Market Profile Analysis dated 17th July 2020

Nifty Jul F:  10905 [ 10936 / 10736 ]

HVNs – 10190 / 10293 / 10475 / 10570 / 10728 / 10764

Previous day’s report ended with this ‘…a prominent POC being developed at 10650 before it gave a spike into the close from 10684 to 10738. This would be the reference for the next open where Spike Rules will be in play

NF opened higher & stayed above previous day’s spike leaving an important buying tail in the IB (Initial Balance) from 10765 to 10736 which indicated that the PLR (Path of Least Resistance) for the day would be to the upside. The auction then made multiple REs (Range Extension) higher in the ‘C’, ‘E’ & ‘G’ periods and just about managed to tag the 1.5 objective of 10828 after which it gave a dip below VWAP in the ‘I’ period where it left a PBL (Pull Back Low) at 10772 forming a ‘p’ shape profile for the day. The ‘J’ period then made a fresh RE higher as NF trended higher into the close as it first left a daily extension handle at 10847 and then went on to revisit the FA of 10879 and completed the 3 IB objective of 10919 while making new highs for the series at 10933 before closing at 10903. For the second day running, Spike Rules will be in play at open and the reference would be from 10893 to 10933.

  • The NF Open was a Open Auction Out of Range (OAOR)
  • The Day type was a Normal Variation Day with a spike close (NV)
  • Largest volume was traded at 10798 F
  • Vwap of the session was at 10812 with volumes of 139 L and range of 200 points as it made a High-Low of 10936-10736
  • NF confirmed a FA at 10879 on 13/07 and tagged the 2 ATR target of 10583 on 14/07. This FA got tagged on ‘T+4’ Days and is no longer a valid reference.
  • NF confirmed a multi-day FA at 10533 on 06/07 and tagged the 1 ATR objective of 10742 on 06/07. The 2 ATR target is at 10950. This FA has not been tagged and is now positional support.
  • NF confirmed a FA at 10440 on 02/07 and tagged the 2 ATR objective of 10868 on 13/07. This FA has not been tagged and is now positional support.
  • NF confirmed a FA at 10172 on 29/06 and and the tagged the 2 ATR target of 10619 on 06/07. This FA has not been tagged and is now positional support.
  • The 18th June & 01st July Trend Day VWAPs of of 9957 & 10350  would be important support levels.
  • The settlement day Roll Over point (Jul) is 10240
  • The VWAP & POC of Jun Series is 10110 & 10110 respectively.
  • The VWAP & POC of May Series is 9183 & 9109 respectively.
  • The VWAP & POC of Apr Series is 8999 & 9010 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 10765-10798-10834

Main Hypos for 20.07.2020:

a) NF needs to scale above 10932 & sustain for a rise to 10965-995 / 11033-055 / 11097-114 & 11133-165
b)The auction below 10896 can test lower levels of 10880-866 / 10834-810 / 10798-769* / 10739-713 & 10681-650*

Extended Hypos:
c) Above 11165, NF can probe higher to 11190-215 / 11241 / 11280 & 11305
d) If 10650 is taken out, NF could fall to 10626-597 / 10580 / 10556*-533 & 10500


BankNifty Jul F: 21971 [ 22081 / 21459 ]
HVNs – 21000 / 21345 / 21430 / / 21723 / 21840 / 22180 / 22720 / 22806

Previous day’s report ended with this ‘Spike Rules will be in play for the next session and the reference is 21468 to 21647. The auction could fill up the low volume zone of 21360 to 21690 before giving a move away from here

BNF opened just below previous day’s spike but was immediately rejected as it made an OL (Open=Low) start at 21459 and made a high of 21837 in the IB after which it formed a nice Gaussian profile for most part of the day while staying within this range building a Normal Day before spiking higher into the close as the auction left a late extension handle at 21837 in the ‘L’ period and went on to scale above the last 2 days highs of 21940 & 21944 as it tagged 22081 before closing the day at 21971. Spike Rules will once again be in play for the next open and the reference is 21964 to 22081.

  • The BNF Open was a Open Auction Out of Range (OAOR)
  • The Day type was a Normal Day with a spike close
  • Largest volume was traded at 21600 F
  • Vwap of the session was at 21699 with volumes of 76 L and range of 622 points as it made a High-Low of 22081-21459
  • BNF confirmed a FA at 20901 on 29/06 and the tagged the 2 ATR target of 22625 on 07/07. This FA has not been tagged and is now positional support.
  • The 18th June & 01st July Trend Day VWAPs of 20494 & 21650 would be important support levels.
  • The settlement day Roll Over point (Jul) is 21430
  • The VWAP & POC of Jun Series is 20918 & 21000 respectively.
  • The VWAP & POC of May Series is 18767 & 19633 respectively.
  • The VWAP & POC of Apr Series is 19605 & 19710 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 21570-21600-21760

Main Hypos for 20.07.2020:

a) BNF needs to sustain above 22030-50 for a rise to 22116-180* / 22236-308 / 22380-448 / 22543-580 & 22675
b) The auction accepting below 21930 could test 21885-827 / 21760-645 / 21570-513 / 21450-360 & 21300*-240

Extended Hypos:

c) BNF could start a fresh probe above 22675 to 22740-789** / 22862-922 / 22980-23100 / 23160-230 & 23313-370
d) Breaking below 21240, there could be a fall to 21160-100 / 21021 / 20901 / 20784-704 / 20616-525

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