Market Profile Analysis dated 22nd October 2020

Nifty Oct F: 11898 [ 11935 / 11827 ]

NF opened lower and remained below the late PBH (Pull Back High) of 11949 all day forming a balanced profile in previous day’s low volume zone as it confirmed an inside bar both in terms of Range as well as Value leaving a narrow 107 point range with a close around the prominent POC of 11890. This incidentally is also the developing POC of the October series and we will need to watch for a volume expansion for a move away from here as we head into the business end of this month. Another point to note from today’s auction was the failure to extend the range on both sides because of which we have back to back Neutral Days and a strong possibility of a multi-day FA being validated either at 11935 or at 11827.

Click here to view NF form back to back Neutral Days on MPLite

  • The NF Open was a Open Auction In Range (OAIR)
  • The Day type was a Neutral Day (NeuD)
  • Largest volume was traded at 11890 F
  • Vwap of the session was at 11885 with volumes of 112.3 L and range of 107 points as it made a High-Low of 11935-11827
  • NF confirmed a FA at 12017 on 21/10 and tagged the 1 ATR objective of 11879 on the same day. The 2 ATR target comes to 11742.
  • NF had confirmed a FA at 10857 on 25/09 and tagged the 2 ATR objective of 11165 on 28/09. This FA has not been tagged and is now positional support.
  • The settlement day Roll Over point (Oct) is 10830
  • The VWAP & POC of Sep Series is 11353 & 11560 respectively.
  • The VWAP & POC of Aug Series is 11311 & 11311 respectively.
  • The VWAP & POC of Jul Series is 10897 & 10803 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 11869-11890-11908

HVNs – 10962 / 11220* / 11425 / 11590 / 11740 / 11890* / 11942

Hypos for 23.10.2020:

a) NF needs to sustain above 11904 for a rise to 11944-985 / 12012-059 & 12082-121
b) The auction staying below 11873 could test 11830-817 / 11783-742 & 11720-680


BankNifty Oct F:  24558 [ 24740 / 24308 ]

BNF also opened lower and carved a perfect Gaussian Profile auctioning in the zone which saw express moves on the previous day as it stayed in the IB range of 24723 to 24383 for most part of the day and similar to NF, got rejected in the attempt(s) it made to extend the range on both sides leaving a probable multi-day FA which could get confrimed if we get a move away on initiative volumes from the day’s prominent POC of 24540 in the coming session.

Click here to view the BNF form a perfect Gaussian Profile on MPLite

  • The BNF Open was a Open Auction In Range (OAIR)
  • The Day type was a Neutral Day (NeuD)
  • Largest volume was traded at 24530 F
  • Vwap of the session was at 24538 with volumes of 74.4 L and range of 432 points as it made a High-Low of 24740-24308
  • BNF had confirmed a FA at 20431 on 25/09 and tagged the 2 ATR objective of 21490 on 28/09. This FA has not been tagged and is now positional support.
  • The settlement day Roll Over point (Oct) is 20490
  • The VWAP & POC of Sep Series is 22320 & 22320 respectively.
  • The VWAP & POC of Aug Series is 22444 & 21595 respectively.
  • The VWAP & POC of Jul Series is 22163 & 22087 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 24456-24530-24615

HVNs – 20538 / 20822 / 21400* / 22090 / 22640 / 22890 / 23330* / 23730

Hypos for 23.10.2020:

a) BNF needs to sustain above 24605 for a rise to 24675-740 / 24800-936 / 25008-105 & 25165-251
b) The auction staying below 24504 could test 24430-340 / 24280-207 / 24125-072 & 23985-873

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