Market Profile Analysis dated 24th November 2020

Nifty Nov F:  13062 [ 13081 / 12965 ]

NF opened higher and got rejected when it probed back into previous day’s range indicating presence of initiative buyers which was further confirmed by a buying tail the acution left in the IB as it made new highs for the series at 13039. NF then made a marginal C side extension which triggered a typical probe to VWAP and even went further down testing the morning singles taking support there as it left a PBL (Pull Back Low) at 12999 showing that the demand was still active. The auction then remained in a narrow range between the PBL & IBH till the ‘H’ period forming a ‘p’ shape profile as it built volumes at 13020 before it made a fresh RE (Range Extension) to the upside in the ‘I’ period which triggered a trending move into the close as NF tagged 13082 before closing the day at 13062. Value for the day was completely higher with the auction moving away from the balance it was forming over the last 5 sessions and this new imbalance could continue in the next session.

Click here to view NF move away from the 5-day balance in MPLite

  • The NF Open was a Open Rejection Reverse – Up (ORR)
  • The Day type was a Normal Variation Day – Up (NV)
  • Largest volume was traded at 13018 F
  • Vwap of the session was at 13028 with volumes of 100.7 L and range of 117 points as it made a High-Low of 13082-12965
  • NF confirmed a FA at 12825 on 23/11 and tagged the 1 ATR objective of 12983 on 24/11. The 2 ATR target comes to 13141.
  • NF confirmed a FA at 11744 on 04/11 and tagged the 2 ATR objective of 12089 on 05/11. This FA has not been tagged and is now positional support.
  • The settlement day Roll Over point (Nov) is 11665
  • The VWAP & POC of Oct Series is 11793 & 11897 respectively.
  • The VWAP & POC of Sep Series is 11353 & 11560 respectively.
  • The VWAP & POC of Aug Series is 11311 & 11311 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 12998-13018-13051

HVNs – 11740 / 11819 / 12703 / 12870* (* denotes current series POC)


BankNifty Nov F:  29730 [ 29783 / 29151 ]

BNF opened well above the yPOC of 29050 and not only left a buying tail in the IB from 29300 to 29151 but even confirmed an extension handle at 29425 in the ‘B’ period which showed good intent by the buyers as it started to fill up the low volume zone of 29050 to 29565 and even made couple of REs in the ‘C’ & ‘D’ periods as it hit 29590. The auction then gave a retracement to the VWAP in the ‘E’ period which was defended after which it went on to give a fresh RE on the upside in the ‘F’ period as it made new highs of 29625 but saw supply coming in which set off a probe lower back into the IB and this time it even broke below the day’s VWAP and tested the morning extension handle and as expected was swiftly rejected as it left a new PBL at 29404. This rejection then set up a OTF (One Time Frame) move higher for the rest of the day as BNF went on to make a new RE in the ‘K’ period and spiked into the close almost tagging the series high of 29790 before closing the day at 29730. Spike Rules would be in play for the next session with the reference zone being 29700 to 29783 with the extension handle of 29625 being the important level to watch below it.

Click here to view the latest profile in BNF on MPLite

  • The BNF Open was a Open Auction In Range (OAIR)
  • The Day type was a Normal Variation Day – Up (NV with a spike close)
  • Largest volume was traded at 29525 F
  • Vwap of the session was at 29521 with volumes of 66.7 L and range of 632 points as it made a High-Low of 29783-29151
  • The settlement day Roll Over point (Nov) is 24110
  • The VWAP & POC of Oct Series is 23740 & 24468 respectively.
  • The VWAP & POC of Sep Series is 22320 & 22320 respectively.
  • The VWAP & POC of Aug Series is 22444 & 21595 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 29348-29525-29624

HVNs – 24110 / 25455 / 26300 / 28395 / 28860*    (* denotes current series POC)

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