Market Profile Analysis dated 07th May 2020

Nifty May F:  9204 [ 9264 / 9152 ]

HVNs – 9204 / (9285) / 9345-66 / 9800 / 9822-40

NF opened with a gap down of 123 points but also made an almost OL start at 9157-9152 as it took support in previous day’s buying zone and probed higher in the IB (Initial Balance) as it hit 9264 getting stalled right at the VAL of the 3-day composite it was forming this week. The auction then remained in this 111 point IB range all day to give a rare Normal Day along with a Gaussian profile with an important development of the week’s and this series POC shifting to 9204 which was also the prominent POC for the day from where we could get a good move away in the next session. The references on the upside would be the VPOC of 9284 & the HVN of 9366 and on the downside below 9180, levels on watch would be 9125-11 & 9012.

  • The NF Open was a Open Auction In Range (OAIR)
  • The day type was a Normal Day (Gaussian Profile with a prominent POC)
  • Largest volume was traded at 9204 F
  • Vwap of the session was at 9209 with volumes of 165.6 L and range of 112 points as it made a High-Low of 9264-9152
  • NF had confirmed a multi-day FA at 8706 on 09/04  and tagged the 2 ATR objective of 9756 on 30/04. This FA has not been tagged & is now important support.
  • The Trend Day VWAP of 8643 would be important support level.
  • The settlement day Roll Over point (May) is 9822
  • The VWAP & POC of Apr Series is 8999 & 9010 respectively.
  • The VWAP & POC of Mar Series is 9146 & 8592 respectively.
  • The VWAP & POC of Feb Series is 11944 & 12125 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 9188-9204-9222

Main Hypos for the next session:

a) NF needs to sustain above 9224 for a rise to 9240-49 / 9264-84* / 9303-12 / 9336-66 & 9396-9402
b) The auction remains weak below 9204 and could fall to 9188-80 / 9161-53 / 9125-11 / 9093-63 & 9040-12

Extended Hypos:
c) Above 9402, NF can probe higher to 9420-43 / 9462-75 / 9513-18 / 9549-74 & 9616-25
d) Below 9012, the auction can fall further to 9000-8975 / 8964-40 / 8900 / 8876-45 & 8822-13


BankNifty May F:  19505 [ 19743 / 19300 ]

HVNs – 19510 / 19602 / 19674 / 19830 / 20765 / (21600) / (21850)

BNF also opened lower but took support right at previous day’s PBL (Pull Back Low) of 19301 and this defense of the buying extension handle of 19272 meant that the demand was still active in this zone as similar to NF, the auction probed higher in the IB as it went on to tag yPOC of 19640 and even got above the HVN of 19700 as it made highs of 19743 but was swiftly rejected from here to complete a 443 point IB with a 105 point selling tail from 19638 to 19743. BNF could not get into the singles at top for the rest of the day & remained in a narrow range of 300 points as it left a PBL of 19333 in the ‘G’ period to close as a Normal Day with a prominent POC at 19500. The last 2 day’s has seen rejection from previous day’s POC and formed overlapping to lower value hence the auction would need to get accepted above today’s POC for a probe higher. On the downside, sellers would need to take out the important zone of 19320-19272 for a fresh leg lower in the coming session(s).

  • The BNF Open was a Open Auction In Range (OAIR)
  • The day type was a Normal Day (Gaussian Profile with a prominent POC)
  • Largest volume was traded at 19500 F
  • Vwap of the session was at 19502 with volumes of 57.7 L and range of 443 points as it made a High-Low of 19743-19300
  • BNF confirmed a FA at 21932 on 30/04  and tagged not just the 1 ATR objective of 21028 but also the 2 ATR target of 20125 on 04/05. This FA is currently on ‘T+5’ Days.
  • BNF confirmed a FA at 17977 on 07/04  and tagged the 2 ATR target of 21771 on 30/04. This FA has not been tagged and is now positional support.
  • The settlement day Roll Over point (May) is 21380
  • The VWAP & POC of Apr Series is 19605 & 19710 respectively.
  • The VWAP & POC of Mar Series is 22104 & 20248 respectively.
  • The VWAP & POC of Feb Series is 30692 & 30692 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 19411-19500-19556

Main Hypos for the next session:

a) BNF needs to sustain above 19510 for a rise to 19556-602 / 19674 / 19728-764 / 19830 / 19906-965 & 20076-90
b) The auction gets weak below 19470 and could test levels of 19404-375 / 19320-272 / 19220-145 / 19049 & 18970-928

Extended Hypos:
c) Above 20090, BNF can probe higher to 20160-220 / 20396-430 / 20535-600 / 20735-755 / 20840 & 20898-914
d) Below 18928, lower levels of 18860-777 / 18690-608 / 18563 / 18420-300 / 18236-215 & 18170-100 could come into play

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