Market Profile Analysis dated 10th Apr 2023

NF made an OAIR (Open Auction In Range) start on pretty low volumes and remained in a very narrow range of just 59 points from 17715 to 17656 till the E period taking support just above the yPOC of 17648 but stalling right at PDH.

The auction then made a big RE (Range Extension) to the upside in the F period and followed it up with higher highs till the H TPO where it hit 17754 stalling just below the weekly VPOC of 17760 not only marking the end of the upmove for the day but triggering an OTF (One Time Frame) probe lower till the K period where it made an attempt to make a RE but could only manage marginal new lows of 17653 before closing around the dPOC of 17683 leaving a Neutral Centre profile with overlapping to higher Value signalling the start of a balance on the higher timeframe.

• The NF Open was an Open Auction In Range (OAIR)
• The Day Type was a Neutral Centre Day (NeuC)
• Largest volume was traded at 17683 F
• Vwap of the session was at 17696 with volumes of 53.5 L and range of 101 points as it made a High-Low of 17754-17653
• 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 17661-17683-17708

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

BNF opened slightly higher but was swiftly rejected from the PBH of 41233 as it left an initiative selling tail from 41239 to 41119 and made couple of small REs to the downside in the C & D TPOs making a look down below PDL as it tagged 40977 but could not sustain below it triggering a quick short covering bounce back into the A period singles where it confirmed a new PBH at 41216 in the H period.

The auction then started a fresh probe lower breaking below VWAP in the J TPO and making a big RE in the K where it tagged the 03rd Apr VPOC of 40937 & completed the 1.5 IB target of 40903 while making a low of 40866 stopping just above 03rd Apr’s HVN of 40860 leaving a responsive buying tail till 40941 before closing the day around the dPOC of 40980 leaving a 3-1-3 profile with completely lower Value.

• The BNF Open was an Open Auction In Range (OAIR)
• The Day Type was a Normal Variation Day – Down (NV)
• Largest volume was traded at 40980 F
• Vwap of the session was at 41063 with volumes of 25.7 L and range of 373 points as it made a High-Low of 41239-40866
• BNF confirmed a FA at 39580 on 27/03 & completed the 2 ATR objective of 40868 on 31/03. This FA has not been tagged & is now a positional reference.
• 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 40898-40980-41129

(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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