Market Profile Analysis dated 13th November 2020

Nifty Nov F:  12753 [ 12765 / 12612 ]

NF opened with a gap down of 81 points probing below PDL (Previous Day Low) as it hit a low of 12612 in the opening minutes but settled down into an OA (Open Auction) where it formed a narrow range IB (Initial Balance) of just 51 points indicating lack of new supply stalling just below the HVN of 12662. The auction then made a big move higher in the C period starting with an extension handle at 12663 after which it more than doubled the IB range playing out the 80% Rule in the Value of the 2-day composite of 12657-12749. This imbalance of almost 100 points then led to a balance being formed as NF stayed above VWAP but remained in the C period range for most part of the day before spiking higher into the close as it completed the 3 IB target of 12765 in the ‘L’ period and saw some huge volumes at 12755 where it eventually closed. Value for the day was overlapping once again leaving a well balanced 3-day composite with Value at 12674-12707-12764 and there is a good chance of getting an initiative move away from here in the coming session(s).

Click here to view the 3-day composite in NF on MPLite

  • The NF Open was a Open Auction (OA)
  • The Day type was a Normal Variation Day – Up (NV)
  • Largest volume was traded at 12708 F
  • Vwap of the session was at 12701 with volumes of 98.4 L and range of 153 points as it made a High-Low of 12765-12612
  • NF confirmed a FA at 11744 on 04/11 and tagged the 2 ATR objective of 12089 on 05/11. This FA has not been tagged and is now positional support.
  • The settlement day Roll Over point (Nov) is 11665
  • The VWAP & POC of Oct Series is 11793 & 11897 respectively.
  • The VWAP & POC of Sep Series is 11353 & 11560 respectively.
  • The VWAP & POC of Aug Series is 11311 & 11311 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 12692-12708-12741

HVNs – 11740 / 11819 / 12703*     (* denotes current series POC)

Hypos for 17.11.2020:

a) NF needs to sustain above 12770 for a rise to 12819 / 12856 / 12890 & 12930
b) The auction staying below 12742 could test 12705 / 12660 / 12625 & 12584


BankNifty Nov F:  28512 [ 28568 / 27712 ]

BNF not only opened lower but made an Open Drive Down as it went on to make lows of 27712 in the ‘A’ period completing the 2 ATR objective from the FA of 28999 to the dot giving a huge 436 point range in the first 30 minutes after which it made a narrow inside bar in the ‘B’ period of just over 100 points which was indicating that there was no new supply coming in. The auction then made a strong move above VWAP in the C period negating the Drive Down and as happens most of the times, this led to new highs of 28274 being tagged after which BNF once again saw range contraction over the next few periods but stayed above the day’s VWAP and this eventually led to a fresh RE (Range Extension) in the ‘J’ period as it left an extension handle at 28297 and almost hit the 2 IB target of the day while leaving new highs of 28568. Heavy volumes were seen at close in the 28500 zone and would be the immediate reference for the next open as Value for the day was overlapping on both sides.

Click here to view the latest profile in BNF on MPLite

  • The BNF Open was a Open Drive Down (OD – which failed)
  • The Day type was a Normal Variation Day – Up (NV)
  • Largest volume was traded at 28080 F
  • Vwap of the session was at 28175 with volumes of 77 L and range of 856 points as it made a High-Low of 28568-27712
  • BNF confirmed a FA at 28999 on 11/11 and tagged the 2 ATR objective of 27712 on 13/11.
  • The settlement day Roll Over point (Nov) is 24110
  • The VWAP & POC of Oct Series is 23740 & 24468 respectively.
  • The VWAP & POC of Sep Series is 22320 & 22320 respectively.
  • The VWAP & POC of Aug Series is 22444 & 21595 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 27768-28080-28337

HVNs – 24110 / 25455 / 26300 / 28395*    (* denotes current series POC)

Hypos for 17.11.2020:

a) BNF needs to sustain above 28530 for a rise to 28655 / 28750 / 28842 / 28974 / 29179 & 29275
b) The auction staying below 28485 could test 28392 / 28255 / 28133 / 28025 / 27848 & 27745

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