Market Profile Analysis dated 22nd June 2020

Nifty Jun F:  10288 [ 10375 / 10236 ]
HVNs – 9093 / 9275 / 9433 / 9785 / 9894 / 10064 / 10094 / 10140 / 10260

NF opened in the spike zone & moved higher giving a 111 point move in the Initial Balance as it made new highs for this series at 10347 but remained in this range for the most part of the day forming a nice Gaussian profile. The auction did make a late RE (Range Extension) on the upside in the ‘J’ period and followed it up with another marginal higher high in the ‘K’ period as it tagged 10375 but failed to complete even the 1.5 IB objective of 10403 which led to a retracement to the POC and the developing VAL of the day as NF left a Pull Back Low at 10261 in the ‘L’ period before closing the day at 10288 leaving a picture perfect Bell Curve profile on the daily. Value formed was completely higher for the day but the balanced profile and close suggests that auction could remain in this zone unless some initiative volumes come in.

  • The NF Open was a Open Test Drive – Up on lower volumes
  • The day type was a Normal Day (Gaussian Profile)
  • Largest volume was traded at 10296 F
  • Vwap of the session was at 10308 with volumes of 149.5 L and range of 139 points as it made a High-Low of 10375-10236
  • 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 10279-10296-10339

Main Hypos for 23.06.2020:

a) NF needs to stay above 10302 for a rise to 10330-341 / 10366-375 / 10411-431 & 10455-500
b) The auction staying below 10279 can test lower levels of 10248-230 / 10194-175* / 10156-112 & 10090-070

Extended Hypos:
c) Above 10500, NF can probe higher to 10544* / 10595-626 & 10655-690
d) If 10070 is taken out, NF could fall to 10032-14 / 9980 / 9955-30 & 9894*-68


BankNifty Jun F:  21697 [ 22127 / 21351 ]

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

Previous day’s report ended with this ‘The auction would need to get accepted above 21300 to continue the probe towards the next VPOC of 21520 & above it the series high of 21775 above which it could go for the 1 ATR target of 22315 from the weekly FA of 19435

BNF opened higher well above 21300 & left a buying tail in the Initial Balance as it continued to probe higher making a C side RE where it made a freak high of 21955 and this led to a test of the morning singles as the auction left a Pull Back Low at 21534 and got back above VWAP signalling that the uptrend has resumed. BNF then made a fresh RE later in the day and went on to make highs of 22127 falling short of the 2 IB objective of 22189 and the weekly FA target of 22315. The auction then made a retracement to the prominent POC of the day at 21640 while making a low of 21596 in the ‘L’ period before closing the day at 21697 leaving an incomplete looking profile with completely higher Value.

  • The BNF Open was a Open Test Drive – Up on lower volumes
  • The day type was a Normal Variation Day – Up
  • Largest volume was traded at 21640 F
  • Vwap of the session was at 21753 with volumes of 85.1 L and range of 776 points as it made a High-Low of 22127-21351
  • 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 21564-21640-21854

Main Hypos for 23.06.2020:

a) BNF needs to get above 21755 for a rise to 21854 / 21930-990 / 22085-125 / 22200-315 & 22451-560
b) Staying below 21648, the auction could test 21564-465 / 21351-300* / 21160 / 21093-021 & 20972 & 20890-825

Extended Hypos:
c) If 22560 is taken out, BNF could start a fresh probe to 22650 / 22720-780 / 22880-920 / 23010-100 / 23160*-290 & 23370
d) Breaking below 20825, there could be a fall to 20710-680 / 20600-490 / 20400-300 / 20179-156 & 20080-040

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