BNF 06th May

In our previous analysis, we had anticipated that sustained downward momentum below 49100 could potentially lead to testing of the 48650 levels. As observed on the last trading day, BNF indeed reached a low of 48660 before experiencing a sharp bounce and closing at 48875 levels. The market displayed its characteristic drama, opening around 200 points above the previous day's close and swiftly climbing upwards, surpassing psychological barriers like 49500 and clearing the AB poor high from May 2nd. However, this upward momentum was short-lived, as BNF faced rejection shortly after crossing 49600, leading to a sharp sell-off characterized by an OTF down move, poor structure, and triple distribution. Following this, significant volume at the lower end of distribution led to the development of VPOC and PPOC near 48850 levels, accompanied by a downward shift in the value area.

The development of a 'b' shaped profile suggests long liquidation rather than fresh selling. As Jim Dalton famously said, "Markets need to break before a rally," indicating the necessity of monitoring for continued downward movement before considering a short position. Notably, 48600 serves as the VAH (Value Area High) for the week of April 22nd - 29th, providing potentially strong support. However, an open below 48600 and sustained movement below 48500 could lead to the exploration of daily value areas from April 25th and 26th, with support levels around 48250 and 48000.

On the upside, any open and sustained movement above 48800 would encounter initial resistance at 49200, followed by 49500 levels. The reaction of the market to Kotak Bank's results may influence the opening moves, so it will be important to monitor this aspect closely.

bn both channels working

Good came back bro❤️

Keep tight your sl not good sign

Vix 15% + more thrill to come
Full up and down .it's will test your patience and sl

Trend since Noon: Wait for Price to come to 20 EMA and short!
Be careful now

Story since Noon. But time to be careful! Short in the hole waale phans jayenge agar Short covering aa gayi

White line is 10 EMA; Red is 20 EMA; Blue is VWAP.

Note how Calls have struggled to even cross 10 EMA. If they crossed on a rare occasion, we see sharp rejection. On the other hand, PEs have stayed above 20 EMA

BNF 07 May

BNF once again opened approximately 200 points above the previous day's close, swiftly climbing past the 49200 mark. However, encountering the anticipated strong resistance at this level, it experienced a sharp reversal. Despite attempting to breach the 49200 level during the D period, sellers were prepared, leading to a continued downward trend until the final hour, ultimately closing at the previous day's point of control (POC) and today's POC. Throughout this movement, the value area, VPOC, and TPOC remained relatively unchanged.

Analyzing the weekly profile, we observe that 49240 serves as the previous POC, forming a significant resistance zone. Conversely, the region between 48600 and 48500 represents the singles (trapped shorts) and the value area high (VAH) from the previous week, providing a strong support zone. Considering these two zones, it's plausible that BNF may rotate within the broad range of 49350 to 48600, filling out the bell-shaped profile marked in orange before initiating an imbalance move.

For tomorrow, the range and potential rotating zones remain consistent with those mentioned yesterday. While any movement below 48500 looks difficult at this moment, however, an open below 48600 and sustained movement below 48500 could prompt exploration of daily value areas from April 25th and 26th, with support levels around 48250 and 48000.

On the upside, any open and sustained movement above 48800 would likely encounter initial resistance at 49200, followed by 49500 levels. With SBI results scheduled for Thursday, interesting positioning in SBI during the second half of trading may occur, influencing overall market dynamics.

Nifty

Same with BNF

Execution

Execution

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