Market Profile Analysis dated 03rd May 2021

Nifty May F:  14686 [ 14745 / 14462 ]

NF opened with a big gap down of 150 points as it entered into the 2-day balance of 22nd-23rd Apr but was swiftly rejected from just above the VWAP as it hit 14461 resulting in a quick upmove in the IB (Initial Balance) where it tagged 14607 leaving a long initiative buying tail. The ‘C’ period then started with the first test of the VWAP as it left a PBL (Pull Back Low) at 14553 and the IB singles being defended meant that the PLR for the day was very much to the upside and this was confirmed by multiple REs (Range Extension) in the C & D periods as NF hit new highs of 14643 where it stalled right at the Trend Day VWAP of 14646 and began to form a balance in a narrow range till the ‘J’ period forming a ‘p’ shape profile for the day but made a fresh RE in the ‘K’ period where it left an extension handle at 14656 and went on to hit 14745 in the ‘L’ period before closing the day at 14686. The day’s Value was completely lower but the buying tail of 14553 to 14462 means that the downside leg could be over and the immediate reference for the next session would be the extension of 14656 below which there is the prominent dPOC of 14590 which could attract fresh demand.

Click here to view the latest profile in NF on MPLite

  • The NF Open was a Open Auction Out of Range (OAOR)
  • The Day type was a Normal Variation Day – Up (NV)
  • Largest volume was traded at 14590 F
  • Vwap of the session was at 14609 with volumes of 110.6 L and range of 283 points as it made a High-Low of 14745-14461
  • The settlement day Roll Over point (May) is 14925
  • The VWAP & POC of Apr Series is 14576 & 14375 respectively.
  • The VWAP & POC of Mar Series is 14816 & 14737 respectively.
  • The VWAP & POC of Feb Series is 14893 & 15115 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 14491-14590-14665

HVNs – 14676 / 14896 / 14997 


BankNifty May F:  32656 [ 32758 / 31625 ]

BNF opened with a huge gap down of 544 points and went on to complete the 2 ATR objective of 31825 in the opening minutes with the help of a freak tick of 31625 but similar to NF left a long buying tail in the IB from 32342 to 31625 and made couple of REs higher in the C & D periods as it hit 32695 which marked the end of the upside probe. The auction then made an OTF move lower geting into the morning singles which ended with a PBL at 32007 in the ‘I’ period which seemed to have trapped some late shorts and this led to a big squeeze into the close as BNF went on to make new highs for the day at 32758 leaving a well balanced profile for the day with a prominent POC at 32388.

Click here to view the latest profile in BNF on MPLite

  • The BNF Open was a Open Auction Out of Range (OAOR)
  • The Day type was a Normal Day  (‘p’ shape profile)
  • Largest volume was traded at 32388 F
  • Vwap of the session was at 32414 with volumes of 55.7 L and range of 1133 points as it made a High-Low of 32758-31625
  • BNF confirmed a FA at 33599 on 30/04 and tagged the 2 ATR objective of 31825 on 03/05.
  • The settlement day Roll Over point (May) is 33765
  • The VWAP & POC of Apr Series is 33260 & 32490 respectively.
  • The VWAP & POC of Mar Series is 34618 & 33870 respectively.
  • The VWAP & POC of Feb Series is 35530 & 35820 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 32121-32388-32559

HVNs – 32382 / 32615 / 33390

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