Market Profile Analysis dated 09th June 2020

Nifty Jun F:  10034 [ 10295 / 10006 ]

HVNs – 9093 / 9275 / 9433 / 9785 / 9868 / 10020 / 10094 / 10140 / 10260

Previous day’s report ended with this ‘Staying below 10165, the auction could move towards the composite VPOC of 10094 & the FA of 10040 in the coming session and on the upside it would need to get above 10196 to fill up today’s low volumes zone and could move higher to test the dPOC and the HVN of the uppper distribution at 10270

NF completed both the objectives of 10270 as well as 10040 today as it started the day with a small gap up but remained in the lower distribution of yesterday’s profile as it made lows of 10130 in the ‘A’ period taking support in yesterday’s buying tail which triggered a 110 point move higher in the ‘B’ period as it made highs of 10263 and made multiple REs to the upside hitting the vPOC of 10270 and making a high of 10295 as it got stalled this time at the previous day’s selling tail. This rejection from the initiative selling zone led to a trending move lower for the rest of the day as the auction not only broke below VWAP but went on to confrim a Neutral Day as it made new lows for the day in the ‘J’ period and negation of the buying tail led to a fresh round of liquidation which saw NF leave an extension handle at 10122 and falling by more than 100 points from there into the close as the FA of 10040 got a revisit in just ‘T+2’ days and NF made a low of 10006 to leave a Neutral Extreme profile.

The auction has been forming a composite over the last 5 sessions and the same can be seen here with the HVNs at 10094, 10140 & 10260 which could get a revisit in the coming session(s) provided NF does not break and gets accepted below today’s low.

(check the MP Lite chart of the 5-day composite in NF here)

  • The NF Open was a Open Auction In Range  (OAIR)
  • The day type was a Neutral Extreme Day – Down (NeuX)
  • Largest volume was traded at 10250 F
  • Vwap of the session was at 10170 with volumes of 168.7 L and range of 289 points as it made a High-Low of 10295-10006
  • NF confirmed a FA at 10040 on 05/06 and tagged the 1 ATR objective of 10241 on 08/06. This FA got revisted in ‘T+2’ Days.
  • The Trend Day VWAP of 9165 would be important support level.
  • The settlement day Roll Over point (Jun) is 9426
  • The VWAP & POC of May Series is 9183 & 9109 respectively.
  • The VWAP & POC of Apr Series is 8999 & 9010 respectively.
  • The VWAP & POC of Mar Series is 9146 & 8592 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 10124-10250-10284

Main Hypos for the next session:

a) NF needs sustain above 10032 for a rise to 10076-94 / 10123-133 / 10170-190 & 10220-256
b) Staying below 10016, the auction could test 9980 / 9932 / 9883-68* & 9820

Extended Hypos:
c) Above 10256, NF can probe higher to 10295 / 10345-375 / 10410 & 10440-455
d) Below 9820, the auction can fall further to 9785-65 / 9715-9690 & 9656-40


BankNifty Jun F:  20678 [ 21590 / 20576 ]

HVNs – 17800 / 19000 / 19186 / 19980 / 20380 / 20750 / (20940) / 21000 / 21084 / (21400) / (21540)

Previous day’s report ended with this ‘Value for the day was higher and the buying tail from 20962 would be the important reference for the next session for a probe towards 21540 failing which BNF could move towards the VPOC of 20740

BNF started the day on a positive note as it made a low of 20960 in the IB & probed higher making multiple REs on the upside as it tagged the yPOC of 21540 while making a high of 21590 in the ‘F’ period where it left a small tail which was a sign that the auction could reverse it’s probe to the downside to fill up previous day’s low volume zone. Just as it seemed that BNF would close as an inside bar with Value also within previous day’s Value, there was a range extension to the downside in the ‘J’ period as the auction left an extension handle exactly at that 20960 level which not only triggered a move to the VPOC of 20740 but went on to fall by another 165 points as the selling got too emotional leading to a Neutral Extreme profile with a close at the lows. Value for the day was overlapping to lower so below today’s low, BNF move lower to tag the vPOC of 20380 & the extension handle of 20155 in the coming session(s).

There is also a composite being formed over the last 5 days and the Value for the same is at 20400-21001-21230 so it needs to be seen if the auction contines to build on this composite or gives any indication of moving away from here for the rest of the week.

(check the MP Lite chart of the 5-day composite in BNF here)

  • The BNF Open was a Open Auction In Range  (OAIR)
  • The day type was a Neutral Extreme Day – Down (NeuX)
  • Largest volume was traded at 21420 F
  • Vwap of the session was at 21158 with volumes of 88.2 L and range of 1014 points as it made a High-Low of 21590-20576
  • BNF confirmed a FA at 20388 on 05/06 and completed the 1 ATR objective of 21148 on same day. The 2 ATR target from this FA comes to 21907.
  • The Trend Day VWAP of 18138 would be important support level.
  • The settlement day Roll Over point (Jun) is 19035
  • The VWAP & POC of May Series is 18767 & 19633 respectively.
  • The VWAP & POC of Apr Series is 19605 & 19710 respectively.
  • The VWAP & POC of Mar Series is 22104 & 20248 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 20972-21420-21560

Main Hypos for the next session:

a) BNF needs to sustain above 20688 for a rise to 20796-856 / 20960-21030 / 21120-230 / 21300-420 & 21528
b) Staying below 20650, the auction could test 20585-555 / 20400-301* / 20180-088 / 20022-19960 & 19877-820

Extended Hypos:
c) Above 21528, BNF can probe higher to 21648-695 / 21785 / 21888-932 / 22000-110 & 22200-350
d) Below 19820, lower levels of 19764-650 / 19575 / 19450 / 19349-295 & 19186-085 could come into play

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