Market Profile Analysis dated 22nd Mar 2023

NF opened higher but got rejected from the initiative selling singles from 15th Mar as it left a fresh A period tail from 17238 to 17215 in the IB (Initial Balance) and got back into the 4-day composite balance even making couple of REs (Range Extension) lower in the C & D periods as it tagged the HVN of 17156 while making a low of 17142.

The auction then remained in a narrow range for the rest of the day forming a ‘b’ shape profile with a close right at the prominent POC of 17185 which will be the reference for the next open as the PLR (Path of Least Resistance) remains to the upside courtesy Value being formed completely higher today.

• The NF Open was an Open Auction Out of Range (OAOR)
• The Day Type was a Normal Variation Day – Down (‘b’ shape profile)
• Largest volume was traded at 17185 F
• Vwap of the session was at 17185 with volumes of 54.4 L and range of 96 points as it made a High-Low of 17238-17142
• 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 17150-17185-17194

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

BNF also opened higher but stalled right at the 13th Mar’s Trend Day VWAP of 40185 as it made a high of 40198 & settled down into an Open Auction forming a narrow range IB of just 227 points taking support just above the yPOC of 39961.

The auction remained in this A period range all day forming a perfect Gaussian Curve with the imbalance leading to a balance & has a good chance of turning back to imbalance in the next session provided we get a strong open with initiative volumes for a move away from today’s prominent POC of 40093.

• The BNF Open was an Open Auction (OA)
• The Day Type was a Normal Day (Gaussian Curve)
• Largest volume was traded at 40093 F
• Vwap of the session was at 40084 with volumes of 30.6 L and range of 227 points as it made a High-Low of 40198-39971
• 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 40046-40093-40143

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

For more tradeable ideas and intraday trading strategies based on MarketProfile and the OrderFlow live charts with OrderFlow analysis Live, subscribe to the trading room. The Vtrender Trading Room hosts India’s largest MarketProfile community live every trading session from 9.15 am to 3.30 pm.

If not a Trading Room member you can get immediate access at – https://www.explara.com/e/vtrendertradingroomlive