Nifty Spot – 17359 [ 17800 / 16828 ]
Monthly Profile (March 2023)
Previous month’s report ended with this ‘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
- Nifty remained above the reference of 17260 in the opening week and probed higher scaling above previous month’s VWAP of 17712 but could only manage to hit 17800 on 06th Mar where it left similar highs indicating exhaustion just below the February’s POC of 17839.
- The sellers then came back strongly from the 09th where they left the first A period selling tail from 17735 to 17772 leaving a daily VPOC at 17692 and followed it up with another initiative tail from 17482 to 17529 on 13th Mar confirming a move away from previous month’s Value as it formed a big Trend Day Down of 416 points breaking below 17260 leaving an extension handle at 17257 while making a low of 17113.
- The auction continued to probe lower forming lower lows till the 20th of Mar where it tagged 16828 but was clearly showing fatigue as could be seen in the ‘b’ shape profile and gave way to a balance being formed on the larger timeframe as it consolidated below 17257 but hinted at a move away from this balance with a Neutral Extreme Day Up on 29th Mar followed by a gap up on the 31st where it got accepted in the 13th Mar Trend Down profile forming a Double Distriubtion Day Up stalling just below the higher extension handle of 17383.
The Monthly Profile is a Neutral One resembling a ‘b’ shape one with completely lower Value at 16832-17069-17337 but for the first time in 4 months has closed above the POC so can give a bounce higher towards the 13th Mar VPOC of 17462 and the selling tail high of 17529 above which we have the higher VPOC of 17692 if manages to stay above 17383 whereas on the downside, 17277 & 17233 will be the important references to hold staying below which Nifty could get back into that 12-day composite VAH from 17103 and tag the VPOC of 17069 and the VAL of 16932.
View the daily Nifty MarketProfile charts of March 2023 below only on Vtrender Charts
Monthly Zones:
The VWAP of the March 2023 series is at 17200 and the POC is at 17069
The settlement day (Apr 2023) rollover volume point is at 17230 F.
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.
BankNifty Spot – 40608 [ 41671 / 38613 ]
Monthly Profile (March 2023)
Previous month’s report ended with this ‘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‘
- BankNifty began the month will the filling up of previous month’s profile as it scaled above the immediate daily VPOC of 40660 on the first day itself & went on to get above the higher one of 40925 with a big Trend Day Up of 785 points on 03rd Mar where it made a high of 41390 but formed a ‘p’ shape profile suggesting more of short covering rather than fresh buying causing this upmove.
- The auction continued this imbalance with a higher open on the 06th where it tagged previous month’s POC of 41462 but made the dreaded C side extension to 41671 which confirmed lack of demand as the sellers then got interested confirming a FA (Failed Auction) at highs & leaving a Neutral Extreme Day Down displaying change of PLR (Path of Least Resistance) to the downside. Though the next couple of days then saw an attempt made by the buyers to get back but the sellers not only defended the FA of 41671 but left another one at 41659 on 09th Mar more or less sealing the fate of the buyers with the second NeuX Day Down of the week.
- As expected, the third week saw a trending move to the downside as BankNifty started with the first Trend Day Down of the month on the 13th where it broke below the Budget Day low of 39490 and followed it up with another Trend Day down on the 15th tagging the October 2022 VPOC of 38950 while making a low of 38934. The downside continued with new lows of 38613 in the IB the next day but for the first time in 6 sessions it did not extend lower indicating end of the imbalance as it took support just above the Oct 2022 singles from 38437 leaving a new responsive buying tail on the monthly timeframe.
- The period between 21st to 29th Mar saw another balance being formed with slightly overlapping to higher Value as the auction remained above the earlier 5-day composite POC of 39257 which eventually triggered a move back to 40690 on the last day of the month stopping right at the 13th Mar highs which was also close to where it started this month.
The monthly profile is a Neutral One with completely lower Value at 38617-39444-40431 with an immediate zone of singles on the upside from 40839 to 41100 which will be the reference on the upside along with the daily VPOC of 41479 & the FA at 41671 whereas on the downside, BankNifty gets weak below 40460 with the lower zone of support from 40344 to 39955 below which it could go for the VPOCs of 39716 / 39473 & that prominent composite VPOC of 39257.
View the daily BankNifty MarketProfile charts of March 2023 below only on Vtrender Charts
Monthly Zones:
The VWAP of the March 2023 series is at 38910 and the POC is at 39444
The settlement day (Apr 2023) rollover volume point is at 40290 F.
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.
