Market Profile Analysis dated 18th January 2021

Nifty Jan F:  14287 [ 14459 / 14250 ]

NF made an Open Drive Down from just below the yPOC of 14460 as it trended lower in the IB (Initial Balance) breaking below PDL (Previous Day Low) of 14375 forming a big range of 133 points and continued this imbalance to the downside in the ‘C’ period where it tagged the VPOC of 14320 & went on to test the 8th Jan extension handle of 14291 while making a low of 14283. The auction then gave a retracement to VWAP in the E period where it got rejected leaving a PBH (Pull Back High) of 14361 and this led to fresh probe lower resulting in marignal new lows for the day being hit at 14275 in the ‘I’ period which was rejected as NF got back into the day’s developing Value forming a ‘b’ shape profile which indicated that the sellers were not doing a good job inspite of the strong open they had and this eventually triggered a short covering squeeze as the auction not only got back above VWAP but went on to enter the selling tail it had left in the IB making a high of 14428 in the ‘J’ period. However, supply was back in this zone trapping the late longs causing a steep fall into the close as NF went on to make new lows of 14250 as it hit the VPOC of 7th Jan too before closing the day at 14287. Value for the day was completely lower with the POC at 14310 and would be the immediate reference on the upside for the coming session.

Click here to view the latest profile in NF on MPLite

  • The NF Open was a Open Drive Down (OD on average vollumes)
  • The Day type was a Normal Variation Day – Down ( ‘b’ profile)
  • Largest volume was traded at 14310 F
  • Vwap of the session was at 14341 with volumes of 132 L and range of 209 points as it made a High-Low of 14459-14250
  • NF confirmed a FA at 14077 on 05/01 and tagged the 2 ATR objective of 14413 on 11/01. This FA has not been tagged and is now positional support.
  • The settlement day Roll Over point (Jan) is 14007
  • The VWAP & POC of Dec Series is 13528 & 13528 respectively.
  • The VWAP & POC of Nov Series is 12554 & 12862 respectively.
  • The VWAP & POC of Oct Series is 11793 & 11897 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 14295-14310-14372

HVNs – 13970 / 14040 / 14120 / 14220 / 14460 / 14594*


BankNifty Jan F:  31816 [ 32468 / 31692 ]

BNF had a relatively quieter OAIR start as it remained in previous Value for the first couple of hours but confirmed a PBH at VWAP in the D period at 32318 which was a cue that the PLR was to the downside and this triggered a OTF (One Time Frame) move lower for the next 3 periods as the auction made multiple REs (Range Extension) and completed the 2 IB objective of 31842 while making a low of 31830. BNF then made a retracement to the day’s VWAP & even scaled above it in ‘J’ & ‘K’ periods but left a lower PBH of 32230 and the break of VWAP then led to a big spike to the downside into the close as the auction broke below previous week’s low of 31810 and made lows of 31691. Spike Rules will be in play for the next open with the reference being 31830 to 31692.

Click here to view the latest profile in BNF on MPLite

  • The BNF Open was a Open Auction In Range (OAIR)
  • The Day type was a Normal Variation Day – Down ( ‘b’ profile with a spike close)
  • Largest volume was traded at 31950 F
  • Vwap of the session was at 32096 with volumes of 56.4 L and range of 776 points as it made a High-Low of 32468-31692
  • The settlement day Roll Over point (Jan) is 31389
  • The VWAP & POC of Dec Series is 30270 & 30766 respectively.
  • The VWAP & POC of Nov Series is 28104 & 29565 respectively.
  • The VWAP & POC of Oct Series is 23740 & 24468 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 31851-31950-32219

HVNs – 31410 / 31900 / 32149* / 32406 / 32686

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