Market Profile Analysis dated 18th Apr 2023

NF made an attempt to get into previous profile’s A period selling tail from 17773 to 17833 but could only manage to tag 17780 getting rejected back into previous Value triggering the 80% Rule which it promptly completed in the IB (Initial Balance) while making a low of 17692 and followed it up with a typical C side extension to 17678 resulting in a bounce back above day’s VWAP which ended with a PBH at 17759 in the H TPO.

The auction then made a fresh RE (Range Extension) lower in the I period and followed it by another minor one in the J where it hit 17652 holding previous session’s buying tail indicating it wanted to remain in previous Value and made a move back to 17721 into the close leaving an inside day in terms of range & a nice 2-day balance with Value at 17680-17710-17751 and could give a move away from here in the coming session(s).

• The NF Open was an Open Auction In Range (OAIR)
• The Day Type was a Normal Variation Day – Down (Inside Bar)
• Largest volume was traded at 17710 F
• Vwap of the session was at 17713 with volumes of 62.1 L and range of 127 points as it made a High-Low of 17780-17652
• 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. This FA was barely tagged on 18/04 and is still in play.
• 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 17671-17710-17733

(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 Open Auction start and formed a very narrow range IB of just 174 points as it made a high of 42484 in the A period and took support around the closing HVN of 42312 in the B after which it made three attempts to extend higher but could only manage marginal new highs of 42538.

The auction stalling near the 16th Feb Swing high of 42527 and not getting any fresh demand triggered a liquidation break in the I & J TPOs as BNF made couple of REs to the downside tagging the yPOC of 42163 while making a low of 42158 and left a small responsive buying tail giving a bounce back to 42419 before closing right in the middle of the day’s range leaving a Neutral Day with mostly higher Value.

• The BNF Open was an Open Auction (OA)
• The Day Type was a Neutral Day (NeuD)
• Largest volume was traded at 42449 F
• Vwap of the session was at 42370 with volumes of 27.3 L and range of 382 points as it made a High-Low of 42538-42156
• 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 42311-42449-42497

(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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