Market Profile Analysis dated 08th October 2020

Nifty Oct F:  11832 [ 11914 / 11795 ]

NF opened with a gap up of 70+ points well above the 31st Aug swing high of 11794 and continued to probe higher as it left a buying tail in the IB (Initial Balance) and stayed above the day’s VWAP making multiple REs (Range Extension) on the upside as it made highs of 11914 in the ‘J’ period but the upmove seemed to be exhausting as inspite of staying above IBH, the auction failed to complete the 2 IB objective of 11931. More confrimation of this came when NF broke VWAP for the first time in the day which led to a big liquidation move down resulting in new lows for the day at 11795 as the fall stopped right at that swing high of 11794 before getting back into the IB and close the day at 11832 leaving a Neutral Day. Value was higher once again but unlike the last 2 sessions, the close was way below the highs indicating that the imbalance may be turning into a balance.

Click here to view NF continue the 5th day of imbalance on MPLite

  • The NF Open was a Open Auction Out of Range (OAOR)
  • The Day type was a Neutral Day (NeuD)
  • Largest volume was traded at 11858 F
  • Vwap of the session was at 11861 with volumes of 117.6 L and range of 120 points as it made a High-Low of 11914-11795
  • NF confirmed a FA at 10857 on 25/09 and tagged the 2 ATR objective of 11165 on 28/09. This FA has not been tagged and is now positional support.
  • The settlement day Roll Over point (Oct) is 10830
  • The VWAP & POC of Sep Series is 11353 & 11560 respectively.
  • The VWAP & POC of Aug Series is 11311 & 11311 respectively.
  • The VWAP & POC of Jul Series is 10897 & 10803 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 11820-11858-11880

HVNs – 10962 / 11220 / 11590

Main Hypos for 09.10.2020:

a) NF needs to sustain above 11835 for a rise to 11855-870 / 11888-910 & 11933*-970
b) The auction staying below 11820 could test 11799-779 / 11740*-727 & 11708-686

Extended Hypos:
c) Above 11970, NF can probe higher to 12011-044 / 12063-095 & 12111
d) If 11686 is taken out, NF could fall to 11656-627 / 11613-590* & 11570-550


BankNifty Oct F:  23185 [ 23480 / 23060 ]

BNF also opened higher but gave that customary dip in the ‘A’ period like the previous day as it made a low of 23113 taking support just above the PDH of 23109 which meant demand was coming in and the auction then gto back above the day’s VWAP and resumed the probe higher as it went on to make multiple REs but similar to NF, failed to tag the 2 IB target of 23527 as it could only make a high of 23480 in the ‘J’ period where it went on to break VWAP for the first time leading to a quick fall of 420 points from the high as it made new lows for the day at 23060 in the ‘L’ period before giving a small bounce back to close the day at 23185. Value of this Neutral profile was completely higher but the close was at the VAL so unless BNF gets back above the day’s POC of 23360, there could be a balance forming in the coming session(s)

Click here to view BNF continue the current imbalance on MPLite

  • The BNF Open was a Open Auction Out of Range (OAOR)
  • The Day type was a Neutral Day (NeuD)
  • Largest volume was traded at 23360 F
  • Vwap of the session was at 23287 with volumes of 68.5 L and range of 420 points as it made a High-Low of 23480-23060
  • BNF had confirmed a FA at 20431 on 25/09 and tagged the 2 ATR objective of 21490 on 28/09. This FA has not been tagged and is now positional support.
  • The settlement day Roll Over point (Oct) is 20490
  • The VWAP & POC of Sep Series is 22320 & 22320 respectively.
  • The VWAP & POC of Aug Series is 22444 & 21595 respectively.
  • The VWAP & POC of Jul Series is 22163 & 22087 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 23183-23360-23391

HVNs – 20538 / 20822 / 21400 / 21630 / 22640

Main Hypos for 09.10.2020:

a) BNF needs to sustain above 23210 for a rise to 23285-356 / 23415-494 / 23530-580 & 23630-724*
b) The auction staying below 23160 could test 23070-000* / 22942-900 / 22815-750 & 22685-650*

Extended Hypos:

c) Above 23724, BNF can probe higher to 23806-880* / 23913-24000 / 24080-180 & 24258-285
d) Breaking below 22650, it could fall to 22575-500 / 22440*-380 / 22319 / 22264-227 & 22155-101*

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