Market Profile Analysis dated 11th Apr 2023

NF opened higher well above previous IBH of 17715 confirming a multi-day FA (Failed Auction) at 17653 making a strong open as it went on to scale above the weekly VPOC of 17760 & that week’s VWAP of 17802 while hitting 17809 in the IB (Initial Balance)

The auction looked set to complete the 1 ATR objective of 17828 from the FA but could not extend any further triggering a probe lower even making couple of small REs (Range Extension) in the F & G periods taking support right at 17715 indicating that the FA was still in play resulting in a slow move higher for the rest of the day hitting 17796 in the M TPO forming a Normal Day with completely higher Value and a close around the dPOC of 17785.

• The NF Open was an Open Rejection Reverse – Up (ORR)
• The Day Type was a Normal Day (N)
• Largest volume was traded at 17785 F
• Vwap of the session was at 17766 with volumes of 63.4 L and range of 94 points as it made a High-Low of 17809-17715
• NF confirmed a multi-day FA at 17653 on 11/04 & the 1 ATR objective comes to 17828.
• 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 17744-17785-17791

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

BNF opened with a 327 point gap up & took support just above yVWAP of 41063 in the opening minutes forcing the shorts who were adding in the last 2 sessions to cover as it left a long initiative buying tail from 41290 to 41075 and almost tagged the 06th Apr Swing High of 41425 in the IB.

The auction then made multiple REs to the upside but they were all marginal ones and could only manage to record a high of 41517 in the K period confirming that the upmove was solely based on short covering and no big demand was coming in at the new highs for this series as even the dPOC shifted higher to 41490 into the close leaving a ‘p’ shape Normal Day with completely higher Value but will need fresh demand above 41490 to continue higher in the coming sessions.

• The BNF Open was an Open Rejection Reverse – Up (ORR)
• The Day Type was a Normal Day (‘p’ shape profile)
• Largest volume was traded at 41490 F
• Vwap of the session was at 41385 with volumes of 30.7 L and range of 443 points as it made a High-Low of 41517-41075
• 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 41336-41490-41514

(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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