Nifty Aug F: 11123 [ 11187 / 11068 ]
Previous report ended with this ‘The auction has left an extension handle at 10948 and has a huge spike to 11088 with immediate support at 11054-40 zone with the PLR (Path of Least Resistance) to the upside for the 1 ATR move of 11147 from that negated FA of 10993’ and NF opened with a gap up & stayed above previous day’s range to give a OTF (One Time Frame) move higher for the first half of the day leaving a buying tail from 11097 to 11063 in the IB (Initial Balance) as it made a Range Extension higher in the C period itself and almost tagged the 1 ATR move of 11147. The auction went on to test the weekly extension handle of 11176 as it made a high of 11187 in the H period where the OTF to the upside not only stopped but reversed as NF made a mini OTF lower for the next 4 periods to break below VWAP almost testing the morning buying tail as it made a low of 11101 in the ‘K’ period. The defense of the morning tail gave a trip back to the developing VAH as a PBH (Pull Back High) of 11163 was confirmed in the L period before NF closed around the dPOC of 11120 leaving a nice balanced profile with higher but contracting Value.
- The NF Open was an Open Auction Out of Range (OAOR)
- The day type was a Normal Variation Day (Up)
- Largest volume was traded at 11120 F
- Vwap of the session was at 11135 with volumes of 120.5 L and range of 119 points as it made a High-Low of 11187-11068
- NF confirmed a FA at 10993 on 07/08 but negated the same on 08/08 & tagged the 1 ATR objective up of 11147 today. The 2 ATR move up comes to 11299
- 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+5’ Days
- 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 11105-11120-11152
Hypos / Estimates for the next session:
a) NF needs to stay above 11125 for a rise to 11152-163 & 11180-182
b) Staying below the HVN of 11120, the auction can test 11097-88 & 11054-40
c) Above 11182, NF can probe higher to 11205-217 & 11240-248
d) Below 11040, auction becomes weak for 11026-15 & 10994-986
e) If 11248 is taken out, the auction can rise to 11268-286 & 11306-315
f) Break of 10986 can trigger a move lower to 10960 / 10940-936 & 10913-905
BankNifty Aug F: 28474 [ 28625 / 28330]
BNF opened with a big gap up and remained above that spike zone high & PDH of 28370 getting rejected twice when it attempted to break below it and in the process left a buying tail at lows from 28351 to 28240 after which it continued to probe higher post IB (Initial Balance) making multiple REs (Range Extension) to the upside as it hit 28625 in the ‘G’ period almost tagging the 2 IB mark but similar to NF, the auction not only stalled the OTF (One Time Frame) move up but reversed the auction to retrace the entire upmove from the C period as it trended lower for the next 4 periods making a low of 28375 in the ‘K’ period where once again it got defended just around the PDH of 28370 after which BNF completed a trip to dVAH leaving a PBH (Pull Back High) at 28526 before closing at the dPOC of 28500 leaving a nice Gaussian profile for the day with completely higher Value but also marked the lowest range of this series so far thus can expect a range expansion in the coming session(s).
- The BNF Open was an Open Auction (OA)
- The day type was a Normal Variation Day – Up
- Largest volume was traded at 28500 F
- Vwap of the session was also at 28476 with volumes of 30.3 L in a session which traded in a range of 294 points making a High-Low of 28625-28330
- 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 28420-28500-28550
Hypos / Estimates for the next session:
a) BNF needs to sustain above 28500 for a move to 28550 & 28610-620
b) Staying below 28500, the auction can test 28450-420 & 28370-350
c) Above 28620, BNF can probe higher to 28675-708 & 28750
d) Below 28350, lower levels of 28300 & 28240-205 could come into play
e) Sustaining above 28750, BNF can give a fresh move up to 2820-848 / 28911-945 & 29000-015
f) Break of 28205 could trigger a move down 28144-119 / 28035-015 & 27968
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