Market Profile Analysis dated 03rd November 2020

Nifty Nov F:  11825 [ 11844 / 11731 ]

NF gave the expected move away from the 3-day balance starting with a gap up and then continuing the probe higher filling up the singles of the DD profile of 28th Oct as it stalled right at the extension handle of 11821 leaving similar highs there for 5 periods before finally extending the range further in the ‘H’ period after which it made new highs of 11844 in the ‘I’ period almost tagging the upper HVN of 28th Oct’s profile. The auction then gave a retracement breaking below VWAP in the ‘K’ period as it left a PBL at 11783 before closing at the day’s prominent POC of 11820 which acted like a magnet leaving a balanced profile for the day with completely higher Value.

Click here to view NF move away from the 3-day composite on MPLite

  • The NF Open was a Open Auction Out of Range (OAOR)
  • The Day type was a Normal Variation Day – Up (NV)
  • Largest volume was traded at 11819 F
  • Vwap of the session was at 11803 with volumes of 111.1 L and range of 113 points as it made a High-Low of 11844-11731
  • 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 11785-11819-11834

HVNs – 11740

Hypos for 04.11.2020:

a) NF needs to sustain above 11836 for a rise to 11876-910 / 11968 & 12001-030
b) The auction staying below 11819 could test 11785-744 / 11685-664 & 11618


BankNifty Nov F:  25669 [ 25735 / 25070 ]

BNF continued the imbalance of previous day with yet another gap up after which it left a buying tail in the IB as it made new highs of 25499 leaving a fairly big range of 430 points. The auction consolidated in this range till the ‘D’ period followed by a fresh OTF probe higher from the ‘E’ period onwards as it made higher highs for the next 5 periods as it tagged 25681. The inability of ‘J’ period forming a new high meant that the demand was drying up and this led to a VWAP test in the ‘K’ period as BNF left a PBL at 25450 where it saw demand coming back and went on to make new highs for the day into the close at 25735 forming a kind of 3-1-3 profile for the day with completely higher Value.

Click here to view BNF continue the imbalance higher on MPLite

  • The BNF Open was a Open Auction (OA)
  • The Day type was a Normal Variation Day – Up (NV)
  • Largest volume was traded at 25630 F
  • Vwap of the session was at 25484 with volumes of 79.2 L and range of 665 points as it made a High-Low of 25735-25070
  • 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 2 ATR target on upside which was at 25593 on 03/11.
  • 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 25421-25630-25664

HVNs – 24110

Hypos for 04.11.2020:

a) BNF needs to sustain above 25705 for a rise to 25800-935 / 26025-130 / 26250-355 / 26490-600 & 26700-820
b) The auction staying below 25620 could test 25558-440 / 25332-204 / 25130-050 / 24930-810 & 24689-545

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