Market Profile Analysis dated 24th July

Nifty Jul F:  11278 [11356/11227]

NF made an OL (Open=Low) start at 11320 and probed higher tagging that yPOC & HVN of 11355 in the opening 15 minutes where it got rejected to give an ORR (Open Rejection Reverse) after which the auction moved away from the 2-day balance it was forming leaving a selling tail below PDL (Previous Day Low) from 11295 to 11355 to give a trending move of 108 points down in the IB (Initial Balance) as it made a low of 11247. (Click here to view the profile chart for better understanding) The ‘C’ & ‘D’ period then made range extensions to the downside making lows of 11228 & 11226 but the range kept contracting as the big imbalance started to give way to a balance being formed and it also failed to tag the 1.5 range extension lower inspite of staying below the IB over multiple periods. The auction then made a slow OTF (One Time Frame) move to the upside from ‘E’ period onwards to test the morning selling tail as it made high of 11296 in the ‘J’ period and as expected from an ORR day was not able to get back into the previous day’s range. NF then moved lower over the next 2 periods as it broke below VWAP to make a low of 11242 in the ‘L’ period before giving a close at the dPOC of 11276 leaving yet another long liquidation profile (‘b’ shape) for the day. Value for the day was completely lower hence the PLR would be down but immediate reference for the expiry session would be the dPOC of 11276 and below it 11240 which need to break for more downside. On the upside, we have an extension handle on the weekly as of now at 11305 which would be the level to get above & sustain for any bounce higher.

Nf Compo1 18 Market Profile Analysis Dated 24Th July Banknifty Futures, Charts, Day Trading, Intraday Trading, Intraday Trading Strategies, Market Profile, Market Profile Trading Strategies, Nifty Futures, Order Flow Analysis, Support And Resistance, Technical Analysis, Trading Strategies, Volume Profile Trading

  • The NF Open was a late Open Rejection Reverse – Down (ORR)
  • The day type was a Normal Variation Day – Down ( ‘b’ profile)
  • Largest volume was traded at 11276 F
  • Vwap of the session was at 11270 with volumes of 124.6 L and range of 129 points as it made a High-Low of 11356-11227
  • The Trend Day POC & VWAP of 19/07 at 11435 11488 are the immediate references on the upside.
  • The higher Trend Day VWAP of 05/07 at 11908 is another important reference higher.
  • The settlement day Roll Over point is 11915
  • The VWAP & POC of Jun Series is 11833 & 11714 respectively.
  • The VWAP & POC of May Series is 11613 & 11696 respectively.
  • The VWAP & POC of Apr Series is 11641 & 11592 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 11246-11276-11287

Hypos / Estimates for the next session:

a) Staying above the HVN of 11275 NF can probe higher to 11296-305 & 11328
b) Immediate support is at 11262 below which the auction can test 11245-235 & 11218
c) Above 11328, NF can probe higher to 11355-364 & 11384
d) Below 11218, auction becomes weak for 11196 & 11165
e) If 11384 is taken out, the auction can rise to 11408 & 11427-435
f) Break of 11165 can trigger a move lower to 11150-138 & 11120


BankNifty Jul F: 28976 [29292/28928]

Bnf Compo1 18 Market Profile Analysis Dated 24Th July Banknifty Futures, Charts, Day Trading, Intraday Trading, Intraday Trading Strategies, Market Profile, Market Profile Trading Strategies, Nifty Futures, Order Flow Analysis, Support And Resistance, Technical Analysis, Trading Strategies, Volume Profile Trading

BNF opened a bit lower and made a brief test below PDL (Previous Day’s Low) as it tagged 29115 in the opening minutes but was rejected after which it probed higher to get back above the yPOC of 29190 almost tagging the yVWAP of 29300 as it made a high of 29292 in the first 10 minutes. It seemed that the auction wanted to test if there was any new demand higher and the failure of this led to a big reversal as BNF came crashing down to tag the 1 ATR move down of 29062 from yesterday’s FA of 29439 in the ‘A’ period itself. The ‘B’ period continued to trend lower giving a large IB (Initial Balance) range of 312 points as it made lows of 28980 which was followed by a lower low of 28943 in the ‘C’ period but this range extension had every reason to be wary of because of it happening after such a big imbalance down. (Click here to view the profile chart for better understanding) The auction then formed a balance for the next 5 periods staying below VWAP & mostly inside the range of the ‘C’ period of 29050 to 28943 except for a small move in the ‘G’ period as it made new lows of the day at 28928 but did not find any fresh supply. The ‘I’ period then saw a inventory adjustment move as BNF got above VWAP and went on to test the morning singles of 29118 to 29292 even getting back into the previous day’s range as it left a pull back high of 29176 before getting rejected back below PDL to complete a ‘b’ profile for the day with a close around the prominent POC of 28970. Value for the day was completely lower and the PLR remains to the downside but the auction needs to stay below 28970 to make new lows.

  • The BNF Open was a late Open Rejection Reverse – Down (ORR)
  • The day type was a Normal Variation Day – Down ( ‘b’ profile)
  • Largest volume was traded at 28970 F
  • Vwap of the session was at 29041 with volumes of 29.8 L in a session which traded in a range of 364 points making a High-Low of 29292-28928
  • BNF has confirmed a FA at 29439 on 23/07 and tagged the 1 ATR move down of 29062 on 24/07. The 2 ATR move lower is at 28685
  • The Trend Day POC & VWAP of 19/07 at 29815 & 30065 are the immediate references on the upside.
  • The higher Trend Day VWAP of 18/07 & 08/07 at 30575 & 30857 remain important references going forward
  • The settlement day Roll Over point is 31400
  • The VWAP & POC of Jun Series is 30914 & 30961 respectively.
  • The VWAP & POC of May Series 30211 & 28940 respectively
  • The VWAP & POC of Apr Series is 30037 & 29762 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 28944-28970-29061

Hypos / Estimates for the next session:

a) BNF needs to sustain above 28975 for a move to 29050-90 & 29145
b) Immediate support is at 28943-940 below the auction can test 28890-832 & 28741-714
c) Above 29145, BNF can probe higher to 29190-224 & 29292-300
d) Below 28714, lower levels of 28685-645 & 28595-570 could come into play
e) Sustaining above 29300, BNF can give a fresh move up to 29360-382 & 29430-440
f) Break of 28570 could trigger a move down 28512 / 28436-408 & 28376

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