Market Profile Analysis dated 23rd Jan 2020

Nifty Jan F:  12145 [ 12250 / 12110 ]

HVNs – 11994 / 12040 / 12062 / 12113 / (12150-165) / 12265 / 12305 / 12357 / 12380

A 3 IB Day generally leads to a retracement or a balance which was seen today as NF made an inside bar after a rather weak open where it went on to tag PDL (Previous Day Low) of 12110 but once again seemed to have got new demand there as it reversed the probe to the upside to give a quick move of 94 points as it not only went through previous Value but also tagged the extension handle of 12203 in the ‘A’ period making a high of 12204 where it stalled and made a very narrow range inside bar in the ‘B’ period. The auction then broke below VWAP in the ‘C’ period and made a slow probe to the downside till the ‘E’ period where it made lows of 12132 taking support just above yVAL (yesterday’s Value Area Low). It then consolidated in the ‘F’ period making a similar narrow range inside bar as it had done in the ‘B’ but where as that indicated exhaustion of the upmove, this one showed that the downside was getting limited and was followed by a big move up in the ‘G’ period as NF got above VWAP & almost tagged the IBH and this momentum on the upside gave a RE (Range Extension) higher in the ‘H’ & ‘I’ periods as NF tagged the higher extension handle of 12215 it had left yesterday but could not sustain above it and got rejected after making a high of 12220. The auction then made a balance above VWAP for the next 4 periods building volumes at 12195 before closing at 12201 with overlapping to higher Value for the day. The 2-day composite has a low volume zone between the HVNs (High Volume Node) 12160 to 12195 which could be filled in the next session before the auction gives a move away from one of the HVNs.

Click here to 2 day composite in NF

  • The NF Open was an Open Rejection Reverse – Up  (ORR)
  • The day type was a Normal Day (‘p’ shape profile)
  • Largest volume was traded at 12190 F
  • Vwap of the session was at 12176 with volumes of 81.8 L and range of 110 points as it made a High-Low of 12220-12110
  • NF confirmed a FA at 12319 on 15/01  and tagged the 1 ATR target of 12415 on 20/1. This FA was negated on 20/01 and the 2 ATR move down of 12127 got tagged on 22/01.
  • The 20th Jan Trend Day VWAP of 12308 would be important supply point.
  • The settlement day Roll Over point (Jan) is 12193
  • The VWAP & POC of Dec Series is 12087 & 12182 respectively.
  • The VWAP & POC of Nov Series is 11954 & 11910 respectively.
  • The VWAP & POC of Oct Series is 11461 & 11365 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 12163-12190-12211

Hypos / Estimates for the next session:

a) NF has immediate supply at 12208-215 which needs to be taken out for a rise to 12231-241 & 12268*
b) Immediate support is at 12183-178 below which the auction could fall to 12165-150 / 12132 & 12110
c) Above 12268, NF can probe higher to 12300-308 & 12320-330
d) Below 12110 auction could probe lower to 12090-79 / 12062* & *12045-042*
e) If 12330 is taken out, the auction go up to to 12352-365 / 12380 & 12405-408
f) Break of 12042 can trigger a move lower to 12023 / 12005 & 11990-974


BankNifty Jan F:  31090 [ 31170 / 30680]

HVNs – 30860 / 31050 / 31175 / 31455 / 31525 / 31770 / 31840 / 31935

Report to be updated…

  • The BNF Open was an Open Rejection Reverse – Up  (ORR)
  • The day type was a Normal Variation Day – Up (Double Distribution Type Profile)
  • Largest volume was traded at 31080 F
  • Vwap of the session was at 30973 with volumes of 37.4 L and range of 490 points as it made a High-Low of 31170-30680
  • BNF confirmed a multi-day FA at 32260 on 14/01  and tagged the 2 ATR target of 31507 on 20/01. This FA has not been tagged and is now positional resistance.
  • BNF confirmed a FA at 32774 on 30/12 and tagged the 2 ATR target of 32142 on 03/01. This FA has not been tagged and is now positional resistance.
  • The 20th Jan Trend Day VWAP of 31396 would be important supply point.
  • The settlement day Roll Over point (Jan) is 32180
  • The VWAP & POC of Dec Series is 31956 & 32102 respectively.
  • The VWAP & POC of Nov Series is 30699 & 31100 respectively.
  • The VWAP & POC of Oct Series is 28784 & 28415 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 30917-31080-31167

Hypos / Estimates for the next session:

a) BNF needs to sustain above 31090 for a bounce to 31150-175 / 31235 & 31275-304
b) Staying below 31090, the auction could test 31051-025 / 30975-960 & 30890-872
c) Above 31304, BNF can probe higher to *31375-396* / 31430-480 & 31525
d) Below 30872, lower levels of 30832 / 30780-775 & 30705-680 could be tagged
e) If 31525 is taken out, BNF can give a fresh move up to 31565-587 / 31625-650 & 31720
f) Break of 30680 could trigger a move down to 30630-625* / 30580-560 & 30500

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