Market Profile Analysis dated 13th September

Nifty Sep F:  11105 [ 11118 / 10962 ]

NF broke below the PDL at open as it tagged 10972 but was immediately rejected to get back into the previous day’s range where it made a high of 11034 in the A period getting stalled just below the Trend Day VWAP of 11046 which was an expected supply point after which it probed lower in the ‘B’ period making a new low of 10962 just managing to hold the auction above the negated FA of 10960 as it left a IB (Initial Balance) range of 72 points. (Click here to view the profile chart for September NF for better understanding) The auction then started to form a balance staying inside the IB range for the next 6 periods and seemed like would leave a Gaussian profile for the day as the volumes were also on the lower side when it made a RE (Range Extension) to the upside in the ‘I’ period which saw an increase in the volumes after which it left an extension handle at 11045 and this started a trending move into the close as NF got above PDH (Previous Day High) as it spiked higher to close at 11105. Spike Rules will be in play for the next session & the reference is from 11075 to 11118.

  • The NF Open was an Open Auction (OA)
  • The day type was a Normal Variation Day (Up) with a spike close
  • Largest volume was traded at 11110 F
  • Vwap of the session was at 11032 with volumes of 110.6 L and range of 156 points as it made a High-Low of 11118-10962
  • NF confirmed a FA at 10960 on 05/09 which was negated on 06/09 as NF closed above it. This FA got revisited again on 09/09 but closed above yet again so the 1 ATR move of 11124 is still open till 10960 is held. Low made on 13/09 was 10962.
  • NF confirmed a FA at 10785 on 04/09 & tagged the 1 ATR objective of 10958. The 2 ATR move up comes to 11131. This FA has not been tagged and is now positional support.
  • The Trend Day POC & VWAP of 26/08 at 10886 10951 would be important references on the downside.
  • The Trend Day POC & VWAP of 19/07 at 11478 11523 are now positional references on the upside.
  • The higher Trend Day VWAP of 05/07 at 11965 is another important reference higher.
  • The settlement day Roll Over point is 11010
  • The VWAP & POC of Aug Series is 10966 & 10984 respectively.
  • The VWAP & POC of Jul Series is 11575 & 11547 respectively.
  • The VWAP & POC of Jun Series is 11833 & 11714 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 10999-11110-11115

Hypos / Estimates for the next session:

a) NF needs to sustain above 11110-15 for a probe higher to 11129-131 & 11157-175
b) Initial support is at 11090 below which the auction can test 11076-60 & 11045-25
c) Above 11175, NF can probe higher to 11195-200 & 11223-238
d) Below 11025, auction becomes weak for 10998-992 & 10972-965
e) If 11238 is taken out, the auction can rise to 11252-265 & 11301
f) Break of 10965 can trigger a move lower to 10946-926 & 10900


BankNifty Sep F: 28164 [ 28200 / 27585 ]

BNF seemed to give an ORR (Open Rejection Reverse) start as it got rejected from below PDL (Previous Day Low) at open and gave a quick rise of 260 points from the lows of 27680 in the opening 10 mins marking a high of 27943 but got rejected from below the yPOC to reverse the probe once again to the downside as it made new lows of 27711 in the ‘A’ period & followed it up with a lower low of 27585 in the ‘B’ period leaving a big IB range of 358 points. The auction then balanced in a narrow range till the ‘H’ period forming a ‘b’ shape profile which indicated that the sellers were not doing a good job and this got more confirmation in the ‘I’ period as BNF made a RE to the upside and trended higher for the rest of the day as it left an extension handle at 28005 and went on to close in a spike making new highs for the week and an outside bar on the daily time frame. Spike Rules will be in play for the next session and the spike reference would be from 28076 to 28200.

(Click here to view the profile chart for September BNF for better understanding)

  • The BNF Open was an Open Auction
  • The day type was a Normal Variation Day – Up (with a spike close)
  • Largest volume was traded at 27925 F
  • Vwap of the session was also at 27868 with volumes of 42.3 L in a session which traded in a range of 615 points making a High-Low of 28200-27585
  • The Trend Day VWAP of 19/07 at 30085 is now positional supply point.
  • The higher Trend Day VWAP of 18/07 & 08/07 at 30598 & 30995 remain important references going forward
  • The settlement day Roll Over point is 27450
  • The VWAP & POC of August Series 27858 & 27960 respectively
  • The VWAP & POC of Jul Series is 30425 & 30586 respectively.
  • The VWAP & POC of Jun Series is 30914 & 30961 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 27713-27925-28104

Hypos / Estimates for the next session:

a) BNF needs to sustain above 28175 for a probe higher to 28237 / 28280-291 & 28346-365
b) Immediate support is at 28130-110 below which the auction could test 28064-56 / 28000 & 27925
c) Above 28365, BNF can probe higher to 28410-425 / 28475-485 & 28530-550
d) Below 27925, lower levels of 27870-856 / 27810-800 & 27735-725 could come into play
e) Sustaining above 28550, BNF can give a fresh move up to 28596 / 28655-675 & 28710-760
f) Break of 27725 could trigger a move down 27650-640 & 27576-551

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