Market Profile Analysis dated 18th November 2020

Nifty Nov F:  12957 [ 12966 / 12833 ]

NF made a rare OAIR (Open Auction In Range) start and stalled right at PDH (Previous Day High) in the opening minutes after which it remained in a narrow 51 point range in the IB (Initial Balance) and continued to coil in the C period where it was stuck in just a 20 point range. The ‘D’ period then made an attempt to probe higher but was rejected swiftly from above the day’s VWAP and this triggered a RE (Range Extension) on the downside which was followed by a lower low of 12833 in the ‘E’ period but typical of an OAIR day, the auction did not find new supply below yVAL and could not extend any further inspite of staying below the IB for a long time. NF then made a slow rotation back to the VWAP in the ‘I’ period and found initiative buying happening above VWAP in the ‘J’ period as it made a RE on the upside triggering a trending move into the close which saw the completion of the 2 IB objective of 12958 as it was NF’s turn to leave a Neutral Extreme (NeuX) Day. Value as well as the dPOC was overlapping giving a 2-day balance with Value at 12826-12861-12889 but the the immediate reference for the next open would be the NeuX zone of 12930 to 12966.

Click here to view NF form a 2-day composite on MPLite

  • The NF Open was a Open Auction In Range (OAIR)
  • The Day type was a Neutral Extreme Day – Up (NeuX)
  • Largest volume was traded at 12870 F
  • Vwap of the session was at 12885 with volumes of 90.2 L and range of 133 points as it made a High-Low of 12966-12833
  • 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 12839-12870-12904

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

Hypos for 19.11.2020:

a) NF needs to sustain above 12975 for a rise to 13011 / 13056 / 13118 & 13155
b) The auction staying below 12930 could test 12885 / 12826 / 12785 & 12742


BankNifty Nov F:  29756 [ 29790 / 29037 ]

BNF opened lower but was swiftly rejected as it got back into the NeuX zone of 29091 to 29213 and stayed above PDH to form new highs for the week at 29439 in the IB completing the 1 ATR target from previous day’s FA of 28707. The auction then remained in a narrow range forming a ‘p’ shape profile till the ‘G’ period but with the morning buying tail being intact, the PLR (Path of Least Resistance) remained higher. BNF then made a small RE in the ‘H’ period and followed it by a bigger one in the ‘I’ period as it left an extension handle at 29490 and probed higher as it hit 29790 in the ‘L’ period before closing the day at 29756. Value for the day was once again completely higher and the immediate reference for the next open would be the zone of 29580 to 29490.

Click here to view the latest profile in BNF on MPLite

  • The BNF Open was a Open Rejection Reverse – Up (ORR)
  • The Day type was a Normal Variation Day – Up (NV)
  • Largest volume was traded at 29370 F
  • Vwap of the session was at 29453 with volumes of 72.3 L and range of 753 points as it made a High-Low of 29790-29037
  • BNF confirmed a FA at 28707 on 17/11 and tagged the 1 ATR objective of 29400 on 18/11. The 2 ATR target comes to 30093.
  • 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 29186-29370-29652

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

Hypos for 19.11.2020:

a) BNF needs to sustain above 29760 for a rise to 29890 / 29985 / 30093 / 30235 / 30365 & 30505
b) The auction staying below 29724 could test 29625 / 29490 / 29370 / 29280 / 29139 & 29050

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