Market Profile Analysis dated 14th October 2020

Nifty Oct F:  11685 [ 11999 / 11663 ]

NF opened lower & got rejected from previous day’s Value as it made new lows for the week at 11835 in the IB (Initial Balance) and stayed below VWAP for the first half of thr day forming a ‘b’ shape profile and even made an attempt to make a RE (Range Extension) lower in the ‘E’ period as it tagged 11817 but the failure to extend further led to a probe above VWAP as the auction made a pull back to 11882 in the ‘G’ period after which it remained in a narrow range forming a prominent POC at 11850 till the ‘J’ period. The ‘K’ period then did it’s magic triggering a huge short covering move as it not only got into the selling tail of the IB but went on to make new highs for the day confirming a FA at lows and went on to tag the 2-day overlapping POC of 11946 and this imbalance continued for the last 45 minutes as NF completed the 1 ATR objective of 11965 from the day’s FA and went on to make new highs of 12003 leaving a Neutral Extreme profile. The reference for the next open would be from 11945 to 12003.

Click here to view the Neutral Extreme profile in NF on MPLite

  • The NF Open was a Open Rejection Reverse – Down (ORR)
  • The Day type was a Neutral Extreme Day – Up (NeuX)
  • Largest volume was traded at 11850 F
  • Vwap of the session was at 11882 with volumes of 120.4 L and range of 186 points as it made a High-Low of 12003-11815
  • NF confirmed a FA at 11817 on 14/10 and tagged the 1 ATR objective of 11965 on the same day. The 2 ATR comes to 12113
  • NF had 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 11827-11850-11922

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

Main Hypos for 15.10.2020:

a) NF needs to sustain above 11996 for a rise to 12012-044 / 12063-088 & 12111-138
b) The auction staying below 11965 could test 11938-904 / 11882-864 & 11830-817

Extended Hypos:
c) Above 12138, NF can probe higher to 12160-183 / 12210-234 & 12261-295
d) If 11817 is taken out, NF could fall to 11799-779 / 11740*-708 & 11686-669


BankNifty Oct F:  23951 [ 24023 / 23212 ]

BNF opened with a gap down negating the buying extension handle of 23395 as it stayed below it in the IB but remained in a very narrow range of just 185 points for the first couple of hours which indicated that the sellers were unable to push it further. The auction then made an attempt to probe lower in the ‘E’ period as it made marginal new lows of 23212 but got swiftly rejected confirming that demand was coming back in this zone after which it went on to make a RE attempt on the upside too in the ‘G’ period as it made new highs of 23440 confriming a FA at lows but could not sustain above IBH and continued forming a balance for most part of the day building volumes at 23335 before the ‘K’ period showed up in full form here also starting with an extension handle at 23440 which led to a big move as BNF got into the 3-day composite Value and not only hit the 1 ATR objective of 23769 which was also the composite POC but also completed the 80% Rule as it spiked higher hitting 24023 before closing the day at 23951. The Neutral Extreme zone for the next open would be from 23798 to 24023.

Click here to view the Neutral Extreme profile in BNF on MPLite

  • The BNF Open was a Open Auction Out of Range (OAOR)
  • The Day type was a Neutral Extreme Day – Up (NeuX)
  • Largest volume was traded at 23335 F
  • Vwap of the session was at 23449 with volumes of 90.5. L and range of 811 points as it made a High-Low of 24023-23212
  • BNF confirmed a FA at 23212 on 14/10 and tagged the 1 ATR objective of 23769 on the same day. The 2 ATR comes to 24326
  • 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 23220-23335-23709

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

Main Hypos for 15.10.2020:

a) BNF needs to sustain above 23955 for a rise to 24018-050 / 24129-226 / 24292-326 / 24400-475 & 24531
b) The auction staying below 23928 could test 23815-742 / 23697-630 / 23550 / 23475-440 & 23360

Extended Hypos:
c) Above 24531, BNF can probe higher to 24580-650 / 24720 / 24800-846 / 24936 & 25000-060
d) Breaking below 23360, it could fall to 23275 / 23215-190 / 23070-000* / 22960-900 & 22815

For more tradeable ideas and intraday trading strategies based on MarketProfile and the OrderFlow live charts with OrderFlow analysis Live, subscribe to the trading room. The Vtrender Trading Room hosts India’s largest MarketProfile community live every trading session from 9.15 am to 3.30 pm.

If not a Trading Room member you can get immediate access at – https://www.explara.com/e/vtrendertradingroomlive