Market Profile Analysis dated 16th September 2020

Nifty Sep F:  11616 [ 11627 / 11511 ]

NF opened above previous Value giving a rare follow up to a NeuX profile which was a bullish sign though it struggled on the upside in the IB as it could not even tag the vPOC of 11550 making a narrow range of just 37 points in the first hour. The auction then made a C side extension where it did tag the vPOC but got rejected from new highs of 11555 and gave that customary dip to VWAP as it left a PBL (Pull Back Low) at 11525 in the ‘F’ period which re-confirmed that the PLR (Path of Least Resistance) was on the upside. NF then remained in the IB range till the ‘G’ period forming a ‘p’ shape profile and went on to make a RE higher in the ‘H’ period and this triggered a trending move higher for the rest of the day as the auction not only tagged the 1 ATR objective of 11596 from the FA of 11452 but went on to negate the daily extension handle of 11602 it had left on 31st Aug but made new highs for the series at 11627 before closing at 11616 leaving a spike close from 11603 to 11627 and Spike Rules will be in play for the next open.

Click here to view the latest profile chart of NF on MPLite

  • The NF Open was a Open Auction In Range (OAIR)
  • The Day type was a Normal Variation Day – Up (with a spike close)
  • Largest volume was traded at 11534 F
  • Vwap of the session was at 11569 with volumes of 85.9 L and range of 116 points as it made a High-Low of 11627-11511
  • NF confirmed a FA at 11451 on 15/09 and completed the 1 ATR objective of 11596 on 16/09. The 2 ATR target comes to 11742.
  • NF confirmed a FA at 11202 on 02/09 and tagged the 2 ATR objective of 11470 on 11/09. This FA is currently on ‘T+6’ Days.
  • The settlement day Roll Over point (Sep) is 11607
  • The VWAP & POC of Aug Series is 11311 & 11311 respectively.
  • The VWAP & POC of Jul Series is 10897 & 10803 respectively.
  • The VWAP & POC of Jun Series is 10110 & 10110 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 11523-11534-11590

HVNs – 11400 / 11448 / 11485 / 11555 / 11664

Main Hypos for 17.09.2020:

a) NF needs to sustain above 11625 for a rise to 11645-684 / 11711-726 & 11750-773*
b) The auction staying below 11614 could test 11595-568 / 11534-500* & 11477-458

Extended Hypos:
c) Above 11773, NF can probe higher to 11795-829 / 11850*-871 & 11890-904
d) If 11458 is taken out, NF could fall to 11430-415 / 11385-355* & 11324


BankNifty Sep F:  22671 [ 22748 / 22280 ]

BNF could not give a follow up to previous day’s spike and went on to get back into the 5 day composite Value trending lower for the first half of the day as it tested the composite POC of 22294 while making a low of 22280 in the ‘F’ period from where it stopped the OTF move down & reversed the probe on the upside right into the close as the auction got back into previous day’s spike and went on to make highs of 22748 in the ‘K’ period before closing the day at 22671 leaving a Neutral Extreme Profile for the day. The reference for the next open is from 22580 to 22748 and it remains to be seen if BNF stays in this 6-day composite with Value at 22210-22324-22550 or moves away from here.

Click here to view the 6-day composite of BNF on MP Lite

  • The BNF Open was a Open Auction In Range (OAIR)
  • The Day type was a Neutral Extreme Up Day (NeuX)
  • Largest volume was traded at 22490 F
  • Vwap of the session was at 22510 with volumes of 66.6 L and range of 468 points as it made a High-Low of 22748-22280
  • The settlement day Roll Over point (Sep) is 23576
  • The VWAP & POC of Aug Series is 22444 & 21595 respectively.
  • The VWAP & POC of Jul Series is 22163 & 22087 respectively.
  • The VWAP & POC of Jun Series is 20918 & 21000 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 22411-22490-22694

HVNs – 22294 / 22415 / 22995 / 23688 / 23800 / 24250

Main Hypos for 17.09.2020:

a)BNF needs to sustain above 22675 for a rise to 22735-795 / 22854-928 / 23000*-075 / 23150*-230 & 23316
b) The auction staying below 22640 could test 22580-500 / 22425-390 / 22310-220* / 22125-080 & 22020

Extended Hypos:

c) Above 23316, BNF can probe higher to 23385-440 / 23514-586 / 23630-720 & 23810-936
d) Breaking below 22020, it could fall to 21984*-937 / 21860-780 / 21723-660 / 21600*-540 & 21499-425

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