Market Profile Analysis dated 02nd July 2020

Nifty Jul F:  10540 [ 10582 / 10440 ]
HVNs – 10190 / 10293 / 10475

NF opened higher continuing the trending move of previous day into the IB (Initial Balance) as it made highs of 10508 stopping just below the FA point of 10516 as supply seemed to return along with profit booking and this led to a retracement of the entire IB range as the auction attempted a RE (Range Extension) lower in the ‘D’ period making new lows for the day at 10440 but was swiftly rejected. This rejection from just above the PDH (Previous Day High) indicated that the auction has not finished it’s upside probe and thus led to a fresh OTF (One Time Frame) move over the next 6 periods as NF made a RE on the upside which confirmed a new FA at day’s low and revisted the 24th Jun FA of 10516 as it completed the 2 IB objective in the ‘J’ period while making a high of 10581. The ‘K’ period made a similar high which indicated that the OTF move was coming to an end as the auction made a retracement to 10527. The Day was a Neutral Extreme Up and the profile resembled a DD (Double Distribution) with poor highs and 10480 & 10536 being the HVNs of the 2 mini distributions of today.

Click here to view the MP Lite chart of NF continuing the imbalance higher with a new FA

  • The NF Open was a Open Auction Out of Range  (OAOR)
  • The Day type was a Neutral Extreme Day – Up (NeuX)
  • Largest volume was traded at 10480 F
  • Vwap of the session was at 10512 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 10440 on 02/07 and the 1 ATR objective comes to 10654
  • 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.This FA got revisted on 02/07 at ‘T+6’ Day
  • 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 10451-10480-10539

Main Hypos for 03.07.2020:

a) NF needs to get above 10556-572 for a rise to 10606-619 / 10655-690 & 10735-750
b) The auction staying below 10536 can test lower levels of 10508-488 / 10440-400* & 10367-350

Extended Hypos:
c)Above 10750, NF can probe higher to 10787-815 / 10830-880 / 10914 & 10940*
d) If 10350 is taken out, NF could fall to 10321-293 / 10275-237 / 10216-195 & 10172-*145*


BankNifty Jul F:  21977 [ 22290 / 21827 ]
HVNs – 21000 / 21294 / 21430 / 21760 / 22250

BNF opened higher continuing the imbalance of the previous day but got stalled at the HVN of 22250 of 24th June as it made a high of 22290 in the IB after which it probed lower making multiple REs as it got back into previous day’s range and tagged the yPOC of 21840 where it took support to form a balanced profile for the day remaining in a narrow range of 463 points with a prominent POC at 22000.

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

  • The BNF Open was a Open Auction Out of Range (OAOR) 
  • The Day type was a Normal Variation Day – Down (Gaussian Profile)
  • Largest volume was traded at 22000 F
  • Vwap of the session was at 22060 with volumes of 83.1 L and range of 463 points as it made a High-Low of 22290-21827
  • 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 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 21940-22000-22170

Main Hypos for 03.07.2020:

a) BNF needs to sustain above 22002 for a rise to 22080 / 22170-260 / 22356-420 / 22490-560 & 22650-712
b) The auction accepting below 21930 could test of 21840-775 / 21720-649 / 21564-468 / 21355-319 & 21223

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 21223, there could be a fall to 21120-000* / 20901 / 20784-704 / 20616-525 & 20484

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