Market Profile Analysis dated 12th Apr 2023

NF for the second consecutive day confirmed a multi-day FA (Failed Auction) this time at 17715 as it scaled above 17809 and completed the 1 ATR objective of 17828 from the earlier FA of 17653 in the A period forming a very narrow 56 point range IB (Initial Balance).

The auction formed a balance in this narrow range for the first half of the day before it made a move away with a big RE (Range Extension) to the upside in the H period and followed it up with another one in the I TPO where it completed the 1 ATR objective of 17872 from the FA of 17715 which was also incidentally the selling tail from 09th Mar as it made a high of 17879.

However, NF could not extend any further and gave a retracment back to the day’s VWAP in the L period leaving a PBL at 17830 before bringing the dPOC higher to 17862 where it eventually closed forming a DD kind of a profile with completely higher value.

• The NF Open was an Open Auction (OA)
• The Day Type was a Normal Variation Day – Up (NV)
• Largest volume was traded at 17862 F
• Vwap of the session was at 17833 with volumes of 57.5 L and range of 101 points as it made a High-Low of 17879-17778
• NF confirmed a multi-day FA at 17653 on 11/04 & tagged the 1 ATR objective of 17828 on 12/04. The 2 ATR target comes to 18003
• NF confirmed a multi-day FA at 17715 on 12/04 & tagged the 1 ATR objective of 17872 on the same day. The 2 ATR target comes to 18029
• 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 17818-17862-17872

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

BNF opened around the yPOC of 41490 and settled down into an Open Auction forming an ultra narrow range of just 105 points in the IB but left an important cue in form of a tiny initiative buying tail from 41489 to 41459 that the PLR (Path of Least Resistance) continued to be to the upside.

The auction then made a small RE to the upside in the E period and followed it up with another bigger one in the I TPO where it made a high of 41665 narrowly missing out on the 2 IB objective of 41670 marking the high of the day as it made a dip back to the IBH leaving a PBL at 41559 before coming back to almost tag the day high again into the close and like NF saw the dPOC shift higher to 41644 which will be the opening reference for the expiry session.

• The BNF Open was an Open Auction (OA)
• The Day Type was a Normal Variation Day – Up (NV)
• Largest volume was traded at 41644 F
• Vwap of the session was at 41573 with volumes of 18.2 L and range of 205 points as it made a High-Low of 41665-41459
• 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 41538-41644-41659

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

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://www.explara.com/e/vtrendertradingroomlive