Monthly charts (October 2024) and Market Profile Analysis

Nifty Spot: 24205 [ 25907 / 24073 ]

Nifty has formed a long liquidation ‘b’ shape profile on the monthly with completely lower Value at 24101-24400-25033 with an initiative selling tail from 25639 to 25907 with a TPO HVN at 25008 and a SOC (Scene Of Crime) at 24664 along with the October series VWAP of 24776 which will be the upside references along with the daily VPOCs of 24444, 24532 & 24606 for the coming month provided it sustains above 24400 which is also the Roll Over point of the November series a whereas on the downside, the auction remains weak below 24400 for a test of 24134 and a decisive break of the lower VPOC of 24125 could bring about a probe towards June’s VPOC of 23535 and the SOC of 23055.

BankNifty Spot: 51475 [ 53235 / 50194 ]

BankNifty remained largely in previous month’s Value and range forming a nice Gaussian Curve on the monthly timeframe with tails at both ends with the initiative one being at the top from 52583 to 53235 and has formed completely inside Value at 51008-51239-51954 with a HVN at 51419 around where it closed on the last day of October. The auction has a good chance of getting into an imbalance mode with the PLR being on the downside as sellers have built positions at the RollOver point of 52288 in the November series and will look to push it below this month’s Value and responsive buying tail from 50382 to 50194 for a test of August’s swing low of 49654 and a break of which could trigger a further drop to June’s SOC of 47906