Market Profile Analysis dated 7th November

Market Profile Analysis dated 7th November 1

Nifty Nov F: 12048 [ 12058/ 11972 ]

HVNs – 11667 / 11814 / 11860 / 11905 / 11958 / 12004 / 12034

NF opened in the upper distribution of the previous day’s profile and made an attempt to probe higher but could not get above PDH because of lack of demand and this triggered a move lower as the auction searched for buyers as it made a low of 11999 in the IB leaving a relatively narrow IB range of 45 points. It went on make a RE (Range Extension) lower as soon as the ‘C’ period began as it tagged 11978 almost completing the 1.5 IB range but seemed to have got some demand as it pushed back into the IB almost tagging VWAP but got stalled at that negated FA level of 12013 after which it started forming a balance building volumes around the IBL to make another attempt to get above VWAP in the ‘F’ period but once again got resisted at the same 12013 level indicating no fresh buying at VWAP which led to a quick fall of 50 points making new lows for the day at 11972 in the ‘G’ period. NF however could not sustain these new lows and got back into the IB trapping some late sellers which led to a big move in the ‘H’ period as it finally got above VWAP and went on to make a RE to the upside though here also could not extend the range by much as it hit 12058 leaving a Neutral Extreme Day with poor lows and 2 HVNs at 12034 & 11999 which would be the references in the next session.

(Click here to view the NF making higher Value above the 5-day composite)

Market Profile Analysis dated 7th November 2

  • The NF Open was an Open Auction In Range (OAIR)
  • The day type was a Neutral Day
  • Largest volume was traded at 12035 F
  • Vwap of the session was at 12017 with volumes of 84.8 L and range of 86 points as it made a High-Low of 12058-11972
  • NF confirmed a fresh FA at 11885 on 06/11 and tagged the 1 ATR target of 11999. The 2 ATR objective from this FA comes to 12112
  • NF confirmed a multi-day FA at 11895 on 04/11 and tagged the 1 ATR target of 12023 on 06/11. The 2 ATR objective from this FA comes to 12151 (This FA was briefly broken on 06/11 but left a new FA so is still a valid reference)
  • 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 06/11 at 11975 will be important reference on the downside.
  • 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 12007-12035-12053

Hypos / Estimates for the next session:

a) NF has immediate supply at 12055 which if taken out could rise to 12080-89 / 12112 & 12133-148
b) Staying below 12035, NF can test 12020-00 / 11980-970 & 11943
c) Above 12148, NF can probe higher to 12166 / 12185-194 & 12226-236
d) Below 11943, auction becomes weak for 11925-920 / 11904-897 & 11874-850
e) If 12236 is taken out, the auction go up to to 12255 / 12282-287 & 12310
f) Break of 11850 can trigger a move lower to 11832-829 / 11810-795 & 11771-767


BankNifty Nov F: 30664 [ 30849 / 30463]

HVNs – 30075 / 30150 / 30288 / 30410 / (30530) / 30660

Market Profile Analysis dated 7th November 3

BNF opened higher but could not get above the important reference of 30857 which was the Trend Day VWAP of 8th July as it made a high of 30849 in the ‘A’ period and left a small tail at top as it began a probe to the downside and even made a RE lower in the ‘C’ period as it tagged 30555. The auction then gave a bounce to VWAP in the ‘F’ period but did not sustain & this led to a fresh RE lower as BNF hit 30463 taking support at the VAH of the 5-day composite. The auction then made another probe above VWAP and went on to leave a PBH at 30794 in the ‘J’ period before closing around the prominent POC of 30650 leaving a nice 3-1-3 balanced profile with higher Value and a good chance of the auction moving away from here.

(Click here to view the 3-1-3 profile in BNF above the 5-day composite Value)

  • The BNF Open was an Open Auction (OA)
  • The day type was a Normal Variation Day – Down (3-1-3 profile)
  • Largest volume was traded at 30660 F
  • Vwap of the session was at 30663 with volumes of 39.5 L and range of 385 points as it made a High-Low of 30849-30463
  • BNF confirmed a fresh FA at 30052 on 06/11 and tagged the 1 ATR target of 30550. The 2 ATR objective from this FA comes to 31049
  • BNF confirmed yet another FA at 30520 on 05/11 and the 1 ATR move down comes to 29997. This FA was negated on 06/11 and the 1 ATR move on the upside comes to 31043
  • BNF confirmed a FA at 30658 on 04/11 and the 1 ATR move of 30097 was tagged on 06/11. However, this FA also got negated on the same day and the 1 ATR move on the upside comes to 31219
  • 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 06/11 at 30447 will be important reference on the downside.
  • 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 30600-30660-30746

Hypos / Estimates for the next session:

a) BNF needs to sustain above 30690 for a rise to 30760-795 / 30850-895 & 30955
b) Staying below 30630, the auction gets weak for a test of 30584-575 / 30528 & 30475-445
c) Above 30955, BNF can probe higher to 31005-49 / 31100-152 & 31216-255
d) Below 30445, lower levels of 30384-355 / 30294-270 / 30225 & 30150-130 could come into play
e) If 31255 is taken out, BNF can give a fresh move up to 31310 / 31373-395 & 31417-440
f) Break of 30130 could trigger a move down 30072-50 / 29995-945 & 29880-855

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