Market Profile Analysis dated 15th Mar

Nifty Mar F:

NF opened above the HVN of 11387 giving an OL start at 11390 and drove higher getting above PDH to make highs of 11454 in the ‘A’ period and followed it up with a marginally higher high of 11457 in the ‘B’ period leaving a IB of 67 points which was on the higher side & this imbalance move also called for a balance which began in the ‘B’ period itself as it stayed in a narrow range of just 20 points. (Click here to view the profile chart for better understanding) The auction continued to remain in a narrow range of 10-12 points in the ‘C’ & ‘D’ periods after which it attempted to probe lower in the ‘E’ period as it made a low of 11427. The ‘F’ period then got above VWAP to tag the IBH confirming a pull back low of 11427 and NF found a new trigger to resume the trend to the upside as it started a OTF (one time frame) move to the upside for the next 6 periods as the auction made highs of 11532 in the ‘L’ period and looked set to end the week the way it started which is with a Trend Day but the ‘L’ period saw some big liquidation break happening as it not only broke below the ‘K’ period stopping the OTF but went on to break the VWAP & get back into IB as it made a low of 11451. The ‘M’ period made a new low of 11446 but was immediately rejected as it got back above VWAP to make a high of 11476 and closed around VWAP.

• The NF Open was a Open Drive Up
• The day type was a Normal Variation Day (Up)
• Largest volume was traded at 11444 F
• Vwap of the session was at 11464 with volumes of 124.2 L in a session which traded a High-Low range of 11532-11390 for a range of 143 points
• NF re-confirmed the FA at 11033 on 08/03 and tagged the 2 ATR move of 11147. This FA is currently on ‘T+6‘ days
• The Trend Day VWAP & POC of 11/03 at 11165 & 11170 will now be the immediate support levels for the series.
• The Trend Day VWAP & POC of 05/03 at 10946 & 10934 will be important levels for the series.
• The VWAP & POC of Feb Series is 10830 & 10856 respectively.
• The VWAP & POC of Jan Series is 10795 & 10823 respectively.
• The VWAP & POC of Dec Series is 10796 & 10741 respectively.

You can check the monthly charts & other swing levels for Nifty & NF here & for the weekly charts & analysis, please click here.

Daily Zones:

• • Value zones (volume profile) are at 11421-11444-11484

Hypos / Estimates for the next session:

a) NF has support in the zone of 11457-444 below which it can tag 11427-421 & 11399
b) NF needs to sustain above 11485 for a probe higher to 11505-515 & 11533
c) Below 11399, the auction can move lower to the vPOC of 11386-382 & test the important support zone of 11364-361
d) Above 11533, NF could climb 11550-562 and above it could see 11599
e) If 11360 broken the next levels to watch would be 11345 & vPOC of 11330
f) Above 11599, the auction can do 11615 and 11628-633

BankNifty Mar F:

BNF did give an indication of a move away from yesterday’s 3-1-3 profile (yesterday’s report here) and it opened with a gap up of 65 points to negate the singles at top & gave a drive up getting above PDH & giving a huge range of 340 points in the ‘A’ period as it made a high of 29380. The auction continued higher in the ‘B’ period making a new high of 29425 giving an IB range of 385 points which was the highest in over 9 months and this called for a consolidation as the auction seems to have run away from Value and needed to balance. (Click here to view the profile chart for better understanding) BNF then stayed in a narrow range for the next 4 periods staying below the IBH and making similar lows in the ‘B’, ‘C’ & ‘D’ periods around 29335 and it attempted to probe lower in the ‘E’ & ‘F’ periods as it made lower lows of 29324 & 29318 but did not get any fresh supply below VWAP and this triggered a fresh move to the upside as the ‘F’ period made an outside bar & in the process probed above IBH turning the PLR again to the upside. The next 2 periods ‘G’ & ‘H’ stayed above VWAP though were stuck in a narrow range remaining inside the ‘F’ period making higher highs and BNF made a decisive close above IBH in the ‘H’ period after which the next 2 periods ‘I’ & ‘J’ saw fresh range extensions to the upside as the auction made highs of 29604 just falling short of the 1.5 IB of 29617. The ‘K’ period then consolidated after the imbalance of the previous period making an inside bar post which BNF gave another range extension to the upside as the ‘L’ period began to make new highs of 29658 giving a massive 650 point move from the previous close but saw some good liquidation at the highs as the auction made a swift rejection & turned lower to not only get below the low of ‘K’ period but also broke the lows of the ‘J’ period & went on to tag VWAP & IBH as BNF made a low of 29405 making ‘L’ an outside bar with a range of 250+ points. The auction did give a small bounce in the last period as BNF tagged 29509 and closed just above the dPOC & VWAP to give a ‘p’ profile for the day with a small selling tail at top from 29604 to 29658.

• The BNF Open was a Open Drive Up
• The day type was a Normal Variation Day (Up)
• Largest volume was traded at 29424 F
• Vwap of the session was at 29430 with volumes at 37.2 L in a session which traded a High-Low range of 29658-29040 for a range of 618 points
• The Trend Day VWAP of 05/03 of 27380 will be important level for the series.
• The VWAP & POC of Feb Series 27042 & 26978 respectively
• The VWAP & POC of Jan Series 27236 & 27514 respectively
• The VWAP & POC of Dec Series 26713 & 26832 respectively

For the Monthly charts & other swing levels for BankNifty & BNF click here & for the weekly charts & analysis, please click here.

Daily Zones:

• • Value zones (volume profile) are at 29296-29424-29560

Hypos / Estimates for the next session:

a) BNF needs to sustain above 29480 for a move to 29530 and 29605
b) BNF has immediate support at 29424-405 below which it could probe lower to 29318-280 and 29135
c) Above 29605, BNF can tag PDH of 29660 and move higher to 29809
d) Below 29135, the auction has support at 29040-05 & 28960
e) BNF breaking above 29810 can bring a fresh leg up towards 29887 and 30000
f) If 28960 is broken & sustained then the auction can see levels of 28890-845 & 28737-715

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