Market Profile Analysis dated 31st Mar 2023

NF made a higher open & sustained above the weekly VPOC of 17267 confirming a Drive Up as it not only scaled above 23rd Mar’s NeuX HVN of 17312 but also the 4-day composite VAH of 17350 (14th to 17th Mar) while making a high of 17385 in the A period stalling below the weekly extension handle of 17400.

The auction then consolidated in a narrow range till the F TPO leaving an important PBL at 17326 in the C before making a big extension in the G period resuming the upmove as it explored higher into the 13th Mar’s Trend Day profile even negating that day’s VWAP of 17434 but stopped exactly at the higher extension handle of 17466 triggering minor profit booking as could be seen in the HVN forming at 17440 into the close which will be the opening reference for the next session.

• The NF Open was an Open Auction Out of Range plus Drive Up (OAOR + D)
• The Day Type was a Double Distribution Trend Day – Up (DD)
• Largest volume was traded at 17360 F
• Vwap of the session was at 17383 with volumes of 86.3 L and range of 195 points as it made a High-Low of 17466-17271
• The settlement day Roll Over point (Apr 2023) is 17230
• The VWAP & POC of Mar 2023 Series is 17200 & 17069 respectively.
• The VWAP & POC of Feb 2023 Series is 17717 & 17839 respectively.
• The VWAP & POC of Jan 2023 Series is 17923 & 18132 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 17271-17360-17393

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

BNF continued the upside imbalance with a higher open as it took support right at the 23rd Mar’s VPOC of 40449 and made a slow probe higher all day getting accepted in the Trend Day IB from 13th Mar but stalled just below that day’s initiative selling singles from 40934 to 41053 as it made a high of 40913 leaving a ‘p’ shape profile for the day with completely higher Value.

• The BNF Open was an Open Auction Out of Range plus Drive Up (OAOR + D)
• The Day Type was a Normal Variation Day – Up (‘p’ shape profile)
• Largest volume was traded at 40716 F
• Vwap of the session was at 40735 with volumes of 39.7 L and range of 467 points as it made a High-Low of 40913-40446
• BNF confirmed a FA at 39580 on 27/03 & completed the 1 ATR objective of 40868 on 31/03.
• The settlement day Roll Over point (Apr 2023) is 40290
• The VWAP & POC of Mar 2023 Series is 38910 & 39444 respectively.
• The VWAP & POC of Feb 2023 Series is 40880 & 41462 respectively.
• The VWAP & POC of Jan 2023 Series is 41965 & 42320 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 40642-40716-40822

(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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