Market Profile Analysis dated 23rd October 2020

Nifty Oct F: 11934 [ 11980 / 11908 ]

NF formed a hat-trick of Neutal Days as it continued to fill up the less auctioned zone of the Wednesday’s 250 pointer bar forming a nice 3-1-3 profile with higher Value but with the lowest daily range of this series of just 72 points as it currently seems stuck between the 2 VPOCs of 11985 & 11890 which also explains the rejection at both ends today. The auction seems to be waiting for initiative volumes to take out one of the VPOCs in the coming session(s) to start a new leg of imbalance in that direction. On the larger time frame, we have a big ‘p’ shape composite being formed over the last 13 sessions and the same can be seen seen here.

Click here to view NF leave a hat-trick Neutral Days on MPLite

  • The NF Open was a Open Auction Out of Range (OAOR)
  • The Day type was a Neutral Day (NeuD)
  • Largest volume was traded at 11940 F
  • Vwap of the session was at 11943 with volumes of 76.9 L and range of 72 points as it made a High-Low of 11980-11908
  • 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 11929-11940-11956

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

Hypos for 26.10.2020:

a) NF needs to sustain above 11952 for a rise to 11985 / 12012-059 / 12082-121
b) The auction staying below 11931 could test 11890-867 / 11822 & 11783-742


BankNifty Oct F:  24537 [ 24789 / 24379 ]

BNF opened higher & probed above PDH but could not take out the VPOC of 24800 as it left a selling tail in the IB from 24688 to 24789 after which it went on to complete the 80% Rule in previous day’s Value with a small rejection at lows of 24379 where it left a small buying tail. The auction has formed a perfect Gaussian Curve over the last 2 days and has closed right near it’s prominent POC setting up for a good move away from here in the coming session provided it gets fresh volumes.

Click here to view the 2-day Gaussian Profile in BNF on MPLite

  • The BNF Open was a Open Rejection Reverse (ORR on low volumes)
  • The Day type was a Normal Variation Day – Down (NV)
  • Largest volume was traded at 24520 F
  • Vwap of the session was at 24559 with volumes of 63.6 L and range of 410 points as it made a High-Low of 24789-24379
  • 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 24475-24520-24625

HVNs – 20538 / 20822 / 21400* / 22090 / 22640* / 22890 / 23330* / 23730 / 24528*

Hypos for 26.10.2020:

a) BNF needs to sustain above 24560 for a rise to 24632-740 / 24800-936 / 25008-105 & 25165-200
b) The auction staying below 24520 could test 24451-393 / 24280-207 / 24125-072 & 23985-873

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