Market Profile Analysis dated 30th December

Nifty Jan F:  12329 [ 12348/ 12276 ] 

HVNs – 12130 / 12160 / 12193 / 12276 / (12294) / 12330

NF opened in the spike of 12310 to 12330 & probed higher in the ‘A’ period as it made an attempt to scale above the FA & previous week’s high of 12346 but could only tag 12348 where it failed to get fresh demand after which it remained in a very narrow range of just 28 points in the IB (Initial Balance). The next 2 periods made inside bars with the volumes also drying up indicating poor trade facilitation above PDH (Previous Day High) and this led to a big RE (Range Extension) to the downside in the ‘E’ period which is the DD time (Double Distribution) as the auction probed lower to meet buyers and completed the 2 IB move of 12292 while making lows of 12285 and began to form a balance in the lower part of the day’s profile till the ‘J’ period shaping up a nice DD profile for the day with poor lows in the ‘G’ & ‘H’ periods and the DD singles from 12309 to 12320 separating the 2 distributions. However, the ‘K’ period made an entry into the DD singles and went on to traverse the entire zone as it continued higher in the ‘L’ period also where it left a PBH (Pull Back High) at 12339 before closing the day at the dPOC of 12332. Value for the day was overlapping to higher but NF would need to sustain above 12333 in the next session for more upside failing which it could test the HVN of the lower distribution at 12294.

  • The NF Open was an Open Auction (OA)
  • The day type was a Normal Variation Day – Down (NV)
  • Largest volume was traded at 12332 F
  • Vwap of the session was at 12311 with volumes of 55.5 L and range of 72 points as it made a High-Low of 12348-12276
  • The settlement day Roll Over point (Jan) is 12193
  • The VWAP & POC of Nov Series is 11954 & 11910 respectively.
  • The VWAP & POC of Oct Series is 11461 & 11365 respectively.
  • The VWAP & POC of Sep Series is 11127 & 10960 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 12300-12332-12344

Hypos / Estimates for the next session:

a) NF has immediate supply at 12333 sustaining above which it could rise to 12348-352 / 12368 & 12384-391
b) Immediate support is at 12321-315 below which the auction could test 12295 / 12280-273 & 12255-253
c) Above 12391, NF can probe higher to 12414-420 / 12437 & 12460
d) Below 12253, auction could probe lower to 12235 / 12220 & 12196-190
e) If 12460 is taken out, the auction go up to to 12475 / 12492-500 & 12530
f) Break of 12190 can trigger a move lower to 12170-162 / 12144 & 12126-122


BankNifty Jan F:  32554 [ 32774 / 32431

HVNs – 32125 / 32210 / 32400 / 32550

BNF opened much stronger than the NF with some intent been seen by buyers as it took support at the HVN of 32616 and made an ORR (Open Rejection Reverse) start and went on to make new all time highs of 32765 in the IB. The auction then made the dreaded ‘C’ period extension as it made new highs of 32774 but was immediately rejected which was the first sign of caution that the probe to the upside could be over and soon enough more confirmation came in the ‘D’ period as BNF broke below VWAP & this was a clear signal that the morning buyers have all booked out which meant that the auction could be headed to test the lows of the day which happened in the ‘E’ period where BNF made a big RE to the downside leaving an extension handle at 32622 and in the process confirmed a FA at day highs which gave extra ammunition to the downside probe. The auction continued to make lower lows in the next 2 periods as it completed the 1 ATR objective of 32458 while making lows of 32431 in the ‘G’ period holding right above the Friday’s extension handle of 32421. BNF then formed a balance over a narrow range below VWAP for the rest of the day as it build volumes at 32550 and where it eventually closed forming a ‘b’ shape profile for the day.

  • The BNF Open was an Open Rejection Reverse – Up (ORR)
  • The day type was a Neutral Day (NeuD)
  • Largest volume was traded at 32550 F
  • Vwap of the session was at 32572 with volumes of 25.7 L and range of 343 points as it made a High-Low of 32774-32431
  • BNF confirmed a FA at 32774 on 30/12 and tagged the 1 ATR target of 32458. The 2 ATR target from this FA comes to 32142
  • The settlement day Roll Over point (Jan) is 32180
  • The VWAP & POC of Nov Series is 30699 & 31100 respectively.
  • The VWAP & POC of Oct Series is 28784 & 28415 respectively.
  • The VWAP & POC of Sep Series is 28416 & 27160 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 32432-32550-32657

Hypos / Estimates for the next session:

a) BNF has supply in the zone of 32590-622 which if taken out could give a rise to 32665 / 32712 & 32755-765
b) Immediate support is at 32550 below which the auction could test 32490-445 / 32400 & 32348
c) Above 32765, BNF can probe higher to 32820 / 32885 & 32930-945
d) Below 32348, lower levels of 32287-260 / 32208* & 32168 could be tagged
e) If 32945 is taken out, BNF can give a fresh move up to 32990 / 33045 & 33090-115
f) Break of 32168 could trigger a move down to 32130-127 / 32088 & 32040

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