Market Profile Analysis dated 21st December 2020

Nifty Dec F:  13330 [ 13784 / 13155 ]

NF made an OAIR (Open Auction In Range) start and even made a dip below the 2-day composite Value but for the third consecutive day took support just above the extension handle of 13679 as it made a low of 13689 and got back into previous Value triggering the 80% Rule and almost tagging the VAH of 13789 as it made a high of 13784 in the form of the dreaded C side extension which was rejected back into the IB as the auction played the 80% Rule on the downside too making a low of 13719 in the ‘E’ period. The ‘F’ period then gave a rotation back above VWAP as it seemed NF would complete a hat-trick of implementing the 80% Rule but left a PBH (Pull Back High) at 13763 after which it made a RE (Range Extension) lower in the ‘H’ period taking out the extension handle of 13679 and confirming a FA (Failed Auction) at top which led to a montrous liquidation move to the downside till the ‘K’ period as the auction broke below the weekly VPOC of 13446 which only increased the speed of the fall and went on to retrace the entire upmove of this series tagging the daily VPOCs of 13260 & 13190 as it made a low of 13155 stopping just above the 2nd Dec VPOC of 13151 which saw good profit booking by the initiative shorts. NF then gave a pull back to 13447 and got rejected triggering another fall of over 200 points as it made a low of 13225 before closing the day at 13330. Today’s profile has engulfed the entire month’s action and has a small buying tail from 13225 to 13155 which would be the reference on the downside below which we have HVNs at 13110 & 13032 whereas on the upside, 13350 would be the immediate level on watch above which there is a selling tail in the middle of the profile from 13407 to 13574 which would be the zone to watch along with the extension handles of 13628 & 13656.

Click here to view NF engulf the entire December series in a single day on MPLite

  • The NF Open was a Open Auction In Range (OAIR)
  • The Day type was a Neutral Extreme Day – Down (NeuX)
  • Largest volume was traded at 13713 F
  • Vwap of the session was at 13530 with volumes of 201.6 L and range of 629 points as it made a High-Low of 13784-13155
  • NF confirmed a FA at 13784 on 21/12 and tagged the 2 ATR objective of 13527 on the same day.
  • NF confirmed a FA at 13619 on 16/12 and tagged the 1 ATR objective of 13769 on 17/12. This FA was revisited on 21/12 which was the ‘T+3’ Day and is no longer valid reference.
  • The settlement day Roll Over point (Dec) is 12974
  • The VWAP & POC of Nov Series is 12554 & 12862 respectively.
  • The VWAP & POC of Oct Series is 11793 & 11897 respectively.
  • The VWAP & POC of Sep Series is 11353 & 11560 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 13385-13713-13783

HVNs – 13020 / 13084 / 13190 / 13440 / 13570*


BankNifty Dec F:  29418 [ 30598 / 29222 ]

BNF finally gave a move away from the 8-day composite it was forming as it opened lower & got accepted below the composite Value forming a balance in the first half of the day before making a RE lower in the ‘H’ period leading to a humongous fall in the second half of the day as it went on to break the FAs & positional reference of 30021 which only increased the pace of the fall as the auction broke the important level of 29724 which was a weekly VPOC and went on to make a low of 29222 in the ‘L’ period before closing the day at 29418. The immediate zone on watch for the coming session would be 29222 to 29504 above which today’s Trend Down profile has selling singles from 29708 to 29966 along with the main extension handle of 30281 as important references. On the downside, 29140 & 29030 would be the levels to watch for demand coming back below today’s low.

Click here to view the BNF move away from the 8-day composite with a Trend Day on MPLite

  • The BNF Open was a Open Auction Out of Range (OAOR)
  • The Day type was a Trend Day – Down (TD)
  • Largest volume was traded at 30329 F
  • Vwap of the session was at 29995 with volumes of 79.5 L and range of 1376 points as it made a High-Low of 30598-29222
  • BNF confirmed a FA at 30021 on 07/12 and tagged the 1 ATR objective of 30660 on 09/12. The 2 ATR target comes to 31298. This FA has not been tagged and was positional support. BNF broke this positional support & gave a trending move lower on 21/12.
  • BNF confirmed a FA at 29000 on 26/11 and tagged the 2 ATR objective of 30355 on 07/12. This FA has not been tagged and is now positional support.
  • The settlement day Roll Over point (Dec) is 29629
  • The VWAP & POC of Nov Series is 28104 & 29565 respectively.
  • The VWAP & POC of Oct Series is 23740 & 24468 respectively.
  • The VWAP & POC of Sep Series is 22320 & 22320 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 29685-30329-30562

HVNs – 29650 / 30100 / 30300 / 30798*

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