Market Profile Analysis dated 21st Mar 2023

NF opened higher rejecting previous session’s move away from the 4-day composite as it got accepted in the selling tail from 17048 to 17109 and made a low of 17052 taking support above the yPOC of 17040 whereas on the upside could not sustain above the 4-day composite VPOC of 17123 as it made a high of 17129 leaving a narrow 78 point range in the Initial Balance (IB).

The auction continued to remain in this narrow range till the G period before making a RE to the upside in the H which triggered a slow One Time Frame probe higher till the L TPO where it made a high of 17183 but could not sustain above the composite HVN of 17168 and closed around it leaving a Normal Variation day Up with completely higher Value and back in the old 4-day composite balance so will need initiative volumes at the next open for a move away from here.

• The NF Open was an Open Auction (OA)
• The Day Type was a Normal Variation Day – Up (NV)
• Largest volume was traded at 17096 F
• Vwap of the session was at 17117 with volumes of 69 L and range of 131 points as it made a High-Low of 17183-17052
• 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 17061-17096-17143

(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 gap up of 173 points and made an attempt to move away from the 5-day composite VAH of 39666 but got stalled right below the 17th Mar HVN of 39752 as it made a high of 39749 and settled down into an OA (Open Auction) as it dropped down to yPOC of 39515 in the A period and made marginal new lows of 39490 in the B taking support just above the composite POC of 39471 indicating that the downside was limited.

The auction then remained in the narrow 260 point IB range for the first half of the day filling up the upper part of the 5-day balance making it smoother before giving an initiative move to the upside from the H period onwards where it left an Extension Handle (EH) at 39749 and followed it up with a trending move till the L TPO with the help of another EH at 39890 as it tagged the 13th Mar selling EH of 40058 while making a high of 40129 and saw the dPOC shifting higher to 39961 signalling some profit booking by the buyers and a close at 40046 leaving a Double Distribution Trend Day Up.

• The BNF Open was an Open Auction (OA)
• The Day Type was a Double Distribution Trend Day – Up (DD)
• Largest volume was traded at 39961 F
• Vwap of the session was at 39806 with volumes of 40.6 L and range of 639 points as it made a High-Low of 40129-39490
• 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 39655-39961-40129

(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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