Here are two volume profile charts of the Nifty and the BankNifty futures showing the distribution of volumes over prices through the November series with 1 day left for expiry.
Last month most of the rollovers took place in a narrow range between 5728 and 5756, so it was expected that this series may have some volatility.
In fact the profile picture above shows the market's liking to 2 distinct zones , one at 5740 and the other at 5640.These can be seen from the black graph across the chart.
The shape is that of a DD with the Nifty resting at the upper volume level of 5740 currently. The extent of the move in the past session and the fact that we hit the volume pocket shows that we may not move much ahead above this point for expiry.
The series volume weighted average is at 5680 and price staying above this will definitely give a positive bias to the next series.
As we know from market profile, buyers are in control above VWAP. Also value high at 5730 near the POC will give a positive spin to the index above this value line for december.
Unlike the Nifty chart above which is a DD for the series the BankNifty profile looks more balances with a single distribution centering at 11512 in the futures.
The value area developing is almost the same as the OCT value area indicating acceptance of these prices after the big move from 10000 from 2 series earlier.
The 11500 zone will continue to be a pivot around where the next large moves in the bankNifty should emanate from,
11500 is also the series vwap and gives the bias to the buyers again for the banknifty.
Developing value high is again places near 11700 like the October series and will be an important level for further upsides in the bankNifty.