Market Profile Analysis dated 30th Apr 2020

Nifty May F:  9831 [ 9904 / 9721 ]

HVNs – 9312 / 9800 / 9822-40

NF opened with a big gap up and tagged the 2 ATR targets of 9715 & 9756 from the FAs of 9142 & 8706 respectively but for the first time in the week was not able to make a successful RE (Range Extension) on the upside and ended up as a Normal Day with a 3-1-3 profile with small tails at both ends and a prominent POC at 9828. Staying below this POC, the auction could give a meaningful retracement as we have a large zone of singles from 9760 to 9599 below which the irregular Trend Day profile of 29th Apr could be repaired.

  • The NF Open was a Open Auction Out of Range  (OAOR)
  • The day type was a Normal Day (3-1-3 profile)
  • Largest volume was traded at 9840 F
  • Vwap of the session was at 9820 with volumes of 129.5 L and range of 184 points as it made a High-Low of 9904-9721
  • NF confirmed a multi-day FA at 9142 on 27/04  and tagged the 2 ATR of 9715 on 30/04. This FA is currently on ‘T+5’ Days.
  • NF had confirmed a multi-day FA at 8706 on 09/04  and tagged the 2 ATR objective of 9756 on 30/04. This FA has not been tagged & is now important support.
  • The Trend Day VWAPs of 9518 & 8643 would be important support level.
  • The settlement day Roll Over point (May) is 9822
  • The VWAP & POC of Apr Series is 8999 & 9010 respectively.
  • The VWAP & POC of Mar Series is 9146 & 8592 respectively.
  • The VWAP & POC of Feb Series is 11944 & 12125 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 9794-9840-9849

Main Hypos for the next session:

a) NF needs to sustain above 9840-48 for a rise to 9868 / 9892-9900 / 9920 / 9951-60 & 10020-50
b) The auction gets weak below 9822 for a test of 9800-9796 / 9760-50 / 9730 / 9653 & 9616

Extended Hypos:
c) Above 10050 NF can probe higher to 10090-125 / 10175 / 10196 & 10266
d) Below 9616, the auction can fall further to 9580 / 9544-13 / 9488-53 / 9412-00 & 9376-69

-Additional Hypos`(Downside)-
e) Sustaining below 9369` could take NF to 9332-04 / 9273-40 / 9200 / 9177**-42 / 9111 & 9063-40
f) If 9040` is taken out, NF can start a new leg down to 9012-00 / 8975-64 / 8940-00 / 8876-45 & 8822-8792


BankNifty May F:  21431 [ 21932 / 21287 ]

HVNs – 20090 / 20765 / 21600 / (21850)

BNF also opened higher as it tagged the 2 ATR objective of 21406 from the FA of 19394 at open itself and continued the weekly up trend making multiple REs on the upside in the D, E & G periods and in the process completed the 2 ATR target of 21771 from the earlier FA of 17977 but ended up leaving poor highs at the top and fell way short of the 1.5 IB move indicating exhaustion setting in. The second half of the day then saw huge long liquidation taking place as the auction confirmed a fresh FA at 21932 and went on to make lows of 21287 before closing the day at 21431. The PLR for now seems to have turned to the downside but as the highs are still not secure there is a chance of a meaningful retracement rather than a complete reversal happening here.

  • The BNF Open was a Open Auction Out of Range  (OAOR)
  • The day type was a Neutral Day (NeuD)
  • Largest volume was traded at 21600 F
  • Vwap of the session was at 21662 with volumes of 27.1 L and range of 645 points as it made a High-Low of 21932-21287
  • BNF confirmed a FA at 21932 on 30/04  and the 1 ATR objective comes to 21028.
  • BNF confirmed a multi-day FA at 19394 on 27/04  and tagged the 2 ATR objective of 21406 on 30/04. This FA is currently on ‘T+5’ Days.
  • BNF confirmed a FA at 17977 on 07/04  and tagged the 2 ATR target of 21771 on 30/04. This FA has not been tagged and is now positional support.
  • The settlement day Roll Over point (May) is 21380
  • The VWAP & POC of Apr Series is 19605 & 19710 respectively.
  • The VWAP & POC of Mar Series is 22104 & 20248 respectively.
  • The VWAP & POC of Feb Series is 30692 & 30692 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 21351-21600-21785

Main Hypos for the next session:

a) BNF needs to sustain above 21438-456 for a rise to 21506-528 / 21600 / 21662-690 / 21762-785 & 21888-932
b) The auction has immediate support at 21400-380 below which it could test levels of 21320-312 / 21240-170 / 21080-028 / 20969 & 20898-875

Extended Hypos:
c) Above 21932, BNF can probe higher to 22000 / 22110-200 / 22350-380 & 22423-448
d) Below 20875, lower levels of 20775* / 20735 / 20607 / 20535 & 20385* could come into play

-Additional Hypos`(Downside)-
e) If 20385` is taken out, BNF could fall further to 20220 / 20160-125 / 20080 / 20022 & 19871-830
f) Below 19830`, the auction could start a new leg to 19760 / 19590*-444 / 19331-275 / 19185-125 & 19020

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