Market Profile Analysis dated 26th May 2020

Nifty May F:  9034 [ 9162 / 8976 ]

HVNs – (8964) / 9078 / 9212 / 9320

NF opened higher but once again stalled near the zone of 9170-80 in the IB (Initial Balance) where it made a very narrow range of just 53 points playing out a typical OAOR characteristic but saw a good move later as it made multiple REs (Range Extension) lower completing a 3 IB Day Down as it made lows of 8976 taking support at Friday’s POC before closing at 9034 leaving a Double Distribution profile with the extension handle of 9067 seperating the 2 distributions of the day. The auction has been in a range forming a balance over the last 4 days after it moved away from that POC of 8890 on 20th May and the current composite can be viewed on MPLite here.

  • The NF Open was a Open Aution Out Of Range  (OAOR)
  • The day type was a Double Distribution Day – DD (3 IB Day)
  • Largest volume was traded at 9139 F
  • Vwap of the session was at 9074 with volumes of 157.7 L and range of 186 points as it made a High-Low of 9162-8976
  • NF confirmed a multi-day FA at 8852 on 20/05 and tagged the 1 ATR objective of 9053 on the same day. The 2 ATR target comes to 9252
  • NF confirmed a multi-day FA at 9180 on 18/05 and almost tagged the 2 ATR objective of 8810 on the same day. This FA has not been tagged & is now important supply point..
  • NF had confirmed a multi-day FA at 8706 on 09/04  and tagged the 2 ATR objective of 9756 on 30/04. This FA has not been tagged & is now important support.
  • The Trend Day VWAP of 8667 would be important support level.
  • The settlement day Roll Over point (May) is 9822
  • The VWAP & POC of Apr Series is 8999 & 9010 respectively.
  • The VWAP & POC of Mar Series is 9146 & 8592 respectively.
  • The VWAP & POC of Feb Series is 11944 & 12125 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 9042-9139-9160

Main Hypos for the next session:

a) NF needs to sustain above 9045 for a rise to 9067-96 / 9116-39 / 9160-70 / 9186-9213* & 9238-52
b) The auction remains weak below 9030 and could test 9010-8980 / 8965-45 / 8924-16 / 8888-52 & 8826-10

Extended Hypos:
c) Above 9252, NF can probe higher to 9272-82 / 9312-20 / 9356-66 / 9385-9400* / 9420 & 9444-60
d) Below 8810, the auction can fall further to 8792-60* / 8721-06 / 8686 / *8667*-48 & 8619-06


BankNifty May F:  17445 [ 17690 / 17261 ]

HVNs – (17620) / 18070 / (18800) / (19220) / 19600-620 / 19800

BNF also opened higher but was stuck all day in a narrow range of just 428 points leaving an inside bar along with a Neutral Gaussian profile with a FA at day’s high of 17690. It could give a move away from here to either tag the VPOCs of 17120 & 16840 on the downside or the VPOC of 18060 on the upside in the coming session(s).

  • The BNF Open was a Open Auction In Range  (OAIR)
  • The day type was a Neutral Day – Inside Bar (Gaussian profile)
  • Largest volume was traded at 17560 F
  • Vwap of the session was at 17485 with volumes of 68.6 L and range of 428 points as it made a High-Low of 17690-17261
  • BNF confirmed a FA at 17690 on 26/05  and the 1 ATR target comes to 16929.
  • BNF confirmed a FA at 18175 on 21/05  and tagged the 1 ATR objective of 17407 on 22/05. The 2 ATR target comes to 16639.
  • BNF confirmed a FA at 21932 on 30/04  and tagged not just the 1 ATR objective of 21028 but also the 2 ATR target of 20125 on 04/05. This FA has not been tagged and is now positional supply point.
  • The settlement day Roll Over point (May) is 21380
  • The VWAP & POC of Apr Series is 19605 & 19710 respectively.
  • The VWAP & POC of Mar Series is 22104 & 20248 respectively.
  • The VWAP & POC of Feb Series is 30692 & 30692 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 17433-17560-17590

Main Hypos for the next session:

a) BNF needs to sustain above 17485 for a rise to 17560-620 / 17665-690 / 17770-790 / 17900-974 / 18010-93 & 18144-230
b) The auction remains weak below 17430 and could test 17384-262 / 17185-120 / 17066-005 / 16970-905 / 16840*-770 & 16721-675

Extended Hypos:
c) Above 18230, BNF can probe higher to 18270-358 / 18416-475 / 18535-650 / 18711-751 / 18800*-882 & 18940-19080
d) Below 16675, lower levels of 16635-540 / 16490-395* / 16290 / 16209-170 / 16110-008 & 15906-855 could come into play

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