Market Profile Analysis dated 17th December 2020

Nifty Dec F:  13754 [ 13794 / 13686 ]

NF gave a rare follow up post a Neutral Extreme Day as it opened higher and took support above previous day’s extension handle of 13679 after which it left an initiative buying tail in the IB (Initial Balance) from 13714 to 13686 which set up the day for a slow probe higher on low volumes completing the 1 ATR objective of 13769 from the FA of 13619 and the 2 IB target of 13791 as it made a high of 13794. The auction remained above VWAP all day defending the 2 times it tested it resulting in couple of PBLs (Pull Back Low) at 13730 & 13745 and closed the day right at the dPOC of 13755 leaving a ‘p’ shape profile with completely higher Value once again though it came on one of the lowest daily volumes which would be a cause of concern as trade facilitation seems to be getting poor.

Click here to view NF form a ‘p’ shape profile on MPLite

  • The NF Open was a Open Auction (OA)
  • The Day type was a Normal Variation Day – Up (NV)
  • Largest volume was traded at 13755 F
  • Vwap of the session was at 13750 with volumes of 69.6 L and range of 108 points as it made a High-Low of 13794-13686
  • NF confirmed a FA at 13619 on 16/12 and tagged the 1 ATR objective of 13769 on 17/12. The 2 ATR target comes to 13919.
  • The settlement day Roll Over point (Dec) is 12974
  • The VWAP & POC of Nov Series is 12554 & 12862 respectively.
  • The VWAP & POC of Oct Series is 11793 & 11897 respectively.
  • The VWAP & POC of Sep Series is 11353 & 11560 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 13725-13755-13775

HVNs – 13020 / 13084 / 13190 / 13440 / 13570*


BankNifty Dec F:  30844 [ 30998 / 30652 ]

BNF opened higher but could not get above the composite VAH of 30860 as it made an OH (Open=High) start at 30842 and probed lower gaining in momentum as it broke below the POC of 30786 as it made a low of 30652 in the first 15 minutes taking support just above the composite VWAP of 30634. The auction then remained in this narrow 190 point IB range till the ‘D’ period but left a buying tail from 30730 to 30652 which meant that the PLR was to the upside and the first RE (Range Extension) of the day came in the ‘E’ period which was followed by another big RE in the ‘F’ period as BNF left an extension handle exactly at 30860 and went on to make new highs for the series at 30977. The ‘G’ period saw new highs of 30998 being hit and just when it looked that the auction has started a move away from the balance, the H period stopped the OTF (One Time Frame) probe higher and negated the extension handle of 30860 capping the upside for the day resulting in a move towards the prominent composite POC of 30786 into the close as it made a low of 30808. Value for the day was overlapping to higher as for the second day running BNF failed to move away adding to the composite which now stands at 7 days with the Value at 30511-30783-30876.

Click here to view the 7-day composite in BNF on MPLite

  • The BNF Open was a Open Auction In Range (OAOR)
  • The Day type was a Normal Variation Day – Up (NV)
  • Largest volume was traded at 30830 F
  • Vwap of the session was at 30848 with volumes of 37 L and range of 346 points as it made a High-Low of 30998-30652
  • BNF confirmed a FA at 30021 on 07/12 and tagged the 1 ATR objective of 30660 on 09/12. The 2 ATR target comes to 31298. This FA has not been tagged and is now positional support.
  • BNF confirmed a FA at 29000 on 26/11 and tagged the 2 ATR objective of 30355 on 07/12. This FA has not been tagged and is now positional support.
  • The settlement day Roll Over point (Dec) is 29629
  • The VWAP & POC of Nov Series is 28104 & 29565 respectively.
  • The VWAP & POC of Oct Series is 23740 & 24468 respectively.
  • The VWAP & POC of Sep Series is 22320 & 22320 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 30749-30830-30934

HVNs – 29650 / 30100 / 30300 / 30785*

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