Nifty Dec F:
A very important concept in Market Profile is Balance v/s Imbalance. NF completed a balance on composite couple of days back where it made a nice bell & yesterday it moved away from that balance. The imbalance continued today as NF gave a big gap down of 75 points rejecting that buying tail it formed yesterday at close and left a selling tail in IB which meant more downside to come. The IB got extended lower & made a low of 10665 which was also the weekly VAL & seemed like the local inventory had got too short so there was an inventory adjustment and NF got above vwap & gave a bounce to the dVAH which was also the morning selling tail. It got promptly rejected from there & once it broke VWAP it was clear that new lows are coming & NF went on to close at lows giving an elongated profile indicating that the imbalance could continue. The weekly VAL of 10665 will be the first resistance zone to watch above which we have the dPOC of 10697 & the pull back high of 10730 on watch.
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- The NF Open was a Open Drive Down (plus OAOR)
- The day type was a Normal Variation Day (Down)
- Largest volume was traded at 10697 F
- Vwap of the session was at 10682 with volumes of 112.7 L in a session which traded a High-Low range of 10754-10611 for 143 points
- NF had completed the 2 ATR target of 10857 from the FA of 10625 made on 27/11 and tagged that FA today at T+6 days
- The VWAP & POC of Nov Series 10480 & 10580 respectively
- The VWAP & POC of 31/10 10250 & 10248 will be important levels going forward
For the latest weekly and other swing levels of the Nifty go to https://vtrender.in/monthly-nov-and-weekly-charts-26th-to-30th-nov-market-profile-analysis/
Daily Zones:
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- Value zones (volume profile) are at 10651-10697-10726
Hypos / Estimates for the next session:
a) An exogenous event caused an inventory upheaval in the markets today
b) Selling was seen at 10720- 10730 F
c) Bias stays down below 10700 for 10560
d) 10795 is now a big supply point and could be used for long liquidation
BankNifty Dec F:
BNF also opened with a big gap down of more than 150 points & tagged that VPOC of 26450 (mentioned in yesterday’s report) at open itself. The gap down also meant that BNF had left a multi-day FA at 26745 & completed the 1 ATR of that FA which was at 26491 & the 2 ATR target of the FA was at 26237. BNF trended lower after open & made a pretty big IB of 204 points which was the largest IB range of more than a month & this put off the chances of a multiple IB day by a bit. BNF went on to tag that 2ATR target of 26237 but then was not able to complete even a 1.5 IB extension & this made way for a steep bounce where BNF got above VWAP & even the dVAH & traversed through almost the entire morning selling tail making a high of 26460 which was just below the weekly POC of 26464. BNF then reversed & gave a fast fall almost tagging the day lows again but the wide POC of 26290 acted like a magnet & the close was around it. The PLR is still down & the resistance levels for tomorrow would be 26350 & above it the pull back high of 26460. On the lower side we have VPOCs at 26180 & 26090 which could get tagged below today’s low.
- The NF Open was a Open Drive Down (plus OAOR)
- The day type was a Normal Variation Day (Down)
- Largest volume was traded at 26290 F
- Vwap of the session was at 26322 with volumes of 32.2 L in a session which traded a High-Low range of 26494-26234 for 260 points
- BNF confirmed a multi-day FA on 05/12 at 26745 at today’s open and tagged the 2 ATR target of 26237 today itself.
- BNF had left a FA on 27/11 at 26340 and tagged the 2 ATR target of 26902 . It closed below this FA today
- BNF has stayed above the vwap of 17/10 which was 25500 and is now support
- We had a FA at 24625 on 31/10 which has completed 1 ATR of 25102 & has stayed above the 2 ATR of 25575
- The VWAP & POC of Nov Series 25686 & 26218 (Spot) respectively
- 31st October’s VWAP of 24895 & POC of 24900 will be important levels going forward
For the Monthly & Weekly Analysis and Charts of the Bank Nifty go to – https://vtrender.in/monthly-nov-and-weekly-charts-26th-to-30th-nov-market-profile-analysis/
Daily Zones:
- Value zones ( volume profile) are at 26252-26290-26350
Hypos / Estimates for the next session:
a) The BNF saw supply at 26460 twice today
b) 26300 has a mix of sellers and buyers
c) Bias would be down below 26280 for 26126 and 26050
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