Market Profile Analysis dated 23rd December 2020

Nifty Dec F:  13612 [ 13627 / 13448 ]

NF probed lower at open staying below the yPOC of 13490 and took support at 13448 from where it was swiftly rejected higher as it not only for above 13490 but went on to scale above PDH (Previous Day High) as well and tagged the first objective of 13530 while making a high of 13544 in the IB (Initial Balance) leaving a buying tail from 13509 to 13448 indicating that the PLR for the day was on the upside. The auction then made a typical C side extension hitting marginal new highs of 13555 as it stalled at previous week’s POC and gave a retracement to the day’s VWAP & even went on to break below it briefly but took support right at the morning tail which meant that the demand was still present and this led to a slow probe higher for the rest of the day as NF left 2 PBLs (Pull Back Low) at VWAP in the ‘E’ & ‘H’ period at 13521 & 13533 respectively and not only tagged the first extension handle of 13574 but also ended up in a small spike from 13596 to 13627 as it almost tagged the higher extension handle of 13628 before closing the day at 13612. Value for the day was completely higher in the form of a ‘p’ shape profile along with a spike just below Monday’s SOC (Scene of Crime) at 13650 which would be the reference on the upside for a probe towards the VPOC of 13713 & HVN of 13750 in the coming session. Spike Rules would be in play at open so the immediate level to watch on the downside would be 13596.

Click here to view the latest profile in NF on MPLite

  • The NF Open was a Open Rejection Reverse – Up (ORR)
  • The Day type was a Normal Variartion Day – Up (‘p’ profile with a spike)
  • Largest volume was traded at 13539 F
  • Vwap of the session was at 13546 with volumes of 89 L and range of 180 points as it made a High-Low of 13627-13448
  • NF confirmed a FA at 13222 on 22/12 and tagged the 2 ATR objective of 13547 on 23/12.
  • NF confirmed a FA at 13784 on 21/12 and tagged the 2 ATR objective of 13527 on the same day.
  • 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 13515-13539-13580

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


BankNifty Dec F:  29908 [ 29950 / 29472 ]

BNF opened lower and made the first probe down but took support at 29472 from where the auction reversed to the upside as it went on to make a high of 29738 in the ‘B’ period but more importantly left a good buying tail in the IB from 29600 to 29472 confirming that the PLR was to the upside. There was a rare C side extension which got accepted attracting good volumes and range as BNF scaled above PDH and even made a higher high of 29878 in the ‘D’ period completing the 1.5 target for the day which led to a retracement to day’s VWAP as it left the first of the PBLs at 29692 after which it continued the upmove for the rest of the day making multiple REs higher & also leaving 2 more PBLs at 29750 & 29811 as it made a high of 29950 into the close almost tagging the extension handle of 29966 before closing the day at 29908 leaving a nice ‘p’ shape profile. Value for the day was higher with the dPOC at 29850 which would be the reference on the downside in the next session. On the upside, the auction needs to get accepted above the 29966-29995 supply zone for a probe towards the VPOCs of 30329 & 30689 in the coming days.

Click here to view the latest profile in BNF on MPLite

  • The BNF Open was a Open Auction In Range (OAIR)
  • The Day type was a Normal Variation Day – Up (‘p’ profile)
  • Largest volume was traded at 29850 F
  • Vwap of the session was at 29774 with volumes of 43.8 L and range of 478 points as it made a High-Low of 29950-29472
  • BNF confirmed a FA at 29000 on 26/11 and tagged the 2 ATR objective of 30355 on 07/12. This FA got tagged on 22/12 & held validating the 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 29736-29850-29916

HVNs – 29650* / 30100 / 30300 / 30798

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