Market Profile Analysis dated 23rd September

Nifty Sep F: 11607 [ 11682 / 11441 ]

NF continued the imbalance of Friday as it opened with a gap up of 200 points to give an OAOR (Open Auction Out of Range) start to the day as it left a buying tail from 11467 to 11295 along with a big range of 124 points in the ‘A’ period where it made a high of 11565 & a low of 11441. The auction then consolidated for the next 2 periods leaving a double inside bar in the ‘C’ period after which the ‘D’ period made a successful RE (Range Extension) to the upside followed by higher highs for the next 3 periods as NF made a high of 11682 in the ‘G’ period almost completing the 2 IB move where the OTF (One time frame) to the upside stopped. NF then probed lower as it tested VWAP & found support there forming a nice balance above the IB leaving a Normal Varaition Day with the HVN & dPOC at 11620 which will be the important reference for the next session.

  • The NF Open was an Open Auction Out of Range (OAOR)
  • The day type was a Normal Variation Day – Up
  • Largest volume was traded at 11620 F
  • Vwap of the session was at 11572 with volumes of 205.6 L and range of 241 points as it made a High-Low of 11682-11441
  • The Trend Day POC & VWAP of 20/09 at 11210 & 11125 are now now important support levels.
  • The Trend Day POC & VWAP of 19/07 at 11478 11523 are now positional references on the upside. NF has closed above both of these on 23/09.
  • The higher Trend Day VWAP of 05/07 at 11965 is another important reference higher.
  • The settlement day Roll Over point is 11010
  • The VWAP & POC of Aug Series is 10966 & 10984 respectively.
  • The VWAP & POC of Jul Series is 11575 & 11547 respectively.
  • The VWAP & POC of Jun Series is 11833 & 11714 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 11512-11620-11647

Hypos / Estimates for the next session:

a) NF needs to sustain above 11620 for a move to 11640-660 / 11680-685 & 11705
b) Staying below 11620 at open, the auction can test 11570-565 / 11534-530 & 11510
c) Above 11705, NF can probe higher to 11721-736 / 11751 & 11772-776
d) Below 11510, auction becomes weak for 11490-467 / 11440 & 11405
e) If 11776 is taken out, the auction can rise to 11822-842 / 11863-894 & 11908-911
f) Break of 11405 can trigger a move lower to 11373-345 / 11328 & 11295-290


BankNifty Sep F: 30539 [ 30735 / 29591 ]

BNF continued its monstrous run to the upside in spite of the huge 2674 point range on Friday as it opened with a gap up of 1000 points and made a huge 629 point range IB (Initial Balance) as it made a high of 30220 while taking support at 29591. Similar to the auction in NF, BNF also consolidated with the C period making a double inside bar after which it made a RE (Range Extension) higher in the D period and continued to mark higher highs till the ‘G’ period where it completed the 1.5 IB objective and broke above the 18th July Trend Day VWAP of 30598 as the auction made highs of 30735 completing a 1000 point range despite the huge gap up. BNF then balanced above VWAP for the rest of the day and closed around the HVN of 30540 with the profile having as buying tail at lows from 29755 to 28990 and 2 distributions with HVNs at 29850 & 30380 which will be the references to watch in case of any dip in the coming session(s).

  • The BNF Open was an Open Auction Out of Range (OAOR)
  • The day type was a Normal Variation Day – Up
  • Largest volume was traded at 30380 F
  • Vwap of the session was also at 30273 which will now be important support. BNF had volumes of 71.7 L in a session which traded in a range of 1144 points making a High-Low of 30735-29591
  • The Trend Day POC & VWAP of 20/09 at 28968 & 28423 are now now important support levels.
  • The Trend Day VWAPs of 19/07 & 18/07 at 30085 & 30598 which were positional supply points have been taken out as BNF closed above it on 23/09.
  • The higher Trend Day VWAP of 08/07 at 30995 remains important reference going forward
  • The settlement day Roll Over point is 27450
  • The VWAP & POC of August Series 27858 & 27960 respectively
  • The VWAP & POC of Jul Series is 30425 & 30586 respectively.
  • The VWAP & POC of Jun Series is 30914 & 30961 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 30292-30380-30685

Hypos / Estimates for the next session:

a) BNF needs to sustain above 30590 above which it could rise to 30650-675 / 30735-792 & 30857-883
b) The auction has immediate support in the zone of 30540-512 below which it could test 30425 / 30380-375 / 30325-316 & 30273
c) Above 30883, BNF can rise to 30935 / 31011-15 & 31115-152
d) Below 30273, lower levels of 30224-216 / 30155 & 30030 could come into play
e) Sustaining above 31152, BNF can give a fresh move up to 31210-260 / 31310 / 31373-395 & 31490
f) Break of 30030 could trigger a move down 29960 / 29890 / 29755 & 29630

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