Market Profile Analysis dated 18th June 2020

Nifty Jun F: 10072 [ 10104 / 9825 ]

HVNs – 9093 / 9275 / 9433 / 9785 / 9894 / 10064 / 10094 / 10140 / 10260

Previous day’s report ended with this ‘The auction could be gearing up for a move away from this zone in the coming sessions and the references on the downside are 9810 & 9746. On the upside, the levels to watch above 9894 would be 9961-93 & 10041

NF made yet another OAIR (Open Auction In Range) start holding above 9810 as it made a low of 9825 but stayed below 9894 forming the lowest IB (Initial Balance) range of this series of just 57 points beating the last Thursday’s range by 2 points. The auction then made a C side RE (Range Extension) which got above 9894 but was rejected at yesterday’s VWAP of 9904 from where it made a retracement to VWAP leaving a PBL (Pull Back Low) at 9856. NF then made a fresh RE in the ‘E’ period which started a trending move higher for the rest of the day as it not only completed the 3 IB objective of 9997 but went on to almost tag the 5 IB mark while making a high of 10104 getting stalled just below the VPOC of 10110. The profile has couple of extension handles at 9980 & 10008 plus a spike close of 10032 to 10104 and the spike rules will be in play for the next open.

  • The NF Open was a Open Auction In Range  (OAIR)
  • The day type was a Normal Variation Day with a spike close
  • Largest volume was traded at 10064 F
  • Vwap of the session was at 9957 with volumes of 181.7 L and range of 279 points as it made a High-Low of 10104-9825
  • The 11th June Trend Day VWAP of 9997 would be important supply point. This was briefly taken out on 16/06 but the auction could not sustain above it. This was taken out effectively on 18/06.
  • The 27th May Trend Day VWAP of 9165 would be important support level.
  • The settlement day Roll Over point (Jun) is 9426
  • The VWAP & POC of May Series is 9183 & 9109 respectively.
  • The VWAP & POC of Apr Series is 8999 & 9010 respectively.
  • The VWAP & POC of Mar Series is 9146 & 8592 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 9896-10064-10092

Main Hypos for the next session:

a)NF needs to sustain above 10090 for a rise to 10110* / 10140-162 / 10190-220 / 10256* & 10295
b) The auction staying below 10064 can test lower levels of 10032-008 / 9980-55 / 9930 / 9894 & 9868-47

Extended Hypos:
c) Above 10295, NF can probe higher to 10320 / 10350-375 / 10410-419 / 10440-455 & 10509
d) If 9847 is taken out, NF could start a probe to 9810 / 9795-80 / 9735-12 / 9685-62* / 9621


BankNifty Jun F:  20912 [ 20975 / 19977 ]

HVNs – 17800 / 19000 / 19186 / 19870 / 19980 / 20380 / 20750 / 20874 / 21000 / 21084 / (21400) / (21540)

BNF made a weak start for the day after making a high of 20150 as it seemed to move away from the overlapping POC of 20140 in the ‘A’ period but support at 19977 after which it got back above VWAP in the following period and went on to make new highs for the day but similar to NF, left the narrowest IB range of just 215 points for the June series which indicated that a big IB range could be in play for the day. The auction then made a ‘C’ side extension in form of a spike as it made a high of 20300 but was swiftly rejected resulting in a retracement to VWAP as it left a PBL at 20096 in the ‘D’ period. The ‘E’ period then remained in a narrow range of less than 90 points and the ‘F’ period began by a look below ‘E’ but was rejected right at 20141 and this was an important nuance as the auction wanted to stay above the 2-day overlapping POC which meant that the PLR was to the upside resulting in a fresh RE to the upside followed by a huge 800+ point rally over the rest of the day as BNF took out that congestion zone of 20535-640 and made highs of 20975 before closing the day around the important HVN of 20900. Spike rules will apply for the open and the reference is 20490 to 20975.

  • The BNF Open was a Open Auction In Range  (OAIR)
  • The day type was a Normal Variation Day with a spike close
  • Largest volume was traded at 20300 F
  • Vwap of the session was at 20413 with volumes of 82.1 L and range of 998 points as it made a High-Low of 20975-19977
  • The 11th June Trend Day VWAP of 20795 would be important supply point.
  • The 27th May Trend Day VWAP of 18138 would be important support level.
  • The settlement day Roll Over point (Jun) is 19035
  • The VWAP & POC of May Series is 18767 & 19633 respectively.
  • The VWAP & POC of Apr Series is 19605 & 19710 respectively.
  • The VWAP & POC of Mar Series is 22104 & 20248 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 19984-20300-20694

Main Hypos for the next session:

a) BNF needs to sustain above 20970 for a rise to 21030-132 / 21210-300 / 21420*-528 / 21648-695 & 21785
b) Below 20870, the auction could test 20710-680 / 20600 / 20535-490 / 20400-300 & 20179-040

Extended Hypos:
c) If 21785 is taken out, BNF could start a fresh probe to 21888-932 / 22000-110 / 22200-315 / 22423-560 & 22650
d) Breaking below 20040, there could be a fall to 19975-910 / 19850-725 / 19655-555 / 19450-344 & 19267-186

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