Nifty Spot – 17304 [ 18134 / 17255 ]
Monthly Profile (February 2023)
Previous month’s report ended with this ‘The monthly profile remained below December 2022’s VWAP of 18337 and was a nice balanced one for most part before it made a move away from the monthly Value of 17845-17132-18186 on the last 3 days leaving a Normal Variation Month Down which completed the 2 IB objective of 17775 and made a low of 17405 tagging the important monthly extension handle from October 2022. Going forward, Nifty remains weak below 17609 for a test of this month’s buying tail from 17493 to 17405 below which we have the VWAP & VPOC of 17350 & 17260 respectively as the important levels where as on the upside, Nifty would need to sustain above 17669 for a test of the immediate selling singles from 17781 to 17884 above which there is the mid-profile singles from 25th Jan from 17964 to 18016 which will be the zone to watch
- Nifty started the month with the big event in form of the Budget Day on 01st Feb where it formed a huge 619 point range between 17972 to 17353 & a Neutral Extreme Daily profile to the downside with a long responsive buying tail at lows till 17494 which was complimented with an initiative buying tail on the 02nd as the auction made a slow probe higher getting above the Budget Day highs on 15th Feb and following it with a higher open & a tag of January’s POC of 18132 on the 16th where it made a high of 18134 but formed a Gaussian Curve with a spike lower into the close leaving a prominent POC at 18096 signalling rejection from the Monthly POC.
- The auction then reversed the PLR (Path of Least Resistance) for the rest of the month to the downside as it not only got back completely into the 01st Feb profile but left several daily VPOCs after 18096 at 17960, 17873 & 17670 and succeeded in making new lows for the the month at 17299 on 27th Feb and followed it with a test of that October 2022 VPOC of 17260 on the last day of this month as it made a low of 17255.
The monthly profile is a Neutral One with a close around the lows with overlapping to lower Value at 17535-17839-17969 which got rejected from previous month’s POC of 18132 on the upside and tagged the lower monthly VPOC of 17260 on the downside which will be the reference for the coming month as below it, Nifty remains weak & could continue to drop lower whereas on the upside, 17379 will be the immediate reference above which 17441 & 17578 will be the first objectives before the 4 daily VPOCs of 17670, 17873, 17960 & 18096 come into play.
View the daily Nifty MarketProfile charts of February 2023 below only on Vtrender Charts
Monthly Zones:
The VWAP of the February 2023 series is at 17712 and the POC is at 17839
The settlement day (March 2023) rollover volume point is at 17635 F.
The VWAP of the January 2023 series is at 17923 and the POC is at 18132
The settlement day (February 2023) rollover volume point is at 17985 F.
The VWAP of the Decmber 2022 series is at 18337 and the POC is at 18584
The settlement day (January 2023) rollover volume point is at 18299 F.
The VWAP of the November 2022 series is at 18295 and the POC is at 18335
The settlement day (Dec 2022) rollover volume point is at 18650 F.
The VWAP of the October 2022 series is at 17350 and the POC is at 17260
The settlement day (Nov 2022) rollover volume point is at 17800 F.
The VWAP of the September 2022 series is at 17500 and the POC is at 17643
The settlement day (Oct 2022) rollover volume point is at 16837 F.
BankNifty Spot – 40269 [ 42015 / 39490 ]
Monthly Profile (February 2023 2023)
Previous month’s report ended with this ‘The monthly profile is a Normal Variation One to the downside with overlapping to lower Value at 41755-42320-43350 which has closed in a spike down from 41729 to 39419 which also includes a responsive buying tail till 40167 which will be the zone of support for the coming month & failure to hold this could lead to a test of the October 2022 Monthly VPOC of 38950 and the buying tail from 38437 to 37963‘
- BankNifty also began the month with a huge 2525 point range Budget Day Neutral Extreme Down profile on 01st Feb as it made an attempt to get into previous month’s Value but could not sustain above the series VWAP of 41965 leaving an important responsive selling tail from 41848 to 42015 after which it made a big drop down to 39490 leaving a long responsive buying tail too till 40358 where it got accepted the following day leaving behind an initiative one confirming big demand coming back in this zone.
- The auction then made a lethargically slow probe higher forming overlapping Value for the next 2 weeks as it went on to test the 01st Feb Selling tail on the 16th but once again left a tiny but important A period tail from 41958 to 41979 indicating supply coming back triggering an OTF (One Time Frame) probe lower on the daily timeframe till 23rd Feb where it made a look down below 02nd Feb’s low of 39761 but could only manage marginal new lows of 39745 leaving a small buying tail to return back to forming a balance into the close of the month right at the prominent dPOC of 40271.
The Monthly profile is a Normal one thanks to the massive first day range and has formed mostly lower Value at 40230-41462-41790 with a close just above the VAL so could continue filling up the upside with the daily VPOCs of 40660 / 40925 as the immediate objectives above which the weekly VPOC of 41292 and the 16th Feb’s VPOC of 41849 being the higher objectives along with previous month’s VPOC of 42320 whereas on the downside, break below the Budget Day’s low & acceptance could get that test of the October 2022 Monthly VPOC of 38950 along with the buying tail from 38437 to 37963.
View the daily BankNifty MarketProfile charts of February 2023 below only on Vtrender Charts
Monthly Zones:
The VWAP of the February 2023 series is at 17712 and the POC is at 17839
The settlement day (March 2023) rollover volume point is at 17635 F.
The VWAP of the January 2023 series is at 41965 and the POC is at 42320
The settlement day (February 2023) rollover volume point is at 41864 F.
The VWAP of the Decmber 2022 series is at 43030 and the POC is at 43128
The settlement day (January 2023) rollover volume point is at 43420 F.
The VWAP of the November 2022 series is at 42150 and the POC is at 42959
The settlement day (Dec 2022) rollover volume point is at 43331 F.
The VWAP of the October 2022 series is at 39750 and the POC is at 38950
The settlement day (Nov 2022) rollover volume point is at 415100 F.
The VWAP of the September 2022 series is at 39910 and the POC is at 40790
The settlement day (Oct 2022) rollover volume point is at 37890 F.
