Market Profile Analysis dated 28th Mar 2023

NF opened slightly higher and went on to tag 17088 where it got rejected right at the 2-day composite VAH of 17087 triggering the 80% Rule to the downside which it almost completed in the IB while making a low of 17010.

The auction remained below VWAP all day giving a slow OTF (One Time Frame) probe lower till the J peirod leaving multiple PBHs in the C, F & I periods as it hit new lows for the week at 16927 but could not sustain leading to a small bounce back to the dPOC of 16984 into the close leaving a ‘b’ shape profile with mostly lower Value.

• The NF Open was an Open Auction In Range (OAIR)
• The Day Type was a Normal Variation Day – Down (NV)
• Largest volume was traded at 16984 F
• Vwap of the session was at 16998 with volumes of 84.7 L and range of 161 points as it made a High-Low of 17088-16927
• 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. This FA got re-visited on 27/03 and showed supply coming back hence is still a valid reference.
• 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 16947-16984-17021

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

BNF made an extremely low volume OAIR start signalling it’s intent to remain in the 2-day balance and it ended up forming an Inside Bar both in terms of range & value leaving a very narrow 262 point range Neutral Profile filling up the zone between the 2 big HVNs of 39432 & 39631 and in the process now has a smoother 3-day Gaussian Curve with Value at 39433-39489-39650 & looks good for a move away from here in the coming session(s). (Click here to view the 3-day composite of BNF on Vtrender Charts)

• The BNF Open was an Open Auction In Range (OAIR)
• The Day Type was a Neutral Day (NeuD)
• Largest volume was traded at 39492 F
• Vwap of the session was at 39518 with volumes of 31 L and range of 262 points as it made a High-Low of 39645-39383
• 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 39475-39492-39587

(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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