Market Profile Analysis dated 16th December

Nifty Dec F: 12082 [ 12152/ 12073 ]

HVNs – 11900-910 / (11940) / 11990 / 12024 / (12080-100) / 12135 / 12192

NF gave a OH start to the day at 12152 and once again failed to get above the RO point of 12153 which triggered a probe lower in the ‘A’ period as the auction went on to break below the PBL of 12121 & Friday’s VWAP of 12114 while making lows of 12102 which indicated that the supply was more aggressive than the demand. NF made a narrow range inside bar of just 24 points in the ‘B’ period confirming a selling tail from 12125 to 12152 in the IB as balance returned after the imbalance of last 3 days from 11872 and the next 3 periods also remained inside the range of ‘B’. There was finally a RE (Range Extension) in the ‘F’ period as the auction broke below IBL followed by another one in the ‘G’ period as it made a low of 12088 tagging the first PBL (Pull Back Low) of Friday which was at 12090 and gave a swift rejection which led to a retracement higher over the next 2 periods as NF scaled above VWAP and went on to test the morning selling tail as it left a PBH of 12133 indicating that the morning supply was still active in this zone. The probe then turned lower for the rest of the day as NF gave a spike close from 12088 to 12074 leaving an inside bar for the day both in terms of Range & Value along with a prominent POC at 12112 which would be the level to watch in the next session above the spike high of 12088.

Click here to watch the 2-day composite in NF

  • The NF Open was an Open Auction In Range (OAIR)
  • The day type was a slow Normal Variation Day – Down (NV) with a spike close
  • Largest volume was traded at 12112 F
  • Vwap of the session was at 12112 with volumes of 62.4 L and range of 78 points as it made a High-Low of 12152-12074
  • The Trend Day VWAP of 13/12 at 12114 was broken & NF closed below it on 16/12 so no longer a reference
  • The Trend Day VWAP of 29/10 at 11848 will be important reference on the downside.
  • The settlement day Roll Over point (Dec) is 12153
  • The VWAP & POC of Nov Series is 11954 & 11910 respectively.
  • The VWAP & POC of Oct Series is 11461 & 11365 respectively.
  • The VWAP & POC of Sep Series is 11127 & 10960 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 12104-12112-12142

Hypos / Estimates for the next session:

a) NF has immediate supply at 12092 above which it could test 12112 / 12126 & 12142
b) The auction gets weak below 12078-70 for a move to 12056-54 & 12024-18
c) Above 12142, NF can probe higher to 12166 & 12186*-192
d) Below 12018, auction could fall to 11994*-988 / 11969 & 11952*
e) If 12192 is taken out, the auction go up to to 12216-224 / 12245 & 12282
f) Break of 11952 can trigger a move lower to 11938 / 11914*-904 & 11880


BankNifty Dec F: 32010 [ 32205 / 31848]

HVNs – 31370-400 / 31470 / 31715 / 31855 / 31896 / 32040 / 32100

BNF opened higher but got rejected from the selling tail of 32195 to 32230 & drove lower in the ‘A’ period and similar to NF, broke below the Friday’s POC & VWAP of 32100 & 32057 leading to a sharp probe lower as it made lows of 31982 after which it made an inside bar in the ‘B’ period where it also confirmed a selling tail in the day’s profile from 32130 to 32205. The next 3 periods stayed inside the range of ‘B’ coiling around the VWAP which led to a meltdown in the ‘F’ period as the auction broke below IBL and made a spike down to 31848 completing the 1.5 IB extension where it got rejected and left a buying tail till 31927 as it got back to test the yPOC of 32100 forming a balanced profile on the daily with tails at both ends (3-1-3 profile) with a prominent POC at 32040. The Range & Value were both inside the previous day’s levels thus forming a nice 2-day composite from where we can expect the auction to give a move away in the coming session(s).

Click here to watch the 2-day composite in BNF

  • The BNF Open was an Open Auction In Range plus a Drive Down (OAIR)
  • The day type was a slow Normal Variation Day – Down (3-1-3 profile) 
  • Largest volume was traded at 32040 F
  • Vwap of the session was at 32038 with volumes of 23 L and range of 357 points as it made a High-Low of 32205-31848
  • The Trend Day VWAP of 13/12 at 32057 was broken & BNF closed below it on 16/12 so no longer a reference
  • The Trend Day VWAP of 06/11 at 30587 will be important reference on the downside.
  • The settlement day Roll Over point (Dec) is 32160
  • The VWAP of Nov Series is 30699.
  • The VWAP & POC of Oct Series is 28784 & 28415 respectively.
  • The VWAP & POC of Sep Series is 28416 & 27160 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 31980-32040-32082

Hypos / Estimates for the next session:

a) BNF needs to stay above 32040 for a rise to 32095 / 32130-160 & 32225
b) Immediate support is at 31980-952 below which the auction could test 31896 / 31850 & 31805
c) Above 32225, BNF can probe higher to 32275-326 / 32384 & 32450-465
d) Below 31805, lower levels of 31745-715 / 31670-645 & 31590 could be tagged
e) If 32465 is taken out, BNF can give a fresh move up to 32510 / 32573-577 & 32628
f) Below 31590, we could see lower levels of 31545 / 31490-470 & 31420

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