Market Profile Analysis dated 13th Feb 2020

Nifty Feb F:  12174 [ 12220 / 12145 ]

HVNs – 11922 / 11965 / 12012 / 12095 / 12130 / 12165 / 12220

Previous day’s report ended with this ‘The HVN of 12218 would be the important reference for the next open and would require initiative buy side volumes to continue making higher Value this week towards the next VPOC of 12282 & 12309. Acceptance below 12218 could lead to a test of the today’s buying tail which starts from 12201 for a test of the HVNs of 12165 & 12130.

NF gave a Open Drive Down on average volumes as it gave a OH (Open=High) start at 12220 moving away from the HVN of 12218 and tagging the first objective on the downside which was the lower HVN of 12165 as it made lows of 12160 in the IB (Initial Balance). The auction then made a C side extension lower but did not find any new selling and ended up forming a mirror reflection of previous day’s ‘p’ shape profile as it could not extend much on the downside inspite of making multiple REs in the ‘F’ & ‘G’ periods as it tagged 12145 and was unable to meet the next objective of 12130 on the downside which was also the 1.5 IB target for the day and this inability led to a short covering move in the second half of the day as NF made a slow probe higher to test the start of the selling tail of 12180 to 12220 it had left in the morning before closing the day at the HVN of 12165 leaving a perfect ‘b’ shape profile. Value for the day was completely lower & once again like the previous day, the DPOC of 12165 would be the first reference for the next session above which we have the PBH (Pull Back High) of 12181 as major supply point. On the downside, NF would need fresh supply to come in below 12165 for a test of 12130 and below that we have the volume cluster from 12090-95.

  • The NF Open was an Open Test Drive (Down)  (OD) on low volumes
  • The day type was a Normal Variation Day – Down (‘b’ shape profile)
  • Largest volume was traded at 12164 F
  • Vwap of the session was at 12167 with volumes of 68.3 L and range of 74 points as it made a High-Low of 12220-12145
  • The 20th Jan Trend Day VWAP of 12336 remains positional supply point.
  • The settlement day Roll Over point (Feb) is 12044
  • The VWAP & POC of Jan Series is 12178 & 12132 respectively.
  • The VWAP & POC of Dec Series is 12087 & 12182 respectively.
  • The VWAP & POC of Nov Series is 11954 & 11910 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 12154-12164-12179

Hypos / Estimates for the next session:

a) NF needs to get above the supply at 12182-188 for a move higher to 12208-220* / 12235-242 & 12258-282*
b) The auction gets weak below 12164 for a test of 12148 / 12130-121 / 12095-090 & 12075-068  
c) Above 12282, NF can probe higher to 12297-309* & 12354-369
d) Below 12068 auction can move lower to 12050-040 / 12020-012* & 11995-982


BankNifty Feb F:  31231 [ 31627 / 31188 ]

HVNs – 30720 / 30800 / 30870 / 31050 / 31160 / 31200-230 / 31385 / 31460 / 31560

Previous day’s report ended with this ‘BNF has major supply on the upside above 31620 in the form of the big selling tail from 31708 to 31893 which would need some initiative activity to be taken out and on the downside, the HVNs of 31460 & 31385 would be the levels to watch out for in case the auction gets accepted below 31560 in the coming session(s).

BNF opened above the yPOC of 31560 and made a freak high of 31627 above the PDH (Previous Day High) in the opening minutes from where it got swiftly rejected to not only get back into previous day’s range but breaking below the PDL all in the first 5 minutes confirming an Open Rejection Reverse (ORR) start to the day. The auction then trended lower in the IB as it tagged the VPOC of 31385 while it made lows of 31302 leaving a relatively big IB range after which it kept drifting lower at a very slow pace all day as it stayed below VWAP & made multiple REs to the downside but could not even tag the 1.5 IB mark of 31164 and stalled at 31189 in the ‘I’ period leaving a ‘b’ shape profile for the day with a close at the all important POC of 31230 which will be the reference for the next open. On the upside, the PBHs (Pull Back High) of 31266 / 31305 & 31380 would be the levels to watch apart from the big selling tail from 31414 to 31580 and on the downside, BNF would get weaker below 31200 for a test of the next HVN at 31050 & below it the FA of 30956 which is currently on ‘T+6’ Days.

  • The BNF Open was an Open Rejection Reverse (Down)  (ORR) on low volumes
  • The day type was a Normal Variation Day – Down (‘b’ shape profile)
  • Largest volume was traded at 31230 F
  • Vwap of the session was at 31292 with volumes of 24.4 L and range of 438 points as it made a High-Low of 31627-31189
  • BNF confirmed a multi-day  FA at 31004 on 07/02  and tagged the 1 ATR move of 31487. The 2 ATR objective comes to 31963. This FA is currently on ‘T+4‘ Days.
  • BNF confirmed the 4th FA of this series in 6 sessions at 30956 on 06/02  and tagged the 1 ATR objective of 31453 on the same day. The 2 ATR move from this FA comes to 31950. This FA is currently on ‘T+6‘ Days.
  • BNF confirmed the third FA of this series in 5 sessions at 30631 on 05/02  and tagged the 2 ATR objective of 31600 on 11/02. This FA has not been tagged and is now positional support.
  • The settlement day Roll Over point (Feb) is 30726
  • The VWAP & POC of Jan Series is 31425 & 32104 respectively.
  • The VWAP & POC of Dec Series is 31956 & 32102 respectively.
  • The VWAP & POC of Nov Series is 30699 & 31100 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 31193-31230-31338

Hypos / Estimates for the next session:

a) BNF needs to sustain above 31230 for a rise to 31266-290 / 31332-340 / 31460-500 & 31560-605
b) The auction has immediate support at 31220-200 which if broken can trigger a fall to 31151-135 / 31070-050* / 31002-30956 & 30870-855
c) Above 31605, BNF can probe higher to 31650-720 / 31775-800 & 31850
d) Below 30855, lower levels of 30800 / 30720 & 30675-645 could be tagged

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