Market Profile Analysis dated 24th June 2020

Nifty Jun F:  10295 [ 10536 / 10274 ]
HVNs – 9420 / 9785 / 9894 / 10094 / 10272 / 10320

NF opened higher but stayed in a very narrow range of just 51 points in the IB (Initial Balance) as it made a high-low of 10530-10479 & seemed to be taking support at PDH (Previous Day High) but could not find any new demand and got rejected as soon as it made a C side extension at 10536 confirming one of the fastest FA (Failed Auction) as it made a RE (Range Extension) to the downside in the ‘D’ period and promptly completed the 2 IB target of 10426 as it left poor lows just above previous day’s extension handle of 10425 indicating that the buyers were defending this level. NF then got back above VWAP & the IBL as it made a retracement to 10519 in the ‘H’ period confirming a PBH (Pull Back High) just below the IBH which meant that the FA was very much in play and this led to a fresh trending move lower for the rest of the day as the extension handle of 10425 gave way & the auction went on to tag the 1 ATR target of the FA at 10318 and spiked lower into the close as it made lows of 10274 before closing the day at 10295 leaving a Trend Day Down to negate the previous day’s Trend Up profile.

  • The NF Open was a Open Auction (OA)
  • The day type was a Trend Day – Down (TD)
  • Largest volume was traded at 10504 F
  • Vwap of the session was at 10432 with volumes of 191.2 L and range of 262 points as it made a High-Low of 10536-10274
  • NF confirmed a FA at 10536 on 24/06 and completed the 1 ATR objective of 10318 on the same day. The 2 ATR target comes to 10100.
  • The 24th June Trend Day VWAPs of 10432 would be important supply point.
  • The 18th June Trend Day VWAP of 9957 would be important support level.
  • The settlement day Roll Over point (Jun) is 9426
  • The VWAP & POC of May Series is 9183 & 9109 respectively.
  • The VWAP & POC of Apr Series is 8999 & 9010 respectively.
  • The VWAP & POC of Mar Series is 9146 & 8592 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 10399-10504-10533

Main Hypos for 24.06.2020:

a) NF needs to stay above 10311 for a rise to 10351-392 / 10435-480 & 10512-544*
b) The auction accepting below 10296 can test lower levels of 10268-230 / 10194-175* / 10156-140 & 10112-070

Extended Hypos:
c) Above 10544, NF can probe higher to 10595-626 / 10655-690 & 10718-750
d) If 10070 is taken out, NF could fall to 10032-014 / 9980-30 & 9894*-47


BankNifty Jun F:  21400 [ 22495 / 21300 ]

HVNs – 19870 / 20120 / 20370 / 20874 / 21084 / 21630 / 21840

BNF opened higher but was also an OH (Open=High) start as it made new highs for the series at 22495 but got rejected getting back into the previous day’s range in the first 15 minutes to confirm an ORR (Open Rejection Reverse) which was a bearish sign as it left a selling tail exactly from PDH (Previous Day High) of 22359 to 22495 in the IB. The auction did make a C side attempt to get into the selling tail but got rejected at 22375 which meant that the supply was getting more aggressive as it led to a trending move lower over the next 3 periods as BNF tagged the 2 IB objective of 21936 while making a low of 21915 in the ‘E’ period. Having done a big move so early in the day, it then made a retracement higher till the ‘H’ period where it left a PBH (Pull Back High) of 22332 and this triggered a fresh move lower into the close as BNF fell by more than 1000 points to tag the VPOC of 21300 before closing the day at 21400 leaving a Trend Day Down from new highs.

  • The BNF Open was a Open Rejection Reverse – Down  (ORR)
  • The day type was a Trend Day – Down
  • Largest volume was traded at 22280 F
  • Vwap of the session was at 21965 with volumes of 86.6 L and range of 1195 points as it made a High-Low of 22495-21300
  • The 24th June Trend Day VWAPs of 21965 would be important supply point.
  • The 18th June Trend Day VWAPs of 20413 would be important support level.
  • The settlement day Roll Over point (Jun) is 19035
  • The VWAP & POC of May Series is 18767 & 19633 respectively.
  • The VWAP & POC of Apr Series is 19605 & 19710 respectively.
  • The VWAP & POC of Mar Series is 22104 & 20248 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 21681-22280-22300

Main Hypos for 24.06.2020:

a) BNF needs to get above 21465 for a rise to 21552-680 / 21744-888 / 21952-22077 / 22215 & 22280-300
b) The auction below 21350 could test 21160-093 / 21021-20972 / 20895-825 / 20710-600 & 20530-490

Extended Hypos:
c) If 22300 is taken out, BNF could start a fresh probe to 22375-451 / 22520-650 / 22720-818 / 22880-920 & 23010-160*
d) Breaking below 20490, there could be a fall to 20400-300* / 20179-080 / 20040-19975 / 19910-850 & 19725-655

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