Market Profile Analysis dated 02nd March 2021

Nifty Mar F:  14958 [ 14990 / 14776 ]

NF made an Open Test Drive Up as it took support at the yPOC of 14816 after opening with a gap up and continued to rise in the IB as it made a high of 14960 leaving a relatively large range of 144 points. The auction then probed lower in the ‘C’ period and as often happens, break of the VWAP of a Drive Open led to new lows for the day in the ‘E’ period as NF made a quick fall to 14776 but was immediately rejected back into the IB as it left singles below yPOC in previous Value and made a retracement to the VWAP in the ‘F’ period. However, the inability to scale above VWAP led to couple of more tests of the yPOC in the ‘H’ & ‘I’ periods but on both occassions, the auction faced prompt rejection clearly indicating the presence of buyers who were keen to defend the morning singles and they finally succeeded to get above VWAP in the ‘J’ period and not only that NF went on to give a spike into the close confriming a FA at lows and completing the 1 ATR objective of 14989 to the dot leaving a Neutral Extreme Profile. Value for the day was mostly higher which means the PLR (Path of Least Resistance) continues to remain to the upside with today’s VWAP of 14872 being the important reference for the next session along with the NeuX zone which is from 14960 to 14990.

Click here to view the latest profile in NF on MPLite

  • The NF Open was a Open Test Drive – Up (OTD) which failed
  • The Day type was a Neutral Extreme Day – Up (NeuX)
  • Largest volume was traded at 14896 F
  • Vwap of the session was at 14872 with volumes of 137.7 L and range of 214 points as it made a High-Low of 14990-14776
  • NF confirmed a FA at 14776 on 02/03 and completed the 1 ATR objective of 14989 on the same day. The 2 ATR tagret comes to 15203.
  • The settlement day Roll Over point (Mar) is 15174
  • The VWAP & POC of Feb Series is 14893 & 15115 respectively.
  • The VWAP & POC of Jan Series is 14288 & 14569 respectively.
  • The VWAP & POC of Dec Series is 13528 & 13528 respectively.

You can check the monthly charts & other swing levels for Nifty & NF here & for the weekly charts & analysis, please click here.

Daily Zones:

  • Value zones (volume profile) are at 14818-14896-14916

HVNs – 14810 / 14892 / 15230


BankNifty Mar F:  35455 [ 35755 / 34983 ]

BNF also gave a strong open moving away from the yPOC of 35364 in the IB confirming a multi-day FA at PDL of 34983 after which it scaled above PDH (Previous Day High) and looked set for the 1 ATR objective of 35868 but could only make a high of 35755 stalling right below the Trend Day selling tail of 35763 to 36080 indicating that either the supply was coming back in this zone or that the buying was drying up. The auction then got back into previous day’s Value in the C period triggering the 80% Rule on the downside which it promptly completed in the ‘D’ period where it made a low of 35138 and continued this imbalance in the ‘E’ period where it formed new lows of 35005 but was swiftly rejected from just above the FA of 34983. BNF then gave a retracement to 35315 in the ‘F’ period but the failure to sustain in the IB triggered another move lower as the auction made new lows for the day in the ‘I’ period but got stopped right at PDL & the multi-day FA of 34983 and this resulted in a short covering rally into the close with BNF doing the reverse 80% Rule in previous Value as it went on to make a high of 35555 into the close. The range for the day was similar to yesterday thus giving a nice 2-day balance with Value at 35101-35223-35480 and the close at VAH means the PLR would remain to the upside in the coming session.

Click here to view the latest profile in BNF on MPLite

  • The BNF Open was a Open Auction In Range (OAIR)
  • The Day type was a Normal Variation Day – Down (NV)
  • Largest volume was traded at 35515 F
  • Vwap of the session was at 35345 with volumes of 52.9 L and range of 772 points as it made a High-Low of 35755-34983
  • BNF confirmed a multi-day FA at 34983 on 02/03 and the 1 ATR objective comes to 35868.
  • The settlement day Roll Over point (Mar) is 36719
  • The VWAP & POC of Feb Series is 35530 & 35820 respectively.
  • The VWAP & POC of Jan Series is 31597 & 32062 respectively.
  • The VWAP & POC of Dec Series is 30270 & 30766 respectively.

For the Monthly charts & other swing levels for BankNifty & BNF click here & for the weekly charts & analysis, please click here.

Daily Zones:

  • Value zones (volume profile) are at 35187-35515-35673

HVNs – 35280 / 35640

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