Market Profile Analysis dated 03rd Apr 2023

NF opened higher and tagged 17498 but failed to get fresh demand above the extension handle of 17466 settling down into an Open Auction on low volumes as it made a probe back into previous profile filling up the upper half even making couple of small REs to the downside in the D & E TPOs but could only manage to hit 17383 taking support right at yVWAP as the lack of any big selling was evident.

The auction then made a slow probe to the upside for the rest of the day even entering the A period selling tail and made a high of 17481 and saw good volumes coming in as it formed a HVN at 17476 leaving a Normal Day with completely higher Value which means the PLR (Path of Least Resistance) remains towards the weekly HVN of 17544 & 13th Mar’s tail from 17618.

• The NF Open was an Open Auction (OA)
• The Day Type was a Normal Day (N)
• Largest volume was traded at 17446 F
• Vwap of the session was at 17436 with volumes of 62.2 L and range of 105 points as it made a High-Low of 17489-17383
• The settlement day Roll Over point (Apr 2023) is 17230
• The VWAP & POC of Mar 2023 Series is 17200 & 17069 respectively.
• The VWAP & POC of Feb 2023 Series is 17717 & 17839 respectively.
• The VWAP & POC of Jan 2023 Series is 17923 & 18132 respectively.

You can check the monthly charts & other swing levels for Nifty & NF here & for the weekly charts & analysis, please click here.

• Value zones (volume profile) are at 17404-17446-17455

(These are the actionable levels to watch out where we can initiate fresh trades based on getting further confirmation from the OrderFlow )

BNF also confirmed an Open Auction after a slightly higher start as it formed a very narrow 170 point range IB (Initial Balance) between 40940 & 40770 and began to coil contracting in range till the D period leaving small tails at both ends of the A TPO.

The auction then made an attempt to probe lower in the E period testing the buying tail and found some demand coming back as it left a PBL at 40795 and turned the PLR (Path of Least Resistance) back to the upside making multiple REs and almost tagging the 13th Mar Trend Day highs of 41053 while making a high of 41050 leaving a Normal Variation Day Up with mostly higher Value.

• The BNF Open was an Open Auction (OA)
• The Day Type was a Normal Variation Day – Up (NV)
• Largest volume was traded at 40937 F
• Vwap of the session was at 40915 with volumes of 28.9 L and range of 280 points as it made a High-Low of 41050-40770
• BNF confirmed a FA at 39580 on 27/03 & completed the 2 ATR objective of 40868 on 31/03.
• The settlement day Roll Over point (Apr 2023) is 40290
• The VWAP & POC of Mar 2023 Series is 38910 & 39444 respectively.
• The VWAP & POC of Feb 2023 Series is 40880 & 41462 respectively.
• The VWAP & POC of Jan 2023 Series is 41965 & 42320 respectively.

For the Monthly charts & other swing levels for BankNifty & BNF click here & for the weekly charts & analysis, please click here.

• Value zones (volume profile) are at 40807-40937-40969

(These are the actionable levels to watch out where we can initiate fresh trades based on getting further confirmation from the OrderFlow )

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