty Apr F:
NF opened above the Neutral Extreme reference low of 11675 and probed higher but was not able to get above the HVN of 11721 as it made a high of 11718 leaving a narrow IB range of just 36 points. (Click here to view the profile chart for better understanding) There was no conviction on either side as the volumes were also very low as the auction remained in a narrow range after a failed attempt to get above the IBH in the ‘C’ period after which it gave a dip to VWAP where it found support leaving a pull back low of 11701. NF then went on to scale above IBH as it probed higher making a high of 11734 in the ‘H’ period narrowly missing the 1.5 IB extension following which there was a sudden long liquidation break caused by lack of liquidity as the auction broke the day’s VWAP & probed below the pull back low to tag 11694 but got swiftly rejected to close around the IBH. The next 2 periods then probed higher as NF made a new high for the day at 11740 in the ‘K’ period and closed at the dPOC of 11727 giving a nice Gaussian Profile for the day with the lowest range of this series of just 57 points and a good chance of giving a move away from this POC in the next session.
- The NF Open was a Open Auction In Range (OAIR)
- The day type was a Normal Variation Day – Up (Gaussian Profile)
- Largest volume was traded at 11727 F
- Vwap of the session was at 11715 with lowest volumes of the series at just 51 L in a session which traded a High-Low range of 11740-11682 for a range of 57 points
- NF confirmed a FA at 11834 on 03/04 and tagged the 2 ATR move down of 11620 on 11/04. This FA has not yet been tagged and is strong resistance
- NF had confirmed a FA at 11432 on 26/03 and tagged the 2 ATR move of 11632 on 27/03. This FA has not been tagged & is now strong support.
- The settlement day Roll Over point is 11673
- The VWAP & POC of Mar Series is 11327 & 11448 respectively.
- The VWAP & POC of Feb Series is 10830 & 10856 respectively.
- The VWAP & POC of Jan Series is 10795 & 10823 respectively.
- Value zones (volume profile) are at 11707-11727-11729
Hypos / Estimates for the next session:
a) NF has immediate resistance at 11734-740 above which it can rise to 11760 & 11780-785
b) Staying below 11730 at open, the auction can test 11712-706 & 11695-682
c) Above 11785, the auction can probe higher to 11806-811 & 11828-834
d) Below 11680, NF can probe lower to the vPOC of 11660-646 and 11630
e) If 11835 is taken out, the auction can rise to 11858-865 and 11880
f) Break of 11630 could lead to lower levels of 11601 & 11585-570
BankNifty Apr F:
BNF gave a strong open as it stayed above Friday’s Value in the ‘A’ period and then went on to scale above PDH (Previous Day’s High) in the ‘B’ period as it made a high of 30190 giving a relatively lower IB range of 147 points. (Click here to view the profile chart for better understanding) The auction continued to probe higher in the ‘C’ & ‘D’ periods giving multiple range extensions but the range was contracting as BNF made a high of 30239 in the ‘D’ period unable to tag even the 1.5 IB extension which indicated poor trade facilitation at these levels. BNF then stayed in a narrow range forming a ‘p’ profile for the day till the ‘H’ period after which there was a inventory adjustment move in the form of a spike lower in the ‘I’ period as the auction entered the morning singles of 30125 to 30043 making a low of 30091. BNF then probed higher to make new day highs in the ‘K’ period as it tagged the vPOC of 30249 also completing the 1 ATR move from Friday’s FA of 29833 and closed around the prominent dPOC of 30188 which will be the level to watch in the next session.
- The BNF Open was a Open Auction In Range (OAIR)
- The day type was a Normal Variation Day (Up)
- Largest volume was traded at 30188 F
- Vwap of the session was at 30180 with lowest volumes of the series at just 17.2 L in a session which traded a High-Low range of 30249-30043 for the narrowest range of the series of just 206 points
- BNF confirmed a FA at 29833 on 12/04 & tagged the 1 ATR move up of 30247 today. The 2 ATR move up comes to 30581
- BNF confirmed a FA at 30335 on 10/04 and tagged the 1 ATR move down of 29911 on 11/04. The 2 ATR move down comes to 29487. This FA is now on ‘T+4’ Days.
- The settlement day Roll Over point is 30500
- The VWAP & POC of Mar Series is 29061 & 29778 respectively.
- The VWAP & POC of Feb Series 27042 & 26978 respectively
- The VWAP & POC of Jan Series 27236 & 27514 respectively
- Value zones (volume profile) are at 30154-30188-30230
Hypos / Estimates for the next session:
a) BNF needs to sustain above 30056-75 at open for a move to 30145-168 & 30235-260
b) Staying below 30050, the auction can test 30005 & 29940-920
c) Above 30260, BNF can probe higher to 30335-345 and 30395
d) Below 29920, BNF gets weak and could tag 29840-833 and 29780
e) If 30395 is taken out, the auction can rise to 30434 & 30485-516
f) Break of 29780 could bring lower levels of 29732-711 & 29667
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