Market Profile Analysis dated 20th Mar 2023

NF not only opened lower by 78 points but went on to confirm a Drive Down as it moved away from the 4-day composite balance with an initiative selling tail from 17011 to 17109 in the IB where it made a low of 16940 after which it made a typical C side extension to 16921 which was rejected triggering a probe above the day’s VWAP in the D period where it left a PBH at 17003 indicating that the morning supply was still active.

The auction then made a hat-trick of REs lower from the F TPO onwards and even hit new lows of the series at 16866 but left a small responsive buying tail and saw a short covering move back into the A period singles into the close as it tagged 17048 and saw the dPOC also shifting there to 17040 leaving a ‘b’ shape profile with completely lower Value.

• The NF Open was an Open Drive – Down (OD)
• The Day Type was a Normal Variation Day – Down (‘b’ shape profile)
• Largest volume was traded at 17040 F
• Vwap of the session was at 16968 with volumes of 116.6 L and range of 244 points as it made a High-Low of 17109-16866
• 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 16930-17040-17045

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

BNF opened around the LVN of 39740 and inspite of the OH (Open=High) start at 39760 confirmed an OAIR (Open Auction In Range) as it remained in the 4-day composite Value all of the IB while making a low of 39268 after which it made the dreaded C side extension to 39171 which got swiftly rejected leading to a bounce back to 39599 in the D period where it confirmed a PBH.

The auction then made a slow OTF (One Time Frame) probe lower till the J TPO as it made another attempt to move away from the 4-day Value but could only tag 39077 after which similar to NF, there was a short covering move into the close back to 39537 as the dPOC also shifted to 39515 forming a nice balanced profile on the daily with completely inside Value smoothening the composite on the higher timeframe with the 5-day Value now at 39150-39471-39666. (Click here to view the 5-day composite on Vtrender Charts

• The BNF Open was an Open Auction In Range (OAIR)
• The Day Type was a Normal Variation Day – Down (‘b’ shape profile)
• Largest volume was traded at 39515 F
• Vwap of the session was at 39343 with volumes of 50.2 L and range of 683 points as it made a High-Low of 39760-39077
• BNF confirmed a FA at 41765 on 09/03 & completed the 2 ATR objective on the downside of 40732 on 10/03. This FA has not been tagged even after ‘T+6’ Days hence is now a positonal reference.
• 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 39234-39515-39529

(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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