Market Profile Analysis dated 17th Apr 2023

NF rejected the NeuX (Neutral Extreme) close of previous session by not only opening lower below yVWAP of 17837 but even broke the weekly VWAP of 17786 giving an initiative move away from the 2-day overlapping Value as it went on to tag the 10th Apr VPOC of 17683 in the A period itself & followed it up with the 06th Apr VPOC tag of 17648 while making new lows of 17640 in the B.

The auction could not extend any further as it found some demand coming back in this zone as it left a small responsive buying tail till 17669 & made a slow probe higher testing the morning selling tail and remaning above VWAP all day to make a high of 17773 in the L period leaving a Normal Day with completely lower Value and singles at both ends.

• The NF Open was an Open Drive – Down (OD)
• The Day Type was a Normal Day (3-1-3 profile)
• Largest volume was traded at 17734 F
• Vwap of the session was at 17724 with volumes of 85.2 L and range of 193 points as it made a High-Low of 17833-17640
• 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. This FA got tagged on 17/04 & is no longer a valid reference.
• 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 17699-17734-17768

(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 freak tick at 42639 and probed lower in the Initial Balance getting back into previous session’s spike zone from 42230 to 41933 even tagging the extension handle of 41875 while making a low of 41858 indicating return of buyers.

The auction gave further confirmation of this as it left a buying tail till 41973 and started an OTF (One Time Frame) probe higher as it got back above PDH in the D period and remained above VWAP for the rest of the day recording a high of 42384 in the L TPO forming a ‘p’ shape profile for the day (if opening freak tick is ignored) with overlapping to higher Value which means PLR (Path of Least Resistance) remains to the upside.

• The BNF Open was an Open Rejction Reverse – Down (ORR)
• The Day Type was a Normal Day (‘p’ shape profile)
• Largest volume was traded at 42163 F
• Vwap of the session was at 42188 with volumes of 32.9 L and range of 526 points as it made a High-Low of 42384-41858
• 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 42120-42163-42345

(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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