Market Profile Analysis dated 01st July 2020

Nifty Jul F:  10408 [ 10430 / 10244 ]
HVNs – 10190 / 10293 / 10475

NF opened in the 4-day composite but left a buying tail in the Initial Balance which was the first sign that it could move away from this balance. The auction then made a Range Extension in the ‘E’ period as it left an extension handle at 10336 which confirmed the start of an imbalance as it trended higher till the ‘I’ period completing the 2 IB objective while making highs of 10423. NF then settled down to form a balance between 10375 to 10410 to leave a Double Distribution Trend Up profile for the day with the DPOC shifting higher to 10400 at close and would be the level to watch in the next session.

Click here to view the MP Lite chart of the auction moving away from the 4-day composite in NF

  • The NF Open was a Open Auction In Range  (OAIR)
  • The Day type was a Double Distribution Trend Day – Up (DD)
  • Largest volume was traded at 10400 F
  • Vwap of the session was at 10350 with volumes of 167.4 L and range of 186 points as it made a High-Low of 10430-10244
  • NF confirmed a FA at 10156 on 25/06 and the tagged the1 ATR target of 10381 on 01/07. The 2 ATR objective comes to 10604
  • NF confirmed a FA at 10172 on 29/06 and and the tagged the1 ATR target of 10395 on 01/07. The 2 ATR objective comes to 10619
  • NF confirmed a FA at 10516 on 24/06 and completed the 1 ATR objective of 10299 on the same day. The 2 ATR target comes to 10081.This FA is currently on ‘T+6’ Days
  • The 24th June Trend Day VWAPs of 10403 would be important supply point. This was taken out on 01/07 and closed just above it.
  • The 18th June & 01st July Trend Day VWAPs of of 9957 & 10350  would be important support levels.
  • The settlement day Roll Over point (Jul) is 10240
  • The VWAP & POC of Jun Series is 10110 & 10110 respectively.
  • The VWAP & POC of May Series is 9183 & 9109 respectively.
  • The VWAP & POC of Apr Series is 8999 & 9010 respectively.

You can check the monthly charts & other swing levels for Nifty & NF here & for the weekly charts & analysis, please click here.

Daily Zones:

  • Value zones (volume profile) are at 10317-10400-10417

Main Hypos for 02.07.2020:

a) NF needs to get above 10425 for a rise to 10460-489* / 10516-544* / 10576 & 10606-619
b) The auction staying below 10400 can test lower levels of 10367-350 / 10321-293 / 10275-237 & 10216-195

Extended Hypos:
c)Above 10619, NF can probe higher to 10655-690 / 10735-787 & 10815-830
d) If 10195 is taken out, NF could fall to 10172-145 / 10104 / 10081-032 & 9992


BankNifty Jul F:  21930 [ 22014 / 21155 ]
HVNs – 21000 / 21294 / 21430 / 21760 / 22250

BNF also had a similar start inside it’s 4-day composite but looked stronger as it left a 200 point buying tail in the IB from 21355 to 21155 which set up the day for a OTF (One Time Frame) move higher as it completed the 2 IB objective of 21934 and went on to tag highs of 22014 leaving a Double Distribution Trend Up profile with the extension handle of 21555.

Click here to view the MP Lite chart of how BNF moved from balance to imbalance

  • The BNF Open was a Open Auction In Range (OAIR) 
  • The Day type was a Double Distribution Trend Day – Up (DD)
  • Largest volume was traded at 21840 F
  • Vwap of the session was at 21650 with volumes of 82.8 L and range of 859 points as it made a High-Low of 22014-21155
  • BNF confirmed a FA at 20901 on 29/06 and the tagged the1 ATR target of 21763 on 01/07. The 2 ATR objective comes to 22625
  • The 24th June Trend Day VWAPs of 21887 would be important supply point. This was taken out on 01/07.
  • The 18th June & 01st July Trend Day VWAPs of 20494 & 21650 would be important support levels.
  • The settlement day Roll Over point (Jul) is 21430
  • The VWAP & POC of Jun Series is 20918 & 21000 respectively.
  • The VWAP & POC of May Series is 18767 & 19633 respectively.
  • The VWAP & POC of Apr Series is 19605 & 19710 respectively.

For the Monthly charts & other swing levels for BankNifty & BNF click here & for the weekly charts & analysis, please click here.

Daily Zones:

  • Value zones (volume profile) are at 21480-21840-21980

Main Hypos for 02.07.2020:

a) BNF needs to sustain above 21960 for a rise to 22056-130 / 22260-356 / 22420-490 / 22560-650 & 22712
b) The auction accepting below 21900 could test of 21840-775 / 21720-649 / 21564-468 / 21355-319 & 21223-120

Extended Hypos:
c) If 22712 is taken out, BNF could start a fresh probe to 22818 / 22880-920 / 23010-160* / 23235-290 & 23370-440
d) Breaking below 21120, there could be a fall to 21000* / 20901 / 20784-704 / 20616-525 & 20484-436

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