Market Profile Analysis dated 23rd December

Nifty Dec F: 12276 [ 12292/ 12226 ]

HVNs – 12024 / (12082) / 12112 / 12170 / 12190 / (12216) / (12270-280)

NF gave an OAIR start hinting at another narrow range day as it stalled at the supply level of 12291 at open which meant that the PLR for the day could be to the downside as the auction made a similar IB (Initial Balance) as Friday’s of just 32 points and stayed in this narrow range till the ‘H’ period building volumes at 12275. The ‘I’ period then made the RE (Range Extension) to the downside as it went on to make lows of 12241 completing the 1.5 IB extension lower after which NF bounced back to the IBL (Initial Balance Low) but got rejected there in the ‘J’ period and made a second attempt in the ‘K’ period too but was once again rejected from 12260 indicating that the move down is still not over and this led to a fresh RE lower as the auction tagged the extension handle of 12230 it had left on 19th Dec as it made a low of 12226 and in the process completing the 2 IB objective. The bullish extension handle however once again saw demand coming in as NF left a small tail at lows as the ‘L’ period began and this triggered the 45 degree rule in the last 30 minutes of the day as the auction got back into the IB & above VWAP and went on to tag the HVN of 12275 and closed right there. Value for the day was overlapping which means NF now has a 3-day composite ‘ p’ shape profile with a nice balance between 12255 to 12288 and will need an initiative move away from here for a new leg of auction in either direction.

  • The NF Open was an Open Auction In Range (OAIR)
  • The day type was a Normal Variation Day – Down (NV)
  • Largest volume was traded at 12272 F
  • Vwap of the session was at 12265 with volumes of 73.4 L and range of 66 points as it made a High-Low of 12292-12226
  • NF confirmed a FA at 12255 on 20/12 and the 1 ATR objective comes to 12350. This FA got tagged on ‘T+1’ Day & thus stands negated.
  • NF confirmed a FA at 12207 on 19/12 and the 1 ATR objective comes to 12306.
  • The failed attempt in the ‘C’ period in NF on 18/12 can be considered to be a FA which was at 12177 and the auction tagged 1 ATR objective of 12275 on 19/12. The 2 ATR target from this FA is at 12373.
  • The Trend Day VWAP of 29/10 at 11848 will be important reference on the downside.
  • The settlement day Roll Over point (Dec) is 12153
  • The VWAP & POC of Nov Series is 11954 & 11910 respectively.
  • The VWAP & POC of Oct Series is 11461 & 11365 respectively.
  • The VWAP & POC of Sep Series is 11127 & 10960 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 12258-12272-12288

Hypos / Estimates for the next session:

a) NF needs to sustain above 12272 for a rise to 12292 & 12310
b) Staying below 12272, the auction could test 12255 & 12236-230
c) Above 12310, NF can probe higher to 12342 & 12362-368
d) Below 12230, auction could fall to 12216-207 / 12190 & 12170*
e) If 12368 is taken out, the auction go up to to 12393 & 12413
f) Break of 12170 can trigger a move lower to 12150 & 12135-130


BankNifty Dec F: 32329 [ 32425 / 32220]

HVNs – 31855 / 31896 / 32040 / 32090 / 32200 / (32320-345)

BNF also gave a OAIR start and made an inside day with overlapping Value and POC at 32345 and also confirmed a FA at highs of 32425 today which would be the important reference for the remaining 3 days of this series. The auction has closed around the prominent POC of the 2-day composite giving a Neutral Centre Day & has a good chance of giving a move away from here after recording the lowest daily range the December series of just 205 points.

  • The BNF Open was an Open Auction In Range (OAIR)
  • The day type was a slow Neutral Centre Day (NeuD)
  • Largest volume was traded at 32345 F
  • Vwap of the session was at 32335 with volumes of 19.8 L and range of 205 points as it made a High-Low of 32425-32220
  • BNF confirmed a FA at 32425 on 23/12 . The 1 ATR target on the downside comes to 32065
  • BNF confirmed a multi-day FA at 32055 on 18/12 and tagged the 1 ATR objective of 32431 on 20/12. The 2 ATR target comes to 32806
  • The Trend Day VWAP of 06/11 at 30587 will be important reference on the downside.
  • The settlement day Roll Over point (Dec) is 32160
  • The VWAP of Nov Series is 30699.
  • The VWAP & POC of Oct Series is 28784 & 28415 respectively.
  • The VWAP & POC of Sep Series is 28416 & 27160 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 32226-32345-32352

Hypos / Estimates for the next session:

a) BNF needs to sustain above 32329 for a rise to 32382 / 32425 & 32502
b) Staying below 32329, the auction could test 32270-265 & 32200-195
c) Above 32502, BNF can probe higher to 32577 / 32628 & 32682
d) Below 32195, lower levels of 32148 / 32090-040* & 31980 could be tagged
e) If 32682 is taken out, BNF can give a fresh move up to 32733 / 32785 & 32860
f) Below 31980, we could see lower levels of 31925-896 / 31848 & 31805

For more tradeable ideas and intraday trading strategies based on MarketProfile and the OrderFlow live charts with OrderFlow analysis Live, subscribe to the trading room. The Vtrender Trading Room hosts India’s largest MarketProfile community live every trading session from 9.15 am to 3.30 pm.

If not a Trading Room member you can get immediate access at – https://in.explara.com/e/vtrender–trading–room/checkout