Market Profile Analysis dated 8th November

Market Profile Analysis dated 8th November 1

Nifty Nov F: 11945 [ 12069/ 11885 ]

HVNs – 11667 / 11814 / 11860 / 11905 / 11980 / 12003

NF ended the week with back to back Neutral Extreme profiles and Friday was a Neutral Extreme Down Day which was also an outside bar as the auction moved back into the 5 day composite after staying above it & making new highs of 12069 in the afternoon failing in the attempt to move away and in the process has now formed a larger 7-day composite with Value at 11919-11979-12009 with a close around the VAL so will need to monitor if it gives an initiative move to the downside in the coming session(s). The Neutral Extreme reference for the open would be 11933 to 11963.

(Click here to view the 7-day composite in NF)

Market Profile Analysis dated 8th November 2

  • The NF Open was an Open Auction In Range (OAIR)
  • The day type was a Neutral Extreme Day (Down)
  • Largest volume was traded at 12000 F
  • Vwap of the session was at 12000 with volumes of 119.9 L and range of 136 points as it made a High-Low of 12069-11933
  • 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 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 11960-12000-12023

Hypos / Estimates for the next session:

a) NF has supply at 11965 which if taken out could rise to 11982-985 / 12003-09 / 12027 & 12045-50
b) Immediate support is at 11940-933 below which the auction could test 11919-911 / 11878-874 & 11850
c) Above 12050, NF can probe higher to 12068-80 / 12112 & 12133-148
d) Below 11850, auction becomes weak for 11832-829 / 11810-795 & 11771-767*
e) If 12148 is taken out, the auction go up to to 12166 / 12185-194 & 12226-236
f) Break of 11767 can trigger a move lower to 11749 / 11716-709 & 11689


BankNifty Nov F: 30664 [ 30849 / 30463]

HVNs – 30075 / 30150 / 30288 / 30410 / (30530) / 30680 / 30725 / 30925

Market Profile Analysis dated 8th November 3

BNF rejected one end of previous day’s 3-1-3 profile as it made a trending move higher making new highs for the week at 31099 in the ‘I’ period but some big profit booking saw a quick retracement of the auction to 30690 before closing the day & week at 30759 to leave yet another 3-1-3 type profile on the daily with rejections at both ends and 2 distributions on the middle with HVNs at 30725 & 30925 which would be the immediate references to watch in the next session.

(Click here to view BNF forming higher Value with yet another 3-1-3 profile)

  • The BNF Open was an Open Auction (OA)
  • The day type was a Normal Variation Day – Up (3-1-3 profile)
  • Largest volume was traded at 30725 F
  • Vwap of the session was at 30814 with volumes of 47.2 L and range of 605 points as it made a High-Low of 31099-30493
  • BNF confirmed a fresh FA at 30052 on 06/11 and tagged the 2 ATR target of 31049 on 08/11. This FA is currently on ‘T+3’ Days.
  • 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 of 31043 was tagged on 08/11.
  • 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 30785 for a rise to 30827-840 / 30925 & 30984-31000
b) Staying below 30728-690, the auction gets weak for 30645-624 / 30570-560 & 30520
c) Above 31000, BNF can probe higher to 31055-80 / 31152 & 31216-255
d) Below 30520, lower levels of 30473-445 / 30384 & 30310-281
e) If 31255 is taken out, BNF can give a fresh move up to 31310 / 31373-395 & 31417-440
f) Break of 30281 could trigger a move down 30225 / 30150-130 & 30072-50

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