Market Profile Analysis dated 24th Mar 2023

NF made an Open Auction start and continued previous day’s closing imbalance to the downside breaking below 20th Mar’s VPOC of 17040 and testing that day’s SOC (Scene Of Crime) of 17012 as it made a low of 17010 in the A period.

The auction then remained in this narrow 108 point A period range for most part of the day but made one attempt to extend the IB (Initial Balance) to the upside in the important G TPO which got rejected indicating lack of fresh demand and once it closed below VWAP in the I period forming an oustide bar, the sellers got more aggressive and made a RE lower in the other K tpo leaving an extension handle at 17010 & confirming a FA (Failed Auction) at top and went on to spike lower to 16932 almost completing the 1 ATR objective of 16928 leaving a Neutral Extreme Day Down.

• The NF Open was an Open Auction (OA)
• The Day Type was a Neutral Extreme Day – Down (NeuX)
• Largest volume was traded at 17059 F
• Vwap of the session was at 17041 with volumes of 82.2 L and range of 188 points as it made a High-Low of 17120-16932
• NF confirmed a FA at 17120 on 24/03 & almost completed the 1 ATR objective of 16926 on same day. The 2 ATR target comes at 16733.
• 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 17015-17059-17117

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

BNF also made an Open Auction start making a look down below PDL as it made a low of 39521 taking support just above the 5-day composite VPOC of 39471 (14th to 20th Mar) forming a narrow 218 point range IB till the D period after which it made a RE to the upside in the E period and followed it up with new highs of 39834 in the F stalling just below the NeuX extension handle of 39844.

The inability of the buyers to clear the first hurdle got back the supply active and the auction saw a trending move lower for the rest of the day even managing to break below 39471 as it left an extension handle at 39453 and spiked lower to 39348 into the close leaving a second successive Neutral Extreme Day Down.

• The BNF Open was an Open Auction (OA)
• The Day Type was a Neutral Extreme Day – Down (NeuX)
• Largest volume was traded at 39648 F
• Vwap of the session was at 39616 with volumes of 49.9 L and range of 486 points as it made a High-Low of 39834-39348
• 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 39502-39648-39738

(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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