Market Profile Analysis dated 02nd November 2020

Nifty Nov F:  11681 [ 11735 / 11560 ]

NF opened with a drive down on good volumes after making an almost OH (Open=High) start at 11685 as it fell by 125 points in the IB (Initial Balance) making a low of 11560 in the ‘B’ period. This drive down however got negated in the ‘C’ period as the auction got back above the day’s VWAP after which it started to form a balance till late afternoon forming a ‘b’ shape profile for the day as it left a PBH (Pull Back High) at 11647 which was just above the weekly VAL indicating that the PLR (Path of Least Resistance) continues to remain down. However, NF initiated a short covering move on the upside in the ‘J’ period as it got above 11647 which in turn triggered a late RE (Range Extension) as it went on to tag 11735 in the ‘K’ period stalling once again in the supply zone of 11730-11745 and unable to find fresh demand here, the auction gave a retracement to 11651 before closing the day at 11681 which was almost the same level as the open. The last 3 day composite is giving a nice balanced profile with Value at 11576-11665-11696 and good initiative volumes could give a move away from here in the coming session(s).

Click here to view the 3-day composite in NF on MPLite

  • The NF Open was a Open Drive – Down – which failed (OD)
  • The Day type was a Normal Day ( Inside Bar)
  • Largest volume was traded at 11618 F
  • Vwap of the session was at 11630 with volumes of 124.2 L and range of 175 points as it made a High-Low of 11735-11560
  • The settlement day Roll Over point (Nov) is 11665
  • The VWAP & POC of Oct Series is 11793 & 11897 respectively.
  • The VWAP & POC of Sep Series is 11353 & 11560 respectively.
  • The VWAP & POC of Aug Series is 11311 & 11311 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 11570-11618-11662

HVNs – 11740

Hypos for 03.11.2020:

a) NF needs to sustain above 11696 for a rise to 11730-775 / 11836-876 & 11910-935
b) The auction staying below 11665 could test 11627-590 / 11550-520 & 11475-435


BankNifty Nov F:  24931 [ 25163 / 24100 ]

BNF was in a different world right from the open as it not only gave a big gap up of 321 points but made a OTF (One Time Frame) probe higher all day first leaving a buying tail in the IB from 24170 to 24100 after which it confirmed a PBL at 24480 before making the final stride where it left couple of extension handles at 24689 & 24777 to finally take out the VPOC of 24810 and form new highs of 25163 in the ‘K’ period leaving a big Trend Day Up of 1063 points. However, the auction saw some good profit booking into the close at it gave a dip to 24811 before closing the day at 24931.

Click here to view the Trend Day profile in BNF on MPLite

  • The BNF Open was a Open Auction (OA)
  • The Day type was a Trend Day – Up (TD)
  • Largest volume was traded at 24578 F
  • Vwap of the session was at 24592 with volumes of 101.9 L and range of 1063 points as it made a High-Low of 25163-24100
  • BNF confirmed a FA at 24277 on 30/10 and tagged the 1 ATR objective of 23619 on the same day. This FA not only was negated on 02/11 but the auction went on to tag 1 ATR target on upside which was at 24935.
  • The settlement day Roll Over point (Nov) is 24110
  • The VWAP & POC of Oct Series is 23740 & 24468 respectively.
  • The VWAP & POC of Sep Series is 22320 & 22320 respectively.
  • The VWAP & POC of Aug Series is 22444 & 21595 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 24123-24578-24739

HVNs – 24110

Hypos for 03.11.2020:

a) BNF needs to sustain above 24960 for a rise to 25050-130 / 25245-328 / 25402-530 / 25610-717 & 25800-935
b) The auction staying below 24890 could test 24810-689 / 24637-545 / 24480-399 / 24300-180 & 24085-23907

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