Market Profile Analysis dated 30th October

Market Profile Analysis dated 30th October 1

Nifty Oct F: 11840 [ 11878/ 11785 ]

HVNs – 11605 / (11651) / (11715) / 11767 / 11793 / 11803 / 11828 / 11840

NF gave an ORR (Open Rejection Reverse) start today after a gap up open where it made a freak OH (Open = High) start at 11852 but made a swift reversal as it not only closed the gap getting back into previous day’s range but went on to tag the important PBL (Pull Back Low) reference of a Trend Day which was at 11785 which was also the IBL (Initial Balance Low) indicating that yesterday’s buyers were still present as it left a small buying tail from 11805 to 11785. The auction then made a slow probe higher making multiple REs (Range Extension) to the upside as it not only tagged the freak OH level but went on to complete the 1.5 IB extension as it made highs of 11878 in the ‘J’ period where it faced swift rejection as it got back into the IB range and went on to break below VWAP in the ‘K’ period leaving a PBL at 11808 just above the morning singles giving a close around the dPOC of the day’s profile which was a 3-1-3 Gaussian one with rejection at both ends and a nice balance in between. Value was higher but the range contracted so the auction would need good initiative volumes at open in the next session to start a new leg of imbalance to the upside.

(Click here to view the NF form a balance after yesterday’s imbalance)

Market Profile Analysis dated 30th October 2

  • The NF Open was an Open Rejection Reverse – Down (ORR) which failed
  • The day type was a Normal Variation Day – Up (3-1-3 Gaussian profile)
  • Largest volume was traded at 11828 F
  • Vwap of the session was at 11836 with volumes of 132.5 L and range of 92 points as it made a High-Low of 11878-11785
  • NF confirmed a multi-day FA at 11420 on 16/10 and completed the 2 ATR move up of 11731. This FA has not been tagged since & hence is now positional support
  • NF confirmed a FA at 11458 on 17/10 and completed the 1 ATR move up of 11763. This FA has not been tagged since & hence is now positional support
  • NF confirmed a FA at 11113 on 09/10 and completed the 2 ATR move up of 11505.  This FA has not been tagged since & hence is now positional support
  • The Trend Day VWAP of 29/10 at 11752 will be important reference on the downside.
  • The higher Trend Day VWAP of 05/07 at 11965 is an important reference higher.
  • The settlement day Roll Over point (Oct) is 11630
  • The VWAP & POC of Sep Series is 11127 & 10960 respectively.
  • The VWAP & POC of Aug Series is 10966 & 10984 respectively.
  • The VWAP & POC of Jul Series is 11575 & 11547 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 11821-11840-11850

Hypos / Estimates for the next session:

a) NF has immediate supply at 11852-856 above which it could rise to 11875 / 11894-897 / 11908-917 & 11937-942
b) Immediate support is at 11831-822 below which the auction could test 11790-785 / 11765 & 11754-751
c) Above 11942, NF can probe higher to 11960 / 11978-983 & 11994-12009
d) Below 11751, auction becomes weak for 11729-722 / 11705 & 11676
e) If 12009 is taken out, the auction go up to to 12026-45 / 12062-82 & 12098-105
f) Break of 11676 can trigger a move lower to 11655-637 / 11605* & 11590-580


BankNifty Oct F: 29986 [ 30151 / 29740 ]

HVNs – 28025 / 28130 / 28330 / 28430 / 28625 / (29020) / 29200 / 29496 / 29580 / 29900

(Click here to view BNF enter into the 5-day composite of 23rd to 27th Sep this week)

Market Profile Analysis dated 30th October 3

BNF also opened with a gap up leaving a freak high of 30151 which gave the impression of an ORR (Open Rejection Reverse) but was more an OA (Open Auction) start as it made a balance in the upper part of yesterday’s DD (Double Distribution) profile finding support in the DD singles of 29823 to 29620 as it made a low of 29740 today and getting rejected from the Trend Day VWAP of 29798 as it left a fresh buying tail from 29812 to 29740 to leave a ‘p’ shape profile for the day with a prominent POC at 30013 which would be the level to watch at open in the next session for a move away. The PLR (Path of Least Resistance) remains to the upside with immediate support below the POC being at 29900.

  • The BNF Open was an Open Rejection Reverse – Down (ORR) which failed
  • The day type was a Normal Day (‘p’ shape profile)
  • Largest volume was traded at 30000 F
  • Vwap of the session was at 29998 with volumes of 36.1 L and range of 409 points as it made a High-Low of 30151-29740
  • BNF confirmed a FA at 27774 on 09/10 and completed the 2 ATR move up of 29653 on 22/10. This FA has not been tagged since & hence is now positional support
  • The Trend Day VWAP of 29/10 at 29798 will be important reference on the downside. This was tagged on 30/10 and broken but was swiftly rejected so proves to be support.
  • The higher Trend Day VWAP of 08/07 at 30995 remains important reference going forward
  • The settlement day Roll Over point (Oct) is 30230
  • The VWAP & POC of Sep Series is 28416 & 27160 respectively.
  • The VWAP & POC of August Series 27858 & 27960 respectively
  • The VWAP & POC of Jul Series is 30425 & 30586 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 29951-30013-30091

Hypos / Estimates for the next session:

a) BNF needs to sustain above 30000 for a rise to 30040-56 / 30110-130 & 30175-216
b) Staying below 30000, the auction gets weak for a test of 29960 / 29906-895 / 29810 & 29760-740
c) Above 30216, BNF can probe higher to 30269-310 / 30382-396 & 30442
d) Below 29740, lower levels of 29692-680 / 29620 / 29580-563 & 29504-490
e) If 30442 is taken out, BNF can give a fresh move up to 30480-500 / 30565-600 & 30725-750
f) Break of 29490 could trigger a move down 29430 / 29355-330 / 29285-275 & 29230-200

Additional Hypos

g) Above 30750, higher levels of 30800-850 / 30900-935 & 31011-15 could get tagged
h) If 29200 is broken, BNF could fall to 29145-090 / 29020 & 28940-935

For more tradeable ideas and intraday trading strategies based on MarketProfile and the OrderFlow live charts with OrderFlow analysis Live, subscribe to the trading room. The Vtrender Trading Room hosts India’s largest MarketProfile community live every trading session from 9.15 am to 3.30 pm.

If not a Trading Room member you can get immediate access at – https://in.explara.com/e/vtrender–trading–room/checkout

Leave a Reply

avatar
  Subscribe  
Notify of