Market Profile Analysis dated 28th October 2020

Nifty Oct F:  11721 [ 11918 / 11675 ]

NF did the opposite of previous day’s open as it probed higher scaling above PDH (Previous Day High) but got rejected confirming a late ORR (Open Rejection Reverse) as it left a small but important selling tail in the IB (Initial Balance) outside previous day’s range and went on to form the second DD (Double Distribution) Trend Day Down of the week breaking below the similar lows of the last 2 days as it hit 11675 before closing the day around the dPOC of 11725. The auction also seemed to have given a move away from the 15-day composite with an extension handle at 11811 (check the updated MP chart here) and the PLR would remain on the downside as long as today’s DD singles of 11765 to 11811 are not taken out.

Click here to view NF form yet another DD on MPLite

  • The NF Open was a Open Rejection Reverse – Down (ORR)
  • The Day type was a Double Distribution Trend Day – Down (DD)
  • Largest volume was traded at 11725 F
  • Vwap of the session was at 11787 with volumes of 148.5 L and range of 243 points as it made a High-Low of 11918-11675
  • NF confirmed a FA at 12017 on 21/10 and tagged the 2 ATR objective of 11742 on the 27/10. This FA is currently on ‘T+6’ Days.
  • NF confirmed a FA at 10857 on 25/09 and tagged the 2 ATR objective of 11165 on 28/09. This FA has not been tagged and is now positional support.
  • 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 11676-11725-11827

HVNs – 10962 / 11220* / 11425 / 11590 / 11740 / 11890* / 11942

Hypos for 29.10.2020:

a) NF needs to sustain above 11728 for a rise to 11765-805 / 11857-897 & 11915-950
b) The auction staying below 11712 could test 11680-640 / 11590-550 & 11520-495


BankNifty Oct F:  24214 [ 24795 / 24024 ]

BNF made an attempt to probe higher at open but for the third time in last 4 sessions stalled just below the VPOC of 24800 which indicated that the supply is strong here as it left a big selling tail in the IB from 24656 to 24795 and similar to NF, formed a DD down with the help of an extension handle at 24375 in the ‘G’ period after which it made lows of 24024 but remained in previous day’s range and closed around the dPOC of 24232 leaving an inside day though Value was overlapping to lower.

Click here to view the DD in BNF on MPLite

  • The BNF Open was a Open Auction In Range (OAIR)
  • The Day type was a Double Distribution Trend Day – Down (DD)
  • Largest volume was traded at 24232 F
  • Vwap of the session was at 24350 with volumes of 76.7 L and range of 771 points as it made a High-Low of 24795-24024
  • BNF had confirmed a FA at 20431 on 25/09 and tagged the 2 ATR objective of 21490 on 28/09. This FA has not been tagged and is now positional support.
  • 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 24072-24232-24536

HVNs – 20538 / 20822 / 21400* / 22090 / 22640* / 22890 / 23330* / 23730 / 24350 / 24528*

Hypos for 29.10.2020:

a) BNF needs to sustain above 24235 for a rise to 24305-380/24450-544/24620-750 & 24860-936
b) The auction staying below 24198 could test 24120-020/23952-875/23786 & 23600-500

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