Market Profile Analysis dated 09th Apr 2020

Nifty Apr F:  9087 [ 9111 / 8891 ]

HVNs – 7900 / 8130 / 8259 / 8305-35 / 8420-55 / 8555 / 8604 / 8670 / 8750 / 8800 / (8865) / 9010 / 9080

Previous day’s report ended with this ‘...on the upside today’s VWAP of 8870 would be the first reference above which the important level of 8962 would come into play for a test of today’s selling tail and a probe towards 9211 & 9365.

NF opened with a big gap up of 160 points and stayed above that 8870 level as it formed yet another narrow IB range of 130 points from 9035 to 8905 with the auction coiling as the ‘C’ period made a double inside bar. The ‘D’ period then made an attempt to break lower but was rejected back into the IB leading to an immediate RE in the ‘E’ period on the upside which confirmed a FA at 8891 leading to higher highs over the next 4 periods as NF got into the selling tail of previous day and made highs of 9106 in the ‘I’ period but retraced from this supply zone to come back & test the VWAP as it left a PBL (Pull Back Low) at 8979 in the ‘K’ period and went on to make new highs of 9111 for the day before closing at 9087 leaving a Neutral Extreme profile. Value for the day was higher with the dPOC at 9010 which would be the important reference on downside along with today’s FA and on the upside, the auction will need to take out the selling tail high of 9145 to continue the probe higher towards 9168 / 9211-34 & 9365-84.

  • The NF Open was a Open Auction In Range (OAIR)
  • The day type was a Neutral Extreme Day (NeuX)
  • Largest volume was traded at 9010 F
  • Vwap of the session was at 9009 with volumes of 228.9 L and range of 220 points as it made a High-Low of 9111-8891
  • NF confirmed a multi-day FA at 8686 on 09/04  and the 1 ATR objective comes to 9211.
  • NF confirmed another FA at 8891 on 09/04  and the 1 ATR objective comes to 9416.
  • NF confirmed a FA at 7521 on 24/03  and tagged the 2 ATR objective of 8595 on 26/03. This FA has not been tagged and is now positional support.
  • NF confirmed a FA at 9384 on 17/03  and tagged the 2 ATR move of 8613 on 18/03. This FA has not been tagged and is positional supply point.
  • The Trend Day VWAP of 8620 would be important support level.
  • The settlement day Roll Over point (Apr) is 8686
  • The VWAP & POC of Mar Series is 9146 & 8592 respectively.
  • The VWAP & POC of Feb Series is 11944 & 12125 respectively.
  • The VWAP & POC of Jan Series is 12178 & 12132 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 8945-9010-9062

Main Hypos for the next session:

a) NF needs to sustain above 9100 for a rise to 9125 / 9150-60* / 9181 / 9211-34 & 9270-95
b) The auction gets weak below 9080 for a move to 9055 / 9024-10 / 8985-79 / 8945-34 & 8904-8891

Extended Hypos:
c) Above 9295, NF can probe higher to 9325 / 9358-65 / 9385 / 9412-16 & 9460-80
d) Below 8891, the auction can fall further to 8860 / 8828-04 / 8775 / 8748*-36 & 8715-00

-Additional Hypos*-
e) Sustaining above 9480* could take NF to 9510 / 9550-70 / 9615 / 9650-80 & 9715-40
f) If 8700* is taken out, NF can start a new leg down to 8667-62 / 8620 / 8590 / 8559-45 / 8525-8490 & 8455-45


BankNifty Apr F:  19768 [ 19888 / 19071 ]

HVNs – 17540 / 18140-180 / 18790 / 18860 / 18985 / 19020 / 19125 / 19345 / (19500-550) / 19700 / 19840

BNF also opened with a gap up of 600 points and remained above previous day’s POC & VWAP for the first 3 periods getting stalled at the HVN of 19800 as the range kept contracting inside the IB of 499 points. The auction then made a RE (Range Extension) lower in the ‘D’ period and followed it up with a lower low of 19070 in the ‘E’ period where it got rejected from previous day’s PBH of 19090 to get back into the IB as it continued to form a balance above previous day’s Value. BNF then attempted a RE on the upside in the ‘I’ period but was swiftly rejected leading to a test of VWAP in the ‘J’ period where it left a PBL at 19387 which led to a spike higher into the close resulting in new highs of 19888 before closing at 19768 leaving a Neutral Day with a prominent POC at 19500 which would be the important reference in the coming session(s). On the upside, BNF needs to gain acceptance in the selling tail of 19980 to 20599 for an attempt towards that 2 ATR objective of 21715 from the FA of 17921.

  • The BNF Open was a Open Auction In Range (OAIR)
  • The day type was a Neutral Day (NeuD)
  • Largest volume was traded at 19500 F
  • Vwap of the session was at 19519 with volumes of 69.4 L and range of 817 points as it made a High-Low of 19888-19071
  • BNF confirmed a FA at 17921 on 07/04  and tagged the 1 ATR target of 19818 on 08/04. The 2 ATR objective from this FA is at 21715.
  • BNF confirmed a FA at 19820 on 30/03  and tagged the 1 ATR objective of 17880 on 03/04. This FA got tagged on 08/04 which was the ‘T+5’ Day.
  • The settlement day Roll Over point (Apr) is 19380
  • The VWAP & POC of Mar Series is 22104 & 20248 respectively.
  • The VWAP & POC of Feb Series is 30692 & 30692 respectively.
  • The VWAP & POC of Jan Series is 31425 & 32104 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 19390-19500-19717

Main Hypos for the next session:

a) BNF needs to sustain above 19800 for a move to 19850 / 19970-981 / 20040 / 20130-180 / 20251-295 & 20326-350
b) The auction gets weak below 19715 for a test of 19658 / 19588-550 / 19500-488 / 19390 / 19318-300 & 19245-175

Extended Hypos:
c) Above 20350, BNF can probe higher to 20450-520 / 20600 / 20666-715 / 20795-925 / 21000-095 & 21150
d) Below 19175, lower levels of 19115-040 / 18970-940 / 18890-860* / 18800-725 / 18675-555 & 18495-430 could come into play

-Additional Hypos*-
e) BNF sustaining above 21150* could start a new leg up to 21250-312 / 21400-480 / 21530 / 21600-635 / 21715-750 & 21822-910
f) If 18430* is taken out, BNF could fall further to 18375-300 / 18225-195* / 18150-060 / 18010-17920 / 17826-740 & 17665-600

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