Market Profile Analysis dated 28th September 2020

Nifty Oct F:  11238 [ 11249 / 11090 ]

NF opened higher well above the Neutral Extreme reference of 11013 to 11077 as it made a low of 11090 in the ‘A’ period and continued to probe higher completing the 2 ATR target of 11165 from Friday’s FA of 10857 in the IB (Initial Balance) itself as it left a buying tail from 11146 to 11090. The auction then went on to complete the 80% Rule in a slow but steady manner in the 2-day composite of 22nd to 23rd September as it made multiple REs (Range Extension) higher all day as it made a high of 11249 and in the process tagged the VPOC of 11236 before closing the day at 11238. Value for the day was completely higher as the profile represents a ‘p’ shape one so the day’s POC of 11229 would be the immediate refrence on the downside staying above which NF could continue to move higher in the coming session towards the selling tail of 11343 to 11422. If, 11229 is broken, the PBLs (Pull Back Low) of 11210 & 11182 would be the levels to watch.

Click here to view NF move away from the 2-day composite on MPLite

  • The NF Open was a Open Auction Out of Range (OAOR)
  • The Day type was a Normal Variation Day – Up (‘p’ shape profile)
  • Largest volume was traded at 11229 F
  • Vwap of the session was at 11196 with volumes of 118.9 L and range of 159 points as it made a High-Low of 11249-11090
  • NF confirmed a FA at 10857 on 25/09 and tagged the 2 ATR objective of 11165 on 28/09.
  • 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 11185-11229-11243

HVNs – 10962 / 11220

Main Hypos for 29.09.2020:

a) NF needs to sustain above 11245 for a rise to 11272-301 / 11321-355 & 11395
b) The auction staying below 11229 could test 11210-182 / 11158-145 & 11120-090

Extended Hypos:
c) Above 11395, NF can probe higher to 11410 / 11440-461 / 11495 & 11508*-520
d) If 11090 is taken out, NF could fall to 11058-040 / 11013 & 10990-960


BankNifty Oct F:  21724 [ 21766 / 21050 ]

BNF moved away from the 2-day composite with not only a gap up open but an initiative move higher as it left a long buying tail in the IB completing the 80% Rule in the 2-day composite (22-23 Sep) while it made a high of 21443. The auction then made multiple REs higher as it got into the selling tail of 21598 to 21772 of 21st Sep and almost negated it completely as it hit 21766 before closing the day at 21724 leaving a ‘p’ shape profle with the POC at 21653 which would be the important reference on the downside for the next session. Staying above 21760, BNF could go for a test of the VPOC of 21970 and the FA of 22157 whereas on the downside, the levels to watch below 21650 would be the PBL of 21592 & today’s extension handle of 21443.

Click here to view BNF also moving away from the 2-day composite on MPLite

  • The BNF Open was a Open Auction Out of Range (OAOR)
  • The Day type was a Normal Variation Day – Up (‘p’ shape profile)
  • Largest volume was traded at 21653 F
  • Vwap of the session was at 21525 with volumes of 77.9 L and range of 716 points as it made a High-Low of 21766-21050
  • BNF confirmed a FA at 20431 on 25/09 and tagged the 2 ATR objective of 21490 on 28/09.
  • 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 21437-21653-21765

HVNs – 20538 / 20822 / 21630

Main Hypos for 29.09.2020:

a) BNF needs to sustain above 21760 for a rise to 21853 / 21950-970* / 22085-157 & 22227-300
b) The auction staying below 21680 could test 21605-528 / 21464-390 / 21330-300 & 21200-160

Extended Hypos:

c) Above 22300, BNF can probe higher to 22401-436* / 22490-579 / 22640-675 & 22776-854
d) Breaking below 21160, it could fall to 21050 / 20970-920 / 20846-800 / 20725 & 20675-624

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