Market Profile Analysis dated 31st October

Market Profile Analysis dated 31st October 1

Nifty Nov F: 11915 [ 11985/ 11895 ]

HVNs – 11667 / 11814 / 11860 / 11889 / (11910) / (11943) / 11958 / (11970)

NF opened higher above the poor highs of previous day to give an OAOR start to the day and typical of the open type, the auction was stuck in a very narrow range of 45 points between 11966 to 11921 till the ‘G’ period after leaving the narrowest IB range in over 50 days of just 32 points. The ‘H’ period then made a fresh RE to the upside followed by the next 2 periods as NF completed the 2 IB move of 11985 to the dot but was swiftly rejected from there and seemed like it was only the locals who were driving this slow up move as there was a big liquidation move seen in the ‘K’ & ‘L’ period as NF not only got back into the IB and broke below VWAP but also made a RE to the downside to get back into previous day’s range as it made a low of 11895 almost tagging the 2 IB objective lower but stopped just above the yPOC of 11889. The day made a nice Gaussian profile higher Value yet again but ended as Neutral Extreme Day (Down) which could mark the end of this probe higher if the auction breaks below 11889 & makes lower Value in the next session. On the upside, NF will need to get above 11940 & the dPOC of 11958 and sustain to keep the uptrend intact.

(Click here to view this week’s action in the Nov NF )

Market Profile Analysis dated 31st October 2

  • The NF Open was an Open Auction Out of Range (OAOR)
  • The day type was a Neutral Extreme Day – Down
  • Largest volume was traded at 11958 F
  • Vwap of the session was at 11946 with volumes of 114.2 L and range of 90 points as it made a High-Low of 11985-11895
  • NF confirmed a multi-day FA at 11465 on 16/10 and completed the 2 ATR move up of 11776. This FA has not been tagged since & hence is now positional support
  • NF confirmed a FA at 11503 on 17/10 and completed the 2 ATR move up of 11808. This FA has not been tagged since & hence is now positional support
  • NF confirmed a FA at 11162 on 09/10 and completed the 2 ATR move up of 11554.  This FA has not been tagged since & hence is now positional support
  • The Trend Day VWAP of 29/10 at 11810 will be important reference on the downside.
  • The settlement day Roll Over point (Nov) is 11970
  • The VWAP & POC of Oct Series is 11461 & 11365 respectively.
  • The VWAP & POC of Sep Series is 11127 & 10960 respectively.
  • The VWAP & POC of Aug Series is 10966 & 10984 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 11934-11958-11974

Hypos / Estimates for the next session:

a) NF has immediate supply at 11935-940 above which it could rise to 11958 / 11985 & 12003
b) Immediate support is at 11907-900 below which the auction could test 11889 / 11865-855 & 11832-829
c) Above 12003, NF can probe higher to 12026 / 12045-56 & 12079-82
d) Below 11829, auction becomes weak for 11810-795 / 11771 & 11755-749
e) If 12082 is taken out, the auction go up to to 12098-105 & 12121-133
f) Break of 11749 can trigger a move lower to 11716-700 & *11667*


BankNifty Nov F: 30107 [ 30475 / 30040 ]

HVNs – 30075 / 30150 / 30290* / 30350 / 30430

(Click here to view this week’s action in the Nov BNF as it tags high of 27th Sep)

Market Profile Analysis dated 31st October 3

BNF has also left a Neutral Extreme Down Day after testing the highs of 27th Sep (where the previous trend down had begun) and got rejected from there. Just as in NF, Value for the day was higher but the auction will need to get above 30300 and sustain for this probe higher to continue and has immediate support at 30045 staying below which could bring more downside.

  • The BNF Open was an Open Auction Out of Range (OAOR)
  • The day type was a Neutral Extreme Day – Down
  • Largest volume was traded at 30300 F
  • Vwap of the session was at 30275 with volumes of 21.7 L and range of 435 points as it made a High-Low of 30475-30040
  • BNF confirmed a FA at 27900 on 09/10 and completed the 2 ATR move up of 29779. This FA has not been tagged since & hence is now positional support
  • The Trend Day VWAP of 29/10 at 29945 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 (Nov) is 30150
  • The VWAP & POC of Oct Series is 28784 & 28415 respectively.
  • The VWAP & POC of Sep Series is 28416 & 27160 respectively.
  • The VWAP & POC of August Series 27858 & 27960 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 30234-30300-30450

Hypos / Estimates for the next session:

a) BNF has immediate supply in zone of 30150-185 above which it could rise to 30235-290 / 30350-430 & 30475-495
b) Sustaining below 30075, the auction gets weak for a test of 30024-29995 / 29945 / 29880-850 & 29749
c) Above 30495, BNF can probe higher to 30565-600 & 30725-750
d) Below 29749, lower levels of 29682-628 / 29564 & 29525-505
e) If 30750 is taken out, BNF can give a fresh move up to 30800-850 / 30900-935 & 31010
f) Break of 29505 could trigger a move down 29430 / 29355-330 & 29285-275

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