Market Profile Analysis dated 15th Mar 2023

NF made a higher open of a 100 points and went on to tag 17263 stalling just below previous day’s Selling Tail of 17265 indicating return of supply after which it made a slow OTF (One Time Frame) lower till the D period tagging yVWAP & making a low of 17151 and gave a swift pull back to the day’s VWAP leaving a PBH right at 17224 in the E TPO which was also an important seller reference.

The auction then resumed the slow probe lower making marginal new lows of 17146 in the G but gained in momentum from the H period onwards as the selling became more intensified resulting in the 3 IB target of 17015 being hit into the close with the help of an extension handle at 17080 as it made new lows of the series at 17010 leaving the second Trend Day Down of the week & closing in an imbalance which is likely to continue in the next open.

• The NF Open was an Open Auction In Range (OAIR)
• The Day Type was a Trend Day – Down (TD)
• Largest volume was traded at 17169 F
• Vwap of the session was at 17151 with volumes of 92.4 L and range of 253 points as it made a High-Low of 17263-17010
• 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 17132-17169-17263

(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 big 337 point gap up probing above PDH but stalled at 40056 right below the 13th Mar’s Extension Handle of 40058 as it got back into previous day’s range confirming an ORR (Open Rejection Reverse) indicating sellers coming back strongly which was further confrimed in the A period selling tail it left till 39334 as it made a low of 39783 in the IB.

The auction then made multiple REs to the downside from the C TPO onwards triggeing the 80% Rule in the well balanced 3-1-3 profile from yesterday which it duly completed in the J period after which it left an extension handle at 39367 expediating the fall further to 39108 into the close leaving an Outside Bar & a Trend Day Down signalling the change from balance to imbalance once again.

• The BNF Open was an Open Rejection Reverse – Down (ORR)
• The Day Type was a Trend Day – Down (Outside Bar)
• Largest volume was traded at 39629 F
• Vwap of the session was at 39633 with volumes of 48.3 L and range of 948 points as it made a High-Low of 40056-39108
• 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 39442-39629-39961

(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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