Market Profile Analysis dated 03rd February 2021

Nifty Feb F:  14820 [ 14904 / 14611 ]

NF made a gap up open at 14770 just above previous day’s high but was swiftly rejected as it apperared to have made an ORR (Open Rejection Reverse) start swiping through the Value of the balanced profile as it made a low of 14611 in the opening minutes but found aggressive demand coming back in this zone as the auction got back above VWAP negating the ORR and trapping the late sellers as it went on to make new highs for the day at 14779 in the ‘B’ period leaving a long initiative buying tail from 14706 to 14611 in the IB (Initial Balance). The ‘C’ period then started with fresh buying coming in resulting in an extension handle at 14779 as NF continued the OTF (One Time Frame) probe higher scaling above previous highs of 14798 as it made new highs of 14860 in the ‘E’ period which saw some profit booking by the longs leading to a small pull back to 14817 in the ‘F’ period. However, the auction resumed the upmove in the ‘G’ period as it made a fresh RE higher and continued forming higher highs till the ‘I’ period as it tagged 14904 but also formed the second lowest range on 30mins indicating poor trade facilitation and probable exhaustion setting in. This was further confirmed as the ‘J’ period stopped the OTF making lower lows and even extending the range as NF made a retracement back to the day’s VWAP for the first time in the day as making low of 14791 in the ‘L’ period stopping just above the extension handle of 14779 before closing the day right at the dPOC of 14820 leaving a ‘p’ shape profile for the day. The auction would need to get fresh demand above this POC in the next session to continue the probe higher for the week and on the downside the important levels on watch would be 14779 & 14706.

Click here to view the latest profile in NF on MPLite

  • The NF Open was a Open Auction In Range (OAIR)
  • The Day type was a Normal Variation Day – Up (‘p’ shape profile)
  • Largest volume was traded at 14820 F
  • Vwap of the session was at 14810 with volumes of 119.2 L and range of 293 points as it made a High-Low of 14904-14611
  • The settlement day Roll Over point (Feb) is 13809
  • The VWAP & POC of Jan Series is 14288 & 14569 respectively.
  • The VWAP & POC of Dec Series is 13528 & 13528 respectively.
  • The VWAP & POC of Nov Series is 12554 & 12862 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 14794-14820-14901

HVNs – 13886* / 14015 / 14172 / 14664 / 14820


BankNifty Feb F:  34842 [ 34999 / 34097 ]

BNF made a hat-trick of opening with a big gap up giving an OH (Open=High) at 34675 but got rejected from the selling tail of previous day’s 3-1-3 profile and completed the 80% Rule in the Value of the balance in just 5 minutes as it made a low of 34097 where similar to NF, it attracted fresh buying along with absorbtion of supply as it left singles at both ends in the IB (Initial Balance) more important being the lower one from 34331 to 34097. The auction then went on to negated the selling tail in the ‘C’ period and made a slow probe higher all day as it remained above VWAP as it made highs of 34999 forming a ‘p’ shape profile with completely higher Value with the dPOC shifting higher to 34808 into the close.

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 – Up (‘p’ shape profile)
  • Largest volume was traded at 34808 F
  • Vwap of the session was at 34686 with volumes of 55.4 L and range of 901 points as it made a High-Low of 34999-34097
  • The settlement day Roll Over point (Feb) is 30445
  • The VWAP & POC of Jan Series is 31597 & 32062 respectively.
  • The VWAP & POC of Dec Series is 30270 & 30766 respectively.
  • The VWAP & POC of Nov Series is 28104 & 29565 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 34630-34808-34970

HVNs – 30041 / 30534 / 30996 / 34407*

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