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Market Profile Analysis dated 23rd Aug 2022

August 23, 2022August 23, 2022 UG Blog

Nifty Aug F: 17585 [ 17644 / 17383 ]

NF opened with another gap down in continuation of previous session’s spike close & made a low of 17383 in the opening minutes as it took support just above 05th Aug’s buying singles from 17377 and saw big demand coming back resulting in a probe back into yesterday’s range & value confiming an ORR (Open Rejection Reverse) as it went on to tag the yPOC of 17573 while making a high of 17598 in the B period leaving a big 215 point range.

The auction however could not sustain above 17573 as the morning buyers booked out & left a responsive selling tail after which the break of day’s VWAP led to similar lows of 17421 & 17416 in the C & D periods. NF remained in the C period range forming a 3-1-3 profile for the day till the G TPO before it got into the selling singles in H and went on to make a small RE (Range Extension) to the upside in the J period where it hit new highs for the day at 17618.

The K & L periods then gave a retracement as auction left a PBL right at the day’s VWAP of 17525 and this triggered a big short covering squeeze into the close causing a spike from 17618 to 17644 with the day being a Normal One (3-1-3 profile) with an overlapping POC at 17573.


Click here to view the latest profile in NF on MPLite

  • The NF Open was an Open Rejection Reverse – Up (ORR)
  • The Day type was a Normal Day (‘3-1-3’ profile with a spike close)
  • Largest volume was traded at 17573 F
  • Vwap of the session was at 17525 with volumes of 132.3 L and range of 260 points as it made a High-Low of 17644-17383
  • NF confirmed a FA at 17858  on 18/08. This FA got negated on 19/08 & and went on to tag the 2 ATR downside objective of 17519 on 22/08.
  • NF confirmed a FA at 17055  on 29/07 and tagged the 2 ATR objective of 17364 on the 01/08. This FA has not been tagged & is now positional reference.
  • The settlement day Roll Over point (Aug 2022) is 16963
  • The VWAP & POC of Jul 2022 Series is 16556 & 15976 respectively.
  • The VWAP & POC of Jun 2022 Series is 15895 & 15793 respectively.
  • The VWAP & POC of May 2022 Series is 16270 & 16340 respectively.

You can check the monthly charts & other swing levels for Nifty & NF here & for the weekly charts & analysis, please click here.

Daily Zones:

  • Value zones (volume profile) are at 17468-17573-17607

HVNs -17128 / 17320 / 17460 / 17548** / 17712 / 17952

(** indicates series POC)

Business Areas for 24th Aug 2022:

Up
17618 – Spike Low (23 Aug)
17666 – IB singles mid-point
17724 – Gap Mid-point
17780 – HVN from 19 Aug
17829 – VWAP from 19 Aug
17861 – Extension Handle

Down
17573 – dPOC from 23 Aug
17525 – VWAP from 23 Aug
17450 – PBL from 23 Aug
17416 – Buying Singles (23 Aug)
17363 – Weekly FA
17320 – Weekly VPOC

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


BankNifty Aug F: 38776 [ 38918 / 38000 ]

BNF also opened with a gap down of more than 200 points & went on to negate the higher extension handle of 38064 from 08th Aug but held just above the first one of 37998 as it made a low of 38000 and got the aggressive buyers from that day to return which triggered a huge 610 point range IB.

The auction expectedly met with supply again in yesterday’s selling tail from 38526 to 38817 and made a probe below VWAP in the C & D periods where it left a PBL at 38217 and formed a balance till the H TPO before making a RE to the upside in the I which triggered a short covering squeeze from 38713 to 38918 into the close as BNF formed an Oustide Day both in terms of range & value with the Spike Zone being the reference for the next open.

Click here to view the latest profile in BNF on MPLite

  • The BNF Open was an Open Rejection Reverse – Up (ORR)
  • The Day type was a Normal Variation Day – Up (Outside Bar & a Spike close)
  • Largest volume was traded at 38294 F
  • Vwap of the session was at 38469 with volumes of 43.4 L and range of 918 points as it made a High-Low of 38918-38000
  • BNF confirmed a FA at 39330  on 18/08 and tagged the 1 ATR objective of 39776 on the same day. This FA got negated on 19/08 & the auction went on to tag the 2 ATR downside level of 38438 on 22/08.
  • The settlement day Roll Over point (Aug 2022) is 37434
  • The VWAP & POC of Jul 2022 Series is 35427 & 35099 respectively.
  • The VWAP & POC of Jun 2022 Series is 33969 & 33498 respectively.
  • The VWAP & POC of May 2022 Series is 34570 & 34477 respectively.

For the Monthly charts & other swing levels for BankNifty & BNF click here & for the weekly charts & analysis, please click here.

Daily Zones:

  • Value zones (volume profile) are at 38228-38294-38632

HVNs – 36325 / 37576 / 37912** / 38304

(** indicates series POC)

Business Areas for 24th Aug 2022:

Up
38824 – M TPO VWAP (23 Aug)
38970 – Closing HVN (19 Aug)
39041 – VPOC from 19 Aug
39211 – VWAP from 19 Aug
39321 – Mid-profile singles
39425 – Mid-point of above
39530 – Extension Handle (19 Aug)

Down
38713 – Spike Low (23 Aug)
38623 – HVN from 23 Aug
38469 – VWAP from 23 Aug
38367 – LVN from 23 Aug
38230 – PBL (23 Aug)
38108 – Mid-point of IB singles
37971 – Buying Singles (08 Aug)

(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.

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