Market Profile Analysis dated 15th May 2020

Nifty May F:  9137 [ 9180 / 9051 ]

HVNs – (9111) / (9180) / 9210 / 9306 / (9400)

NF made a narrow range balanced profile with failed attempts to extend the range on both ends of the Initial Balance leaving a Neutral Day as it stayed below the extension handle of 9183 and formed lower Value but took support just above recent lows of 9037 which would need to be taken out on good volumes for a fresh leg down towards 8995 / 8910 & 8760 in the coming session(s).

  • The NF Open was a Open Auction  (OA)
  • The day type was a Neutral Day [NeuD]
  • Largest volume was traded at 9083 F
  • Vwap of the session was at 9108 with volumes of 158 L and range of 129 points as it made a High-Low of 9180-9051
  • NF had confirmed a multi-day FA at 8706 on 09/04  and tagged the 2 ATR objective of 9756 on 30/04. This FA has not been tagged & is now important support.
  • The Trend Day VWAP of 8643 would be important support level.
  • The settlement day Roll Over point (May) is 9822
  • The VWAP & POC of Apr Series is 8999 & 9010 respectively.
  • The VWAP & POC of Mar Series is 9146 & 8592 respectively.
  • The VWAP & POC of Feb Series is 11944 & 12125 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 9069-9083-9132

Main Hypos for the next session:

a) NF needs to sustain above 9144-55 for a rise to 9172-86 / 9200-13* / 9238-46 / 9272-82 / 9312-20 & 9356-66
b) The auction has immediate support at 9125-20 below which it could test 9097-90 / 9069 / 9048-37 / 9012-8995 / 8975 & 8949-16

Extended Hypos:
c) Above 9366, NF can probe higher to 9385-9400* / 9420-44 / 9460-75 / 9503-30 & 9555
d) Below 8916, the auction can fall further to 8891-76 / 8845 / 8822-10 / 8792-60* & 8721-06


BankNifty May F:  18808 [ 19080 / 18651 ]

HVNs – (18350) / 18800 / 19220 / 19620 / 19800

Previous day’s report ended with this ‘Value for the day was lower so the PLR seems to be towards the VPOC of 18350 till the auction stays below 19090 but would need to get accepted below 18900 in the coming session.

BNF opened the day with an OH (Open=High) at 19080 which was also an ORR (Open Rejection Reverse) on the downside as it broke below 18900 to make lows of 18671 in the IB and looked all set to move towards the VPOC of 18350 but could not find new supply in spite of multiple attempts to break lower as it left poor lows for the day & ended up forming a ‘b’ shape profile with a prominent POC at 18800. The late PBH of 18940 would be the reference for any short covering to happen in the next session and with the day’s Value being totally lower, the PLR would still be towards the VPOC of 18350 & the FA of 18209 if the auction is able to get new sellers below today’s lows.

  • The BNF Open was a Open Rejection Reverse – Down  (ORR) on lower volumes
  • The day type was a Normal Day [‘b’ shape profile]
  • Largest volume was traded at 18800 F
  • Vwap of the session was at 18772 with volumes of 58.9 L and range of 429 points as it made a High-Low of 19080-18651
  • BNF confirmed a FA at 18209 on 12/05  and tagged the 2 ATR objective of 19668 on 13/05. This FA is currently on ‘T+4’ Days.
  • BNF confirmed a FA at 21932 on 30/04  and tagged not just the 1 ATR objective of 21028 but also the 2 ATR target of 20125 on 04/05. This FA has not been tagged and is now positional supply point.
  • BNF confirmed a FA at 17977 on 07/04  and tagged the 2 ATR target of 21771 on 30/04. This FA has not been tagged and is now positional support.
  • The settlement day Roll Over point (May) is 21380
  • The VWAP & POC of Apr Series is 19605 & 19710 respectively.
  • The VWAP & POC of Mar Series is 22104 & 20248 respectively.
  • The VWAP & POC of Feb Series is 30692 & 30692 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 18684-18800-18824

Main Hypos for the next session:

a) BNF needs to sustain above 18824 for a rise to 18882 / 18940-970 / 19080 / 19140*-170 / 19220-278 / 19340 & 19425-460
b) The auction remains weak below 18800 and could test 18745-671 / 18620 / 18570-543 / 18480-414 / 18375-350 & 18270-209

Extended Hypos:
c) Above 19460, BNF can probe higher to 19535 / 19590-620* / 19680-700 / 19780-835 / 19934 & 20022-120
d) Below 18209, lower levels of 18160-100 / 18000-17977 / 17850-828 / 17750-705 / 17650-580* & 17480-460 could come into play

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