Market Profile Analysis dated 17th September 2020

Nifty Sep F:  11522 [ 11578 / 11483 ]

NF made a gap down of 95 points rejecting the Neutral Extreme reference of 11603 to 11627 if had left the previous day and took support just above PDL (Previous Day Low) as it made a low of 11515 in the opening minute after which it probed higher and even made a C side extension as it hit 11578 but as often happens, the C-side again gave a ‘dhoka’ in the sense a false breakout. The auction then not only broke below VWAP in the ‘E’ period but went on to make a RE (Range Extension) lower in the ‘F’ period confriming a FA (Failed Auction) at highs as it tagged the VPOC of 11500 while making a low of 11483 where it faced swift rejection and left a small buying tail signalling the end of this leg down. NF then made a slow probe higher and got stalled at VWAP twice in the ‘H’ & ‘J’ periods before finally scaling above it in the ‘K’ period as it tested the morning SOC (Scene Of Crime) level of 11550 and in the process left a PBH of 11555 as it triggered another quick move testing the buying tail at lows while hitting 11495 where it once again found demand as the auction settled down for a close at the dPOC giving a Neutral Centre Day. NF has been forming a balance this week and the 4-day balance has Value at 11483-11527-11566 so can expect a move away from this POC in the coming session(s).

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 Neutral Centre Day (NeuC)
  • Largest volume was traded at 11525 F
  • Vwap of the session was at 11530 with volumes of 106.7 L and range of 95 points as it made a High-Low of 11578-11483
  • NF confirmed a FA at 11578 on 17/09 and the 1 ATR target comes to 11433.
  • 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 has not been tagged and is now a positional reference.
  • 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 11506-11525-11553

HVNs – 11400 / 11448 / 11485 / 11555 / 11664

Main Hypos for 18.09.2020:

a) NF needs to sustain above 11527 for a rise to 11543-571 / 11595-618 & 11645-665
b) The auction staying below 11520 could test 11497-485 / 11458-433 & 11415-385

Extended Hypos:
c) Above 11665, NF can probe higher to 11684-711 / 11726-750 & 11773*-788
d) If 11385 is taken out, NF could fall to 11355*-324 / 11294-270* & 11251


BankNifty Sep F:  22392 [ 22560 / 22300 ]

BNF opened with a big gap down of 331 points but took support at the composite POC of 22324 as it made a low of 22300 at open indicating that the auction could continue to remain in the 6-day Value as it formed a nice balanced profile for the day within a very narrow range of just 260 points and in the process making the composite even more smooth with Value at 22236-22399-22549 and has a strong chance of giving a move away from here in the next session or two.

Click here to view the 7-day composite of BNF on MP Lite

  • The BNF Open was a Open Auction In Range (OAIR)
  • The Day type was a Normal Variation Day – Up (Inside Day)
  • Largest volume was traded at 22400 F
  • Vwap of the session was at 22423 with volumes of 61.3 L and range of 260 points as it made a High-Low of 22560-22300
  • 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 22360-22400-22452

HVNs – 22294 / 22400 / 22995 / 23688 / 23800 / 24250

Main Hypos for 18.09.2020:

a)BNF needs to sustain above 22399 for a rise to 22460-510 / 22586-675 / 22735-795 / 22854-928 & 23000*
b) The auction staying below 22360 could test 22279-220* / 22125 / 22080-020 / 21984*-937 & 21860-780

Extended Hypos:

c) Above 23000, BNF can probe higher to 23075-150* / 23230-316 / 23385-440 & 23514-586
d) Breaking below 21780, it could fall to 21723-660 / 21600*-540 / 21499-312 & 21245-183

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