Market Profile Analysis dated 13th Mar 2023

NF made an attempt to move away from the series POC of 17454 with an Open Drive Up as it probed above PDH & went onto tag 10th Mar’s gap mid-point of 17568 while making a high of 17574 but the the sellers came back strongly causing a break of the day’s VWAP which negated the Drive open as it left an initiative selling tail from 17518 to 17574.

The auction then made an OTF (One Time Frame) probe lower for the rest of the day leaving 4 extension handles at 17422 / 17375 / 17304 & 17260 for form a huge 415 point range Trend Day Down but saw the dPOC shift lower to 17190 into the close suggesting that the sellers were booking profits & could come back again at higher levels in the coming session with today’s VWAP of 17347 being the positional reference for the rest of the week now.

• The NF Open was an Open Drive – Up (OD which failed)
• The Day Type was a Trend Day – Down (TD)
• Largest volume was traded at 17190 F
• Vwap of the session was at 17347 with volumes of 136.4 L and range of 415 points as it made a High-Low of 17574-17159
• The settlement day Roll Over point (Mar 2023) is 17635
• The VWAP & POC of Feb 2023 Series is 17717 & 17839 respectively.
• The VWAP & POC of Jan 2023 Series is 17923 & 18132 respectively.
• The VWAP & POC of Dec 2022 Series is 18337 & 18584 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 17159-17190-17330

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

BNF made an OAIR start probing into 10th Mar’s Selling tail from 40777 to 41050 but could only manage to hit 40834 indicating presence of aggressive supply in this zone and left a fresh A period selling singles from 40707 to 40834 confirming that it was the weaker of the 2 indicies with the PLR (Path of Least Resistance) firmly down.

The auction then formed a humoungous 1248 points range Trend Day Down with the help of multiple extension handles at 40466 / 40268 / 40192 & 40058 as it negated the 23rd Feb buying tail from 39975 and went on to make new lows for the series at 39586 and saw the dPOC shift lower to 39775 into the close indicating profit booking.

• The BNF Open was an Open Auction In Range (OAIR)
• The Day Type was a Trend Day – Down (TD)
• Largest volume was traded at 39775 F
• Vwap of the session was at 40185 with volumes of 69.6 L and range of 1248 points as it made a High-Low of 40834-39586
• BNF confirmed a FA at 41765 on 09/03 & completed the 2 ATR objective on the downside of 40732 on 10/03.
• The settlement day Roll Over point (Mar 2023) is 40365
• The VWAP & POC of Feb 2023 Series is 40880 & 41462 respectively.
• The VWAP & POC of Jan 2023 Series is 41965 & 42320 respectively.
• The VWAP & POC of Dec 2022 Series is 43030 & 43128 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 39586-39775-40178

(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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