Market Profile Analysis dated 27th Apr 2020

Nifty Apr F:  9295 [ 9374 / 9230 ]

HVNs – (8112) / (8280) / (8400) / (8544) / 8928 / 8976 / 9024 / 9216 / (9265) / (9340)

NF opened the week with a gap up plus drive though on lower volumes and in the process confirmed a multi-day FA (Failed Auction) at 9115 as it took support at 9230 and went on to tag the VPOC of 9289 after which it entered last week’s selling tail of 9337 to 9385 while making a high of 9354 in the ‘B’ period. The auction then made the dreaded C-side Extension higher as it hit 9374 but once again that positional FA point of 9385 came into play as the upside probe got stalled & NF started a probe to the downside for the rest of the day forming a ‘p’ shape profile for the day with a prominent POC at 9340. Value was formed higher today and though the close was below VAL, NF has immediate support in form of the buying tail from 9280 to 9230 which if held would mean that the PLR for the week would be on the upside. However, the auction would need to take out the level of 9385 on good volumes for a probable move to the 1 ATR objective of 9402 & the HVN of 9432 of 16th March from where NF started a new leg down.

  • The NF Open was a Open Test Drive – Up  (OTD) on lower volumes
  • The day type was a Normal Day (‘p’ shape profile)
  • Largest volume was traded at 9340 F
  • Vwap of the session was at 9326 with volumes of 165.3 L and range of 143 points as it made a High-Low of 9374-9230
  • NF confirmed a multi-day FA at 9115 on 27/04  and the 1 ATR objective comes to 9402.
  • NF had confirmed a multi-day FA at 8686 on 09/04  and tagged the 1 ATR objective of 9211 on 15/04. The 2 ATR target comes to 9736. This FA has not been tagged & is now important support.
  • NF confirmed a FA at 7521 on 24/03  and tagged the 2 ATR objective of 8595 on 26/03. This FA has not been tagged and is now positional support.
  • NF confirmed a FA at 9384 on 17/03  and tagged the 2 ATR move of 8613 on 18/03. This FA has not been tagged and is positional supply point. This FA was tagged on 20/04 but was immediately rejected from there so still holds as an important reference.
  • The Trend Day VWAP of 8620 would be important support level.
  • The settlement day Roll Over point (Apr) is 8686
  • The VWAP & POC of Mar Series is 9146 & 8592 respectively.
  • The VWAP & POC of Feb Series is 11944 & 12125 respectively.
  • The VWAP & POC of Jan Series is 12178 & 12132 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 9302 – 9340 – 9357

Main Hypos for the next session:

a) NF needs to sustain above 9303 for a rise to 9318-40 / 9357-66 / 9385 / 9412-16 & 9445
b) The auction has immediate support at 9290-85 below which it could test 9260-53 / 9230-07 / 9179-59 / 9140-24 & 9102*

Extended Hypos:
c) Above 9445, NF can probe higher to 9460-80 / 9510-17 / 9550 / 9580 & 9615
d) Below 9102, the auction can fall further to 9085 / 9056-41 / 9016-13 / 8986 & 8962-44

-Additional Hypos*-
e) Sustaining above 9615` could take NF to 9650-80 / 9715-40 / 9775-90 & 9850
f) If 8944` is taken out, NF can start a new leg down to 8925 / 8892-75 / 8840-28 / 8808-04 & 8775-36

Daily Hypos for Nifty (Spot):

  • Nifty needs to sustain above 9312 for a probe to 9349-66 / 9404-15 / 9441*-58 / 9491-9507 & 9556-65
  • The auction gets weak below 9270-65 and could test levels of 9227-07 / 9169-41 / 9106*-9095 / 9044-14 & 8978

BankNifty Apr F:  20107 [ 20240 / 19690 ]

HVNs – (18144) / (19248) / 19344-392 / 19536 / (19680) / (20064) / 20130 / (20688)

BNF also moved away from Friday’s Neutral Day and the Gaussian profile with an Open Drive higher on low volumes as it got back into the Value of 23rd April’s ‘p’ shape profile completing the 80% Rule in it and in the process tagging the VPOC of 20080 while making a high of 20120 in the IB (Initial Balance). The gap up also confirmed a multi-day FA at 19381 and the buying tail in the IB from 19875 to 19690 meant that the PLR for the day would be on the upside. The auction then made a ‘C’ side extension as it made new highs of 20227 but could not extend further as it began to start coiling in a narrow range for the rest of the day and even made a marginal new high of 20240 in the ‘H’ period only to be swiftly rejected to leave a PBL (Pull Back Low) of 19995 in the ‘K’ period before closing the day at the very prominent POC of 20100.

  • The BNF Open was a Open Drive – Up  (OD) on lower volumes
  • The day type was a Normal Day (‘p’ shape profile)
  • Largest volume was traded at 20130 F
  • Vwap of the session was at 20081 with volumes of 53.7 L and range of 550 points as it made a High-Low of 20240-19690
  • BNF confirmed a multi-day FA at 19381 on 27/04  and the 1 ATR objective comes to 20387.
  • BNF confirmed a FA at 17921 on 07/04  and tagged the 1 ATR target of 19818 on 08/04. The 2 ATR objective from this FA is at 21715. This FA has not been tagged and is now positional support.
  • The settlement day Roll Over point (Apr) is 19380
  • The VWAP & POC of Mar Series is 22104 & 20248 respectively.
  • The VWAP & POC of Feb Series is 30692 & 30692 respectively.
  • The VWAP & POC of Jan Series is 31425 & 32104 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 20045 – 20130 – 20180

Main Hypos for the next session:

a) BNF needs to sustain above 20130 for a rise to 20180-215 / 20286-300 / 20387-456 / 20515-550 & 20620-700*
b) The auction becomes weak below 20070-45 for a test of 19995-908 / 19860-814 / 19760-690 / 19600-560* & 19510

Extended Hypos:
c) Above 20700, BNF can probe higher to 20740-800 / 20880-916 / 21000-095 / 21150-275 & 21312
d) Below 19510, lower levels of 19433-368 / 19290-230 / 19184-125 / 19044 & 18970-905 could come into play

-Additional Hypos*-
e) BNF sustaining above 21312` could start a new leg up to 21393-480 / 21530-574 / 21634-715 / 21788 & 21822-842
f) If 18905` is taken out, BNF could fall further to 18770-700 / 18660-650 / 18570 / 18507-483 & 18430-375

Daily Hypos for BankNifty (Spot):

  • BankNifty needs sustain above 20094-107 for a probe to 20170-248 / 20303-375 / 20445-522 / 20610-665 / 20708-776* & 20860-985
  • The auction has immediate support at 20022 below which it could test 19950-881 / 19810-780 / 19696**-600 / 19553*-535 / 19460-424* / 19380-321 & 19248-171

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