Market Profile Analysis dated 19th November

Market Profile Analysis dated 19th November 1

Nifty Nov F: 11969 [ 11988/ 11901 ]

HVNs – 11667 / 11760 / 11814 / 11876 / (11901-920) / 11970

NF opened around the yPOC of 11920 and probed lower to check for sellers but took support at the important level of 11901 which was defended yesterday also as it left a very narrow range IB of just 29 points indicating that a multiple IB day could be on. The auction then made a RE (Range Extension) to the upside in the ‘C’ period and almost doubled the day’s range as it made a high of 11957 stalling just below the PDH of 11958. The ‘D’ period then made a narrow range inside bar as NF consolidated above 11935 but stayed above VWAP and went on to make multiple REs in the next 2 periods as it tagged 11988 which was also the 3 IB objective hence a level where the imbalance could make way for a mini balance. The next 5 periods remained in a narrow range making a balance above VWAP and seemed like could end the day with a spike on the upside but the ‘L’ period started with a dip to VWAP and even went on to break below it causing a quick liquidation as NF made lows of 11941 but the extension handle of 11930 made in the morning still held and triggered a short squeeze in the last 15 minutes as the ‘M’ period went on to match day highs as it hit 11986 before closing at the dPOC of 11970. The day’s profile resembles a ‘p’ and though NF is still inside that big 13-day composite, it seemed to have started a move away from the POC of 11918 and would need more confirmation in terms of demand coming in above 11970 in the next session to continue this imbalance. On the downside, acceptance below 11940 would be weak and could bring a test of 11918, 11901 & 11885 as the auction remains to build the composite.

(Click here to view the Gaussian composite from 30th Oct to 19th Nov in NF)

Market Profile Analysis dated 19th November 2

  • The NF Open was an Open Auction In Range (OAIR)
  • The day type was a Normal Variation Day (Up)  
  • Largest volume was traded at 11970 F
  • Vwap of the session was at 11952 with volumes of 63.7 L and range of 87 points as it made a High-Low of 11988-11901
  • NF confirmed a multi-day FA at 11465 on 16/10 and completed the 2 ATR move up of 11776. This FA has not been tagged since & hence is now positional support
  • NF confirmed a FA at 11503 on 17/10 and completed the 2 ATR move up of 11808. This FA has not been tagged since & hence is now positional support
  • NF confirmed a FA at 11162 on 09/10 and completed the 2 ATR move up of 11554.  This FA has not been tagged since & hence is now positional support
  • The Trend Day VWAP of 29/10 at 11810 will be important reference on the downside.
  • The settlement day Roll Over point (Nov) is 11970
  • The VWAP & POC of Oct Series is 11461 & 11365 respectively.
  • The VWAP & POC of Sep Series is 11127 & 10960 respectively.
  • The VWAP & POC of Aug Series is 10966 & 10984 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 11940-11970-11983

Hypos / Estimates for the next session:

a) NF has immediate supply at 11983-992 above which it could rise to 12012-26 / 12050 & 12073-80
b) Initial support is at 11958 below which the auction could tag 11941-930 / 11905 & 11890-885
c) Above 12080, NF can probe higher to 12094 / 12112-121 & 12148-166
d) Below 11885, auction becomes weak for 11860 / 11846-833 & 11816*-810
e) If 12166 is taken out, the auction go up to to 12185 / 12209 & 12226-236
f) Break of 11810 can trigger a move lower to 11795 / 11771-767 & 11749-734


BankNifty Nov F: 31260 [ 31316 / 30950]

HVNs – 30075 / 30150 / 30288 / 30400 / 30690 / 30760 / 31020 / (31175) / 31250

Market Profile Analysis dated 19th November 3

BNF opened above the yPOC of 31010 but could only make a high of 31090 in the opening few minutes and did not get any fresh demand so started to probe down as it made new lows for the day at 30950 in the ‘B’ period but was rejected as here the sellers could not do a good job after which the auction remained in this narrow 140 point range till the IB continuing to make the 2-day Gaussian profile even more smoother. The day looked set for another narrow range balance as the ‘C’ period also showed no signs of any volumes coming in for the first half but then BNF gave a big RE to the upside as it scaled above PDH to make highs of 31200 completing the 1.5 IB extension after which similar to NF, it consolidated in the ‘D’ period making a narrow range inside bar but stayed above VWAP and made multiple REs in the next 2 periods as it made new highs for the November series at 31316 in the ‘F’ period. The auction formed a balance for the rest of the day above VWAP leaving a Double Distribution profile with Value completely higher and a close near the dPOC of 31250 which means that the PLR would be to the upside.

(Click here to view BNF forming Value above the 2-day composite Bell Curve)

  • The BNF Open was an Open Auction In Range (OAIR)
  • The day type was a Normal Variation Day – Up 
  • Largest volume was traded at 31250 F
  • Vwap of the session was at 31169 with volumes of 32.2 L and range of 366 points as it made a High-Low of 31316-30950
  • BNF confirmed a fresh FA at 30052 on 06/11 and tagged the 2 ATR target of 31049 on 08/11. This FA has not been tagged since & hence is now positional support
  • BNF confirmed a FA at 27900 on 09/10 and completed the 2 ATR move up of 29779. This FA has not been tagged since & hence is now positional support
  • The Trend Day VWAP of 06/11 at 30447 will be important reference on the downside.
  • The Trend Day VWAP of 29/10 at 29945 will be important reference on the downside. This was tagged on 30/10 and broken but was swiftly rejected so proves to be support.
  • The old Trend Day VWAP of 08/07 at 30995  is no longer valid reference now as BNF closed below this on 13/11
  • The settlement day Roll Over point (Nov) is 30150
  • The VWAP & POC of Oct Series is 28784 & 28415 respectively.
  • The VWAP & POC of Sep Series is 28416 & 27160 respectively.
  • The VWAP & POC of August Series 27858 & 27960 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 31150-31250-31299

Hypos / Estimates for the next session:

a) BNF needs to sustain above 31310-326 for a rise to 31384-395 / 31417-440 & 31490
b) Immediate support is at 31244-220 below which the auction could test 31180-169 / 31125-090 & 31020
c) Above 31490, BNF can probe higher to 31560 / 31618-640 & 31727-740
d) Below 31020, lower levels of 30965 / 30900-860 & 30770-750 could be tagged
e) If 31740 is taken out, BNF can give a fresh move up to 31784*-803 / 31875 & 31929-949
f) Below 30750, we could see lower levels of 30686-658 / 30585-580 & 30540

Additional Hypos

g) Above 31949 higher levels of 32001 / 32058-82 & 32140 could get tagged
h) Break of 30540 could trigger a move down to 30500-460 / 30375-370 & 30310-281*

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