Market Profile Analysis dated 24th September 2020

Nifty Oct F:  10836 [ 11040 / 10819 ]

As expected, NF moved away from the 2-day balance in the form of a big gap down of 138 points after which if formed a balance over the first half of the day and typical of an OAOR start, the auction gave a big move in the afternoon as it made multiple REs (Range Extension) lower and the downmove gained momentum after a rejection at VWAP in the ‘I’ period where it left a PBH at 10964 and went on to spike lower into the close completing the third 3 IB day of this week while making lows of 10819 before closing the day at 10836. Spike rules will be in play at open for the next session and the reference would be from 10819 to 10891.

Click here to view NF moving away from the 2-day composite on MPLite

  • The NF Open was a Open Auction Out of Range (OAOR)
  • The Day type was a Normal Variation Day – Down (with a spike close)
  • Largest volume was traded at 10831 F
  • Vwap of the session was at 10915 with volumes of 129.8 L and range of 221 points as it made a High-Low of 11040-10819
  • The settlement day Roll Over point (Sep) is 11607
  • The VWAP & POC of Aug Series is 11311 & 11311 respectively.
  • The VWAP & POC of Jul Series is 10897 & 10803 respectively.
  • The VWAP & POC of Jun Series is 10110 & 10110 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 10820-10831-10950

Main Hypos for 25.09.2020:

a) NF needs to sustain above 10850 for a rise to 10891 / 10915 / 10950-965 & 10995
b) The auction staying below 10830 could test 10797 / 10769*-750 / 10716 & 10695-670*

Extended Hypos:
c) Above 10995, NF can probe higher to 11020-040 / 11070-093 & 11115-144
d) If 10670 is taken out, NF could fall to 10650-627 / 10602 / 10570*-556 & 10533


BankNifty Oct F:  20527 [ 20980 / 20464 ]

BNF also opened with a big gap down of 354 points as it moved away from the mini-balance it was forming over the past 2 sessions and formed a very narrow range IB of just 165 points confriming the OAOR and made a slow probe lower all day making multiple REs and similar to NF, the auction closed in a spike as it left a late extension handle at 20625 and went on to complete the 3 IB objective of 20485 as it made lows of 20464 before closing the day at 20526. Spike Rules will be in play for the next session & the reference would be from 20464 to 20625.

Click here to view BNF moving away from the 2-day composite on MPLite

  • The BNF Open was a Open Auction In Range (OAIR)
  • The Day type was a Normal Variation Day – Down (with a spike close)
  • Largest volume was traded at 20857 F
  • Vwap of the session was at 20739 with volumes of 32.2 L and range of 516 points as it made a High-Low of 20980-20464
  • The settlement day Roll Over point (Sep) is 23576
  • The VWAP & POC of Aug Series is 22444 & 21595 respectively.
  • The VWAP & POC of Jul Series is 22163 & 22087 respectively.
  • The VWAP & POC of Jun Series is 20918 & 21000 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 20680-20857-20951

Main Hypos for 25.09.2020:

a) BNF needs to sustain above 20550 for a rise to 20625-680 / 20740-815 / 20887-951 & 21003-093
b) The auction staying below 20525 could test 20440-323 / 20261-181* / 20103-065 & 19975

Extended Hypos:

c) Above 21093, BNF can probe higher to 21197-246* / 21341-390 / 21421-481 / 21526-598 & 21670
d) Breaking below 19975, it could fall to 19892* / 19820 / 19750-708 / 19655-555 & 19435-395

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