Market Profile Analysis dated 12th October 2020

Nifty Oct F:  11938 [ 12014 / 11867 ]

NF opened with an OL (Open=Low) start right at previous day’s high of 11950 continuing the previous week’s imbalance as it went on to make new highs for the series at 12014 in the opening minutes but settled down as an OAOR (Open Auction Out of Range) start as it failed to get fresh demand at these new highs. The auction then made a RE (Range Extension) lower and stayed below VWAP all day as it went on to complete the 2 IB objective of 11886 in the ‘I’ period where it made a low of 11867 in the ‘I’ period taking support at Friday’s VAL. NF then got back to VWAP and the dPOC of 11950 into the close leaving a balanced profile for the day with overlapping to higher Value. A balance can be seen forming post the big imbalance seen right from the start of this series and the 3-day composite has Value at 11846-11921-11946 and would need some initiative volumes at either side of this Value to give a move away from here in the coming session(s).

Click here to view NF form a 3-day balance on MPLite

  • The NF Open was a Open Auction Out of Range (OAOR)
  • The Day type was a Normal Variation Day – Down (NV)
  • Largest volume was traded at 11940 F
  • Vwap of the session was at 11945 with volumes of 104.3 L and range of 147 points as it made a High-Low of 12014-11867
  • 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 11908-11940-11970

HVNs – 10962 / 11220* / 11425 / 11590 / 11740 / 11870 / 11920*

Main Hypos for 13.10.2020:

a) NF needs to sustain above 11945 for a rise to 11966-989 / 12012-044 & 12063-088
b) The auction staying below 11925 could test 11897-865 / 11844-815 & 11799

Extended Hypos:
c) Above 12088, NF can probe higher to 12111-138 / 12160-180 & 12201-225
d) If 11799 is taken out, NF could fall to 11779-11740* / 11727-708 & 11686-656


BankNifty Oct F:  23767 [ 24217 / 23588 ]

BNF made a drive like open as it made a 300 point rise from previous close in the opening 10 minutes where it hit 24217 which was a positional supply point because of the FA of 24211 it had left on 1st Sep and had not been re-visited since. The auction then broke below VWAP in the ‘A’ period itself negating the chances of a drive up and started to see some good profit booking by the longs along with some fresh selling coming as it made a OTF (One Time Frame) lower till the ‘I’ period where it made a low of 23588 and in the process completed the 2 IB target for the day on the downside. BNF then gave a pull back to 23857 as it formed a balance in the lower part of the day’s profile building volumes at 23765 and where it eventually closed. Value for the day was overlapping and for the first time in 7 days, the DPOC was formed lower than the previous day as we have a 2-day balance at 23577-23765-24045 above the extension handle of 23395 and would need to see if this balance continues in the coming session(s) or we get a fresh leg of imbalance.

Click here to view BNF form a 2-day balance on MPLite

  • The BNF Open was a Open Auction Out of Range (OAOR)
  • The Day type was a Normal Variation Day – Down (NV)
  • Largest volume was traded at 23765 F
  • Vwap of the session was at 23882 with volumes of 72.7 L and range of 629 points as it made a High-Low of 24217-23588
  • 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 23689-23765-24010

HVNs – 20538 / 20822 / 21400* / 22090 / 22640* / 22890 / 23000 / 23730

Main Hypos for 13.10.2020:

a) BNF needs to sustain above 23770 for a rise to 23830-857 / 23901-960 / 24050-129 / 24226-292 & 24361
b) The auction staying below 23760 could test 23695-635 / 23556-460 / 23390-335 & 23274-190

Extended Hypos:

c) Above 24361, BNF can probe higher to 24475-531 / 24580-650 / 24720-800 & 24860-936
d) Breaking below 23190, it could fall to 23070-000* / 22960-900 / 22815-750 & 22685-575

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