Market Profile Analysis dated 16th June 2020

Nifty Jun F:  9898 [ 10045 / 9704 ]

HVNs – 9093 / 9275 / 9433 / 9785 / 9868 / 10020 / 10094 / 10140 / 10260

NF opened with a big gap up of 204 points but got rejected once again from that 10032-41 zone after making a high of 10045 in the opening minutes as it left a small selling tail till 10014 in the IB (Initial Balance) and formed a narrow balance till the ‘D’ period displaying typical OAOR behaviour. The auction then made a RE (Range Extension) to the downside in the ‘E’ period which led to a huge move lower over the next 5 periods completing a 4 IB objective as it tagged the previous day’s POC of 9712 while making a low of 9704. However, NF saw swift rejection at these lows as it left a long buying tail from 9780 to 9705 after which it made a retracement to the VWAP as it confirmed a PBH (Pull Back High) at 9924 and in the process built volumes at 9894 level where it eventually closed giving a nice 4-day composite now with Value 9685-9894-9958.

(Check the MPLite chart of the current 4-day compostite in NF)

  • The NF Open was a Open Auction Out of Range  (OAOR)
  • The day type was a Normal Variation Day – Down
  • Largest volume was traded at 9894 F
  • Vwap of the session was at 9890 with volumes of 247.9 L and range of 341 points as it made a High-Low of 10045-9704
  • The 11th June Trend Day VWAP of 9997 would be important supply point. This was briefly taken out on 16/06 but the auction could not sustain above it.
  • The 27th May Trend Day VWAP of 9165 would be important support level.
  • The settlement day Roll Over point (Jun) is 9426
  • The VWAP & POC of May Series is 9183 & 9109 respectively.
  • The VWAP & POC of Apr Series is 8999 & 9010 respectively.
  • The VWAP & POC of Mar Series is 9146 & 8592 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 9846-9894-10034

Main Hypos for the next session:

a) NF needs to sustain above 9900 for a rise to 9933-60 / 10005-041 / 10080-095* & 10110*
b) The auction staying below 9890 can test lower levels of 9846-24 / 9780 / 9735-12 & 9685-62*

Extended Hypos:
c) Above 10110, NF can probe higher to 10128-144 / 10179-190 / 10220-256 & 20295-320
d) If 9662 is taken out, NF could start a probe to 9621 / 9571-55 / 9510 & 9480-60


BankNifty Jun F:  20254 [ 20635 / 19436 ]

HVNs – 17800 / 19000 / 19186 / 19820 / 19980 / 20380 / 20750 / 20904 / 21000 / 21084 / (21400) / (21540)

BNF also opened with a big gap up of 592 points and probed higher as it made a high of 20635 in the opening minutes but could not sustain nor get into the last week’s 2-day balance of 20685 indicating that the upmove could be stalling and more confirmation came as it broke below VWAP and started to probe lower closing the gap while making a low of 20367 in the IB leaving the narrowest IB range of the series. The auction then made a ‘C’ side RE which was promptly rejected resulting in a probe above VWAP as it confirmed a PBH at 20548. BNF then made a fresh RE in the ‘E’ period and this started a trending move lower till the ‘I’ period as it completed a 4.5 IB target while making new lows not just for the week but also of the calendar month at 19435. However, the auction saw swift rejection from these new lows as it left a long 300 point buying tail from 19736 to 19436 and similar to NF, gave a move above VWAP leaving a new PBH at 20308 before closing the day at 20254. Though Value for the day was mostly higher, BNF has been in a similar range for the past 3 days leaving a composite with Value at 19707-19892-20256 (Click here to view the MP Lite chart of the same )

  • The BNF Open was a Open Auction Out of Range  (OAOR)
  • The day type was a Normal Variation Day – Down
  • Largest volume was traded at 20140 F
  • Vwap of the session was at 20177 with volumes of 106.5 L and range of 1199 points as it made a High-Low of 20635-19436
  • The 11th June Trend Day VWAP of 20795 would be important supply point.
  • The 27th May Trend Day VWAP of 18138 would be important support level.
  • The settlement day Roll Over point (Jun) is 19035
  • The VWAP & POC of May Series is 18767 & 19633 respectively.
  • The VWAP & POC of Apr Series is 19605 & 19710 respectively.
  • The VWAP & POC of Mar Series is 22104 & 20248 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 20065-20140-20534

Main Hypos for the next session:

a) BNF needs to sustain above 20268 for a rise to 20365-448 / 20534-558 / 20640 / 20795*-820 & 20905*-21024
b) Staying below 20250, the auction could test 20177-065 / 19987-960 / 19890-850 / 19725-655 & 19555-450

Extended Hypos:
c) If 21024 is taken out, BNF could start a fresh probe to 21120-210 / 21276-300 / 21420*-528 / 21648-695 & 21785
d) Breaking below 19450, there could be a fall to 19344-267 / 19186-085 / 19015-18980 / 18935-870 / 18812-780 & 18720-684

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