Market Profile Analysis dated 29th June 2020

Nifty Jul F:  10256 [ 10282 / 10156 ]
HVNs – 10190 / 10240 / 10475

NF opened lower moving away from the 2-day balance in the IB with an initiative selling tail from 10216 to 10265 and even made a RE (Range Extension) lower in the ‘E’ period as it tagged the FA of 10156 where it took support indicating that the sellers were unable to do a good job inspite of the strong open and this led to a probe to the upside as the auction left a PBH (Pull Back High) at 10248 before making another attempt to make a RE in the ‘I’ period but failed leaving similar lows of 10172 in the ‘J’ period which led to a short covering move into the close as NF confirmed a fresh FA (Failed Auction) at 10172 and went on to confirm a Neutral Day as it tagged the POC of the 2-day composite while making new highs of 10282 before closing the day at 10256.

Click here to view the MP Lite chart of today’s auction with respect to the 2-day balance.

  • The NF Open was a Open Rejection Reverse (ORR) – Down  on lower volumes
  • The day type was a Neutral Day (NeuD)
  • Largest volume was traded at 10190 F
  • Vwap of the session was at 10211 with volumes of 164.3 L and range of 126 points as it made a High-Low of 10282-10156
  • NF confirmed a FA at 10156 on 25/06 and the 1 ATR target on upside comes to 10381. This FA was tagged on 29/06 but was not broken so is still a valid reference.
  • NF confirmed a FA at 10172 on 29/06 and the 1 ATR target on upside comes to 10395.
  • NF confirmed a FA at 10516 on 24/06 and completed the 1 ATR objective of 10299 on the same day. The 2 ATR target comes to 10081.
  • The 24th June Trend Day VWAPs of 10403 would be important supply point.
  • The 18th June Trend Day VWAP of 9957 would be important support level.
  • The settlement day Roll Over point (Jul) is 10240
  • The VWAP & POC of Jun Series is 10090 & 10315 respectively.
  • The VWAP & POC of May Series is 9183 & 9109 respectively.
  • The VWAP & POC of Apr Series is 8999 & 9010 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 10181-10190-10238

Main Hypos for 30.06.2020:

a) NF needs to stay above 10265 for a rise to 10290 / 10320-329 / 10356-374 / 10392-*403* & 10460-489*
b) The auction below 10240 can test lower levels of 10212 / 10190-172 / *10145* / 10104-081 & 10032

Extended Hypos:
c) Above 10489, NF can probe higher to 10516-544* / 10576 / 10606-619 & 10655-690
d) If 10032 is taken out, NF could fall to 9992-*57* / 9906 / 9867* & 9825


BankNifty Jul F:  21235 [ 21326 / 20886 ]

HVNs – 21000 / 21430 / 21760 / 22250

BNF also opened with a gap down plus an OH (Open=High) at 21251 and continued to probe lower in the IB briefly breaking previous week’s low of 20900 as it tagged 20886 in a C-side extension but failed to find new sellers. The auction then got back into the IB and remained in a narrow range almost all day while building volumes at 21000 before it made another attempt in the ‘J’ period to break below IBL but this time was rejected from 20901 which indicated that it was only the locals who were present leading to a exit of the weak players as BNF went on to spike into the close confirming a FA at 20901 to leave a Neutral Extreme Profile.

Click here to view the MP Lite chart of today’s auction with respect to the 2-day balance

  • The BNF Open was a Open Drive – Down (OD) on lower volumes
  • The day type was a Neutral Day (NeuD)
  • Largest volume was traded at 21000 F
  • Vwap of the session was at 21046 with volumes of 76.3 L and range of 440 points as it made a High-Low of 21326-20886
  • NF confirmed a FA at 20901 on 29/06 and the 1 ATR target on upside comes to 21763.
  • The 24th June Trend Day VWAPs of 21887 would be important supply point.
  • The 18th June Trend Day VWAPs of 20494 would be important support level.
  • The settlement day Roll Over point (Jul) is 21430
  • The VWAP & POC of Jun Series is 20887 & 20068 respectively.
  • The VWAP & POC of May Series is 18767 & 19633 respectively.
  • The VWAP & POC of Apr Series is 19605 & 19710 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 20929-21000-21108

Main Hypos for 30.06.2020:

a) BNF needs to sustain above 21251 for a rise to 21309-420 / 21516 / 21606-690 / 21760* / 21839-888 & 21965-980
b) The auction has support at 21196 below which it could test 21108 / 21044-00 / 20901 / 20784-704 / 20616 & 20525-484

Extended Hypos:
c) If 21980 is taken out, BNF could start a fresh probe to 22085-130 / 22260 / 22365 / 22420-490 & 22560-650
d) Breaking below 20484, there could be a fall to 20396-300* / 20200 / 20139*-040 / 19975 & 19853

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