Market Profile Analysis dated 26th November

Nifty Nov F: 12075 [ 12137/ 12017 ]

HVNs – 11814 / 11852 / ( 11901) / 11914 / 11978 / 12020 / 12085 / (12125)

NF opened higher at 12121 making new all time highs as it tagged 12137 in the opening minutes confirming an OAOR (Open Auction Out of Range) start as it stayed above PDH (Previous Day High) which was on expected lines post a Trend Day. The auction remained in a narrow range of 30 points for most part of the IB (Initial Balance) before it got back into previous day’s range in the closing minutes of the ‘B’ period and went on to make a RE lower in the ‘C’ period as it started to get accepted below PDH. The ‘D’ period was an inside bar after which the ‘E’ period made a fresh RE while making new day low of 12071 and seemed to be taking support at one of the previous day’s HVN of 12070. ‘F’ period was an inside bar confirming that the current probe down could be over and the auction probed higher in the next 3 periods as it finally got above VWAP and then the PDH but got stalled at 12122 as it left a PBH (Pull Back High) and made a rotation back to IBL over the next 2 periods. The ‘K’ period then made a fresh RE down giving a big move in the late afternoon which is typical of an OAOR as NF tagged the Trend Day VWAP making new lows of 12017 and was swiftly rejected as it left a small buying tail from 12039 to 12017 at lows and retraced this entire leg down in the ‘L’ period and went on to close the day at the combo of dPOC & VWAP at 12085 leaving a 3-1-3 balanced profile for the day with rejection at both ends. Value for the day was mostly higher & the successful defense of the Trend Day VWAP however means that the PLR remains to the upside.

  • The NF Open was an Open Auction Out Of Range (OAOR)
  • The day type was a Normal Variation Day – Down  (NV)
  • Largest volume was traded at 12085 F
  • Vwap of the session was at 12088 with volumes of 113.2 L and range of 120 points as it made a High-Low of 12137-12017
  • The Trend Day VWAP of 25/11 at 12023 will be important reference on the downside. This was tagged on 26/11 and broken briefly but was swiftly rejected so proves to be support.
  • The Trend Day VWAP of 29/10 at 11810 will be important reference on the downside.
  • NF confirmed a multi-day FA at 11465 on 16/10 and completed the 2 ATR move up of 11776. This FA has not been tagged since & hence is now positional support
  • NF confirmed a FA at 11503 on 17/10 and completed the 2 ATR move up of 11808. This FA has not been tagged since & hence is now positional support
  • NF confirmed a FA at 11162 on 09/10 and completed the 2 ATR move up of 11554.  This FA has not been tagged since & hence is now positional support
  • The settlement day Roll Over point (Nov) is 11970
  • The VWAP & POC of Oct Series is 11461 & 11365 respectively.
  • The VWAP & POC of Sep Series is 11127 & 10960 respectively.
  • The VWAP & POC of Aug Series is 10966 & 10984 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 12060-12085-12105

Hypos / Estimates for the next session:

a) NF needs to sustain above 12086 for a move to 12102 / 12120-126 & 12148
b) Immediate support is at 12066 below which the auction could test 12050-30 / 12012 & 11997-994
c) Above 12148, NF can probe higher to 12166 / 12185 & 12209-215
d) Below 11994, auction becomes weak for 11978 / 11960 & 11940
e) If 12215 is taken out, the auction go up to to 12233 / 12248-255 & 12282
f) Break of 11940 can trigger a move lower to 11914*-11901 / 11885 & 11860-852*


BankNifty Nov F: 31649 [ 31792 / 31411 ]

HVNs – 31020 / 31145/ (31290) / 31330-360 / 31530-580 / 31640 / (31715)

BNF also made an OAOR start while making new all time highs of 31791 in the IB but looked extended on the upside as it probed lower post IB making a ‘C’ side extension down but could not extend much as it made a low of 31577 but was promptly rejected back above PDH (Previous Day High) of 31597 after which it stayed in a narrow range for the next 3 periods between the IBL & VWAP and made a fresh probe higher in the ‘G’ period as it got above VWAP but similar to the auction in NF, left a PBH at 31747 in the ‘H’ period. BNF then rotated back to the combo of IBL & PDH in the ‘J’ period after which it gave a big move down in the ‘K’ period as it made a fresh RE lower and went on to get into the previous day’s singles of 31471 to 31382 taking support there as it made a low of 31411 before playing out the 45 degree Rule as the auction got back to the dPOC of 31640 in the last 45 minutes and closed around it. Value for the day was higher but BNF has a low volume zone between 31490 to 31630 which it could fill before making new highs.

  • The BNF Open was an Open Auction Out of Range (OAOR)
  • The day type was a Normal Variation Day – Down (NV)
  • Largest volume was traded at 31640 F
  • Vwap of the session was at 31651 with volumes of 31.5 L and range of 381 points as it made a High-Low of 31792-31411
  • The Trend Day VWAP of 25/11 at 31356 will be important reference on the downside.
  • The Trend Day VWAP of 06/11 at 30447 will be important reference on the downside.
  • BNF had confirmed a FA at 30052 on 06/11 and tagged the 2 ATR target of 31049 on 08/11. This FA has not been tagged since & hence is now positional support
  • The Trend Day VWAP of 29/10 at 29945 will be important reference on the downside. This was tagged on 30/10 and broken but was swiftly rejected so proves to be support.
  • BNF confirmed a FA at 27900 on 09/10 and completed the 2 ATR move up of 29779. This FA has not been tagged since & hence is now positional support
  • The settlement day Roll Over point (Nov) is 30150
  • The VWAP & POC of Oct Series is 28784 & 28415 respectively.
  • The VWAP & POC of Sep Series is 28416 & 27160 respectively.
  • The VWAP & POC of August Series 27858 & 27960 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 31611-31640-31749

Hypos / Estimates for the next session:

a) BNF needs to sustain above 31640 for a rise to 31710-715 / 91760-775 & 31852
b) Staying below 31640 at open, the auction could test 31590-580 / 31532 & 31450
c) Above 31852, BNF can probe higher to 31908 / 32001 & 32045-58
d) Below 31450, lower levels of 31393 / 31355-330 & 31280-269 could be tagged
e) If 32058 is taken out, BNF can give a fresh move up to 32107-140 / 32197-213 & 32277-299
f) Below 31269, we could see lower levels of 31215 / 31145-100 & 31049-020

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