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Market Profile Analysis Dated 6th Nov

By Author: vtrender
Total Articles: 6

Nifty Nov F:
NF gave a gap up just above 10570 & looked set for a drive up to 10640 & the 1ATR target of 10680 from the multiday FA of 10516 but volumes died down after open indicating lack of initiative players & once the OAOR got confirmed, NF just began to balance in a narrow range. It made a high if 10620 in the morning which was the start of the small selling tail we had in it from Friday (2nd Nov) & then kept probing lower. The first attempt to break IBL was met with swift rejection leaving a probable FA at 10562 after which it slowly climbed back above vwap but once the vwap was broken in the afternoon, NF made a quick fall breaking below IBL again & this time went on to tag the yPOC of 10539 and also made a 2IB extension downside making a low of 10512. The speed of the fall was too quick & the dPOC remained up at 10592 so there was a very good chance of NF going back up to tag that once but time ran out for the day & it could only make a pull back till 10568 by close. NF is in the process of making a nice bell on composite from last Friday which seems to need some filling in the 10590-10530 zone so once this low volume zone is auctioned well, we could see a move away in NF. singles below at 10505-10478-10450 and above 10595 we have a selling tail at 10613-10632.

The NF Open was an Open Auction out of Range
The day type was a Normal Variation Down Day
Largest volume was traded at 10592 F
Vwap of the session was at 10573 with volumes of 80.2 L in a session which traded a High-Low range of 10620-10512 for 108 points
The vwap of 17/10 at 10612 is the resistance now for NOV which was tagged today for the second time but could not close above it.
The vwap of 29/10 at 10175 is strong support now which was broken intraday but re-captured
We had a FA at 10111 on 31/10 which has done its 2ATR objective & is now strong support
The VWAP & POC of 31/10 10250 & 10248 will be important levels going forward
For the weekly and other swing levels of the Nifty go to – https://vtrender.in/monthly-and-weekly-charts-analysis(has monthly and weekly Profile charts updated to trade date 02/11)
Daily Zones:
Value zones (volume profile) are at 10557-10592-10617
Hypos / Estimates for the next session:
a) supply still persists on the zone above 10590F
b) 10520 zone today again showed buyers accumulating
c)The auction ha supply at 10592 again , immediate support at 10532
For more tradeable ideas and intraday trading strategies based on Market Profile trading strategies and the OrderFlow live charts with OrderFlow analysis Live, subscribe to the trading room. The Vtrender Trading Room hosts India’s largest MarketProfile community live every trading session from 9.15 am to 3.30 pm.
If not a Trading Room member you can get immediate access at – https://in.explara.com/e/vtrender–trading–room/checkout

BankNifty Nov F:

BNF opened in yesterday’s spike of 25783-25873 making a low just above the VAH of the 3-1-3 balance it had formed which was 25808 so it looked good for a further upside probe & it went on to get above the spike highs & make a new high of 25930 but got exhausted as the range kept narrowing down on 30mins for the next couple of hours. Post noon it gave a breakout & looked set to move away & even got above IBH but got swiftly rejected back into IB & once it broke below the previous week high of 25898 it went onto break vwap & then confirmed that FA at top at 25940 first tagging the yPOC of 25720 & then making the 2IB extension downside of 25682 & finally the VAL of the composite at 25658. BNF made a Double Distribution Day with the DD singles at 25805-25732 & the scene of crime at 25840 which will be the levels to watch on upside in it. On the downside, it has opened up the 1ATR move down from 25940 which comes to 25491 & below it we have the vpoc of 25370 though there is some immediate support at 25630 levels.
The BNF Open was an Open Auction (in Spike)
The day type was a Double Distribution Day (Down)
Largest volume was traded at 25890 F
Vwap of the session was at 25795 with volumes of 33.2 L in a session which traded a High-Low range of 25940-25617 for 323 points
BNF has left a FA today at 25940
BNF has closed 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 1ATR of 25102 & today has closed above the 2ATR of 25575
stayed above the FA we had on 30/10 of 25214 for most part today
31st October’s VWAP of 24895 & POC of 24900 will be important levels going forward
For the weekly and other swing levels of the Bank Nifty go to – https://vtrender.in/monthly-and-weekly-charts-analysis/(The BN Monthly and BN weekly F charts are posted at the same link)
Daily Zones:
Value zones ( volume profile) are at 25702-25890-25930
Hypos / Estimates for the next session:
a) supply seen at 25900 from earlier and is still persisting
b) support at 25760 was broken and the BNF spiked lower
c)25822 is also a new fresh supply now . Imm support at 25630
For more tradeable ideas and intraday trading strategies based on MarketProfile and the OrderFlow live charts with OrderFlow analysis Live, subscribe to the trading room. The Vtrender Trading Room hosts India’s largest MarketProfile community live every trading session from 9.15 am to 3.30 pm.
If not a Trading Room member you can get immediate access at – https://in.explara.com/e/vtrender–trading–room/checkout

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