Market Profile Analysis dated 17th November 2020

Nifty Nov F:  12882 [ 12907 / 12801 ]

NF opened with a huge gap up of 144 points continuing the Diwali Celebration as it moved away from the 3-day composite but did not find any fresh demand and settled down into yet another OAOR (Open Auction Out of Range) as it made a slow probe lower for the first part of the day after leaving an initiative tail at top from 12876 to 12907 in the IB (Initial Balance) and made multiple REs (Range Extension) in the C, D & E periods as it made a low of 12801. The probe below the IBL did not find much supply and this led to a one-time frame auction higher in the second part of the day as NF got back above VWAP and the morning selling tail as it made highs of 12889 into the close leaving a well balanced profile for the day with Value completely higher.

Click here to view NF move away from the 3-day composite on MPLite

  • The NF Open was a Open Auction Out of Range (OAOR)
  • The Day type was a Normal Variation Day – Down (NV)
  • Largest volume was traded at 12865 F
  • Vwap of the session was at 12848 with volumes of 86.6 L and range of 106 points as it made a High-Low of 12907-12801
  • NF confirmed a FA at 11744 on 04/11 and tagged the 2 ATR objective of 12089 on 05/11. This FA has not been tagged and is now positional support.
  • The settlement day Roll Over point (Nov) is 11665
  • The VWAP & POC of Oct Series is 11793 & 11897 respectively.
  • The VWAP & POC of Sep Series is 11353 & 11560 respectively.
  • The VWAP & POC of Aug Series is 11311 & 11311 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 12839-12865-12871

HVNs – 11740 / 11819 / 12703*     (* denotes current series POC)

Hypos for 18.11.2020:

a) NF needs to sustain above 12890 for a rise to 12930 / 12975 / 13011 & 13056
b) The auction staying below 12865 could test 12826 / 12770 / 12742 & 12705


BankNifty Nov F:  29152 [ 29213 / 28707 ]

BNF opened with a gap up of 238 points giving an almost OL start at 28750 and continued to probe higher in the IB as it visited the FA of 28999 and made new highs of the series at 29091 in the ‘B’ period. The auction however broke below VWAP in the ‘C’ period and made a typical C side extension as it made marginal new lows of 28707 but was rejected back into the IB giving that mandotary move to the VWAP. BNF then remained in the C period range for the next 6 periods building volumes at 28850 before spiking higher into the close as it made new highs which confirmed a FA (Failed Auction) at 28707 leaving a Neutral Extreme Day with the zone of 29091 to 29213 being the reference for the next open.

Click here to view the latest profile in BNF on MPLite

  • The BNF Open was a Open Auction Out of Range (OAOR)
  • The Day type was a Neutral Extreme Day – Up (NeuX)
  • Largest volume was traded at 28850 F
  • Vwap of the session was at 28922 with volumes of 72.2 L and range of 506 points as it made a High-Low of 29213-28707
  • BNF confirmed a FA at 28999 on 11/11 and tagged the 2 ATR objective of 27712 on 13/11. This FA got revisited on 17/11 which was the ‘T+3’ Day.
  • BNF confirmed a FA at 28707 on 17/11 and the 1 ATR objective comes to 29400.
  • The settlement day Roll Over point (Nov) is 24110
  • The VWAP & POC of Oct Series is 23740 & 24468 respectively.
  • The VWAP & POC of Sep Series is 22320 & 22320 respectively.
  • The VWAP & POC of Aug Series is 22444 & 21595 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 28810-28850-28992

HVNs – 24110 / 25455 / 26300 / 28395*    (* denotes current series POC)

Hypos for 18.11.2020:

a) BNF needs to sustain above 29202 for a rise to 29285 / 29400 / 29643 / 29766 & 29890
b) The auction staying below 29130 could test 29050 / 28925 / 28752 / 28631 & 28444

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