Market Profile Analysis dated 25th September 2020

Nifty Oct F:  11042 [ 11077 / 10857 ]

NF rejected previous day’s spike with a higher open but got stalled just below the VAH of 10951 as it made a high of 10941 in the IB (Initial Balance) after which it probed lower and even made a C side extension lower as it made new lows for the day at 10857 but got stopped right at the spike zone of 10856 to 10819. The rejection from lows then led to a probe above VWAP & then to the IBH as NF confirmed a FA at lows triggering a fresh upmove as first left an Extension Handle (EH) at 10950 and completed the 1 ATR objective of 11011 and then left a second EH at 11013 as it scaled above PDH to hit a high of 11077 before closing the day at 11042 leaving a Neutral Extreme profile for the day. The reference for the next open would be from 11013 to 11077. NF has also formed a nice 2-day composite on the daily with Value at 10867-10927-11001 and the link to the chart is given below.

Click here to view NF forming another 2-day composite on MPLite

  • The NF Open was a Open Auction In Range (OAIR)
  • The Day type was a Neutral Extreme Day – Up (NeuX)
  • Largest volume was traded at 10915 F
  • Vwap of the session was at 10966 with volumes of 162.8 L and range of 220 points as it made a High-Low of 11077-10857
  • NF confirmed a FA at 10857 on 25/09 and tagged the 1 ATR objective of 11011 on the same day. The 2 ATR objective comes to 11165.
  • The settlement day Roll Over point (Oct) is 10830
  • The VWAP & POC of Sep Series is 11353 & 11560 respectively.
  • The VWAP & POC of Aug Series is 11311 & 11311 respectively.
  • The VWAP & POC of Jul Series is 10897 & 10803 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 10861-10915-10999

HVNs – 10962

Main Hypos for 28.09.2020:

a) NF needs to sustain above 11045 for a rise to 11073-093 / 11115-144 / 11165*-178 & 11202
b) The auction staying below 11040 could test 11010 / 10990-960 / 10928-916 & 10897-875

Extended Hypos:
c) Above 11202, NF can probe higher to 11230-243 / 11272-301 & 11326-355
d) If 10875 is taken out, NF could fall to 10857-830 / 10797-769* & 10750-716


BankNifty Oct F:  20979 [ 21089 / 20431 ]

BNF also opened higher but got rejected at yVWAP of 20739 in the opening minutes after which it probe lower getting back into previous day’s spike zone of 20625 to 20464 as it made a low of 20470 in the IB. The auction then made a C side extension as it hit new lows for the week at 20431 but was swiftly rejected back into the IB leading to a test of VWAP after which it took support at the IBL indicating that the downside for the day was getting limited. BNF then probed higher for the next 3 periods even making a RE to the upside in the ‘G’ period which confrimed a FA at lows as it made a high of 20929 almost completing the 1 ATR objective of 20960. The auction then formed a balance over the next 2 periods but made similar lows of 20710 above VWAP which meant that the PLR was still to the upside and this got more confirmation in form of a fresh RE in the ‘J’ period which was followed by higher highs in the ‘K’ & ‘L’ periods also as BNF tagged 21089 and the weekend profit booking of longs then led to a pull back t0 20938 before it closed the day at 20979. Value for the day was overlapping to higher and we once again have a 2-day composite with the Value at 20610-20803-21063 which would be on watch in the next session.

Click here to view BNF form another 2-day composite on MPLite

  • The BNF Open was a Open Auction In Range (OAIR)
  • The Day type was a Neutral EXtreme Day – Up (NeuX)
  • Largest volume was traded at 20571 F
  • Vwap of the session was at 20750 with volumes of 87.7 L and range of 658 points as it made a High-Low of 21089-20431
  • BNF confirmed a FA at 20431 on 25/09 and tagged the 1 ATR objective of 20960 on the same day. The 2 ATR objective comes to 21490.
  • The settlement day Roll Over point (Oct) is 20490
  • The VWAP & POC of Sep Series is 22320 & 22320 respectively.
  • The VWAP & POC of Aug Series is 22444 & 21595 respectively.
  • The VWAP & POC of Jul Series is 22163 & 22087 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 20458-20571-20865

HVNs – 20882

Main Hypos for 28.09.2020:

a) BNF needs to sustain above 20980 for a rise to 21050-093 / 21197-246* / 21341 / 21420-490 & 21526-598
b) The auction staying below 20970 could test 20920-846 / 20800-725 / 20675-624 / 20556-485 & 20431-366

Extended Hypos:

c) Above 21598, BNF can probe higher to 21670 / 21752-777 / 21853 / 21950-970* & 22083-157
d) Breaking below 20366, it could fall to 20310-261 / 20181* / 21103-065 / 19975-892* & 19820

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