Market Profile Analysis dated 26th June 2020

Nifty Jul F:  10318 [ 10349 / 10235 ]
HVNs – 10175 / 10240 / 10475

NF opened higher and went on to probe above PDH (Previous Day High) as it tested the selling extension handle of 10329 and even got accepted above it making a high of 10349 in the IB (Initial Balance). The auction however got stalled just below the VAL of the 24th June as it failed to get fresh demand & reversed the probe to the downside over the next 2 periods as it made a big C side RE (Range Extension) to the downside completing the 1.5 IB objective of 10261 and went on to make a lower low of 10251 in the ‘D’ period. Volumes were still on the lower side which indicated absence of big players which led to a rotation back above VWAP resulting in a PBH (Pull Back High) of 10318 in the ‘E’ period which meant that the downside probe is still not over. NF then moved lower over the next 4 periods leaving another similar PBH at 10317 in the ‘G’ period and went on to make new lows of 10235 in the ‘I’ period where it took support at the HVN & yPOC of 10240 and the failure to get new supply triggered another rotation to the upside as it went on to get above the poor highs of 10318 but ended up leaving new poor highs at 10335 in the ‘K’ & ‘M’ periods before closing the day at 10318 leaving a well balanced Gaussian profile for the day.

The auction is also forming a nice 2-day balance with Value at 10242-10276-10320 & the MP Lite chart of the same can be viewed here.

  • The NF Open was a Open Auction  (OA)
  • The day type was a Normal Variation Day – Down (Gaussian Profile)
  • Largest volume was traded at 10308 F
  • Vwap of the session was at 10291 with volumes of 172.4 L and range of 113 points as it made a High-Low of 10349-10235
  • NF confirmed a FA at 10156 on 25/06 and the 1 ATR target on upside comes to 10381.
  • NF confirmed a FA at 10516 on 24/06 and completed the 1 ATR objective of 10299 on the same day. The 2 ATR target comes to 10081.
  • The 24th June Trend Day VWAPs of 10403 would be important supply point.
  • The 18th June Trend Day VWAP of 9957 would be important support level.
  • The settlement day Roll Over point (Jul) is 10240
  • The VWAP & POC of Jun Series is 10090 & 10315 respectively.
  • The VWAP & POC of May Series is 9183 & 9109 respectively.
  • The VWAP & POC of Apr Series is 8999 & 9010 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 10270-10308-10321

Main Hypos for 29.06.2020:

a) NF needs to stay above 10329 for a rise to 10356 / 10392-*403* / 10460-489* & 10516-544*
b) The auction below 10306 can test lower levels of 10290-276 / 10240-220 / 10175-145 & 10104-081

Extended Hypos:
c) Above 10644, NF can probe higher to 10576-606 / 10655-690 / 10735-787 & 10815-830
d) If 10081 is taken out, NF could fall to 10032 / 9992-*57* / 9906 & 9867*


BankNifty Jul F:  21462 [ 21609 / 20900 ]

HVNs – 21430 / 21760 / 22250

BNF also opened with a gap up of 160 points and probed above PDH as it made a high of 21717 but left an initiative selling tail in the IB from 21619 to 21717 which set up for a probe lower as it got back into previous day’s range & value completing the 80% Rule in the ‘D’ period where it made a low of 21239. The auction then formed a perfect bell shape profile in previous Value for the rest of the day as a new low it made at 21167 in the ‘H’ period was swiftly rejected leading to a probe back to 21550 into the close. We have a nice 2-day balance in BNF with overlapping POC at 21420 and can expect a move away from here in the coming session.

Click here to view the MP Lite chart of the 2-day balance

  • The BNF Open was a Open Auction  (OA)
  • The day type was a Normal Variation Day – Down (Gaussian Profile)
  • Largest volume was traded at 21420 F
  • Vwap of the session was at 21390 with volumes of 83.7 L and range of 550 points as it made a High-Low of 21717-21167
  • The 24th June Trend Day VWAPs of 21887 would be important supply point.
  • The 18th June Trend Day VWAPs of 20494 would be important support level.
  • The settlement day Roll Over point (Jul) is 21430
  • The VWAP & POC of Jun Series is 20887 & 20068 respectively.
  • The VWAP & POC of May Series is 18767 & 19633 respectively.
  • The VWAP & POC of Apr Series is 19605 & 19710 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 21232-21420-21460

Main Hypos for 29.06.2020:

a) BNF needs to sustain above 21516 for a rise to 21606-690 / 21760* / 21839-888 / 21965 / 22085-130 & 22260-356
b) The auction has support at 21420-390 below which it could test 21310 / 21228-156 / 21072-20975 / 20900-850 / 20784-700 & 20616-545

Extended Hypos:
c) If 22356 is taken out, BNF could start a fresh probe to 22420-490 / 22560-650 / 22712 / 22818-880 & 23010-160*
d) Breaking below 20545, there could be a fall to 20484-396 / 20300*-200 / 20139*-040 / 19975-853 & 19725

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