Market Profile Analysis dated 12th Mar

Nifty Mar F:

NF opened with a gap up of over 50 points after yesterday’s Trend Day negating any hopes of a balance forming as the auction probed higher in the ‘A’ & ‘B’ periods making a high of 11295 and forming a relatively smaller IB (Initial Balance) range of 42 points and had left a buying tail from 11274 to 11202 which was an indication that the buyers are still very much in control & the PLR for the day would be up till these singles are held. (Click here to view the profile chart for better understanding) NF then gave a range extension in the ‘C’ period itself as it made a high of 11328 tagging the 1.5 IB and this move of 130 odd points from previous close and after a Trend Day called for a consolidation which is what the auction did as it made a retracement and probed lower over the next 3 periods ‘D’, ‘E’ & ‘F’ to make a low of 11286. The ‘G’ period made a marginally higher low leaving poor lows at ‘F’ & ‘G’ which indicated that the move downside could be exhausted as ‘G’ ended up an a narrow range inside bar. NF then balanced for the next 3 periods and again left identical lows at 11290 in the ‘H’ & ‘J’ periods re-confirming that the move downside is getting exhausted. The ‘K’ period then moved higher giving a fresh range extension as NF made new day highs of 11344 and the ‘L’ period followed it by tagging the vPOC of 11350 as NF hit 11352. NF closed around the highs for the third day running with Value also completely higher.

• The NF Open was a Open Auction Out of Range (OAOR)
• The day type was a Normal Variation Day (Up)
• Largest volume was traded at 11300 F
• Vwap of the session was at 11305 with volumes of 116 L in a session which traded a High-Low range of 11352-11252 for a range of 100 points
• NF re-confirmed the FA at 11033 on 08/03 and tagged the 2 ATR move of 11147. This FA is currently on ‘T+3‘ days
• The Trend Day VWAP & POC of 11/03 at 11165 & 11170 will now be the immediate support levels for the series.
• The Trend Day VWAP & POC of 05/03 at 10946 & 10934 will be important levels for the series.
• The VWAP & POC of Feb Series is 10830 & 10856 respectively.
• The VWAP & POC of Jan Series is 10795 & 10823 respectively.
• The VWAP & POC of Dec Series is 10796 & 10741 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 11288-11300-11340

Hypos / Estimates for the next session:

a) NF needs to sustain above 11352 for a move to 11375-385 and 11403
b) Immediate support is at 11312 below which NF can test 11290-274 & 11252
c) Above 11403, the auction can probe higher to tag the HVN of 11430 & 11455
d) Below 11252, NF can correct to 11215 & 11199

BankNifty Mar F:

BNF had not participated much as NF gave a trend day yesterday but it was confined to a Normal Day and a ‘p’ profile but today it made it’s intention very clear as it opened up with a big gap up of 150+ points and probed higher in the first hour making a high of 28314 in the ‘B’ period as it gave a relatively narrow IB range of 104 points. It has also left a big buying tail from 28266 to yPOC of 28080 which meant that the PLR would be well & truly up. (Click here to view the profile chart for better understanding) The auction then gave a range extension higher in the ‘C’ period itself giving a 90 point move as it made a high of 28399 getting above the 1.5 IB after which it made an inside bar in the ‘D’ period indicating that some balance may be setting in. The next 2 periods ‘E’ & ‘F’ probed lower breaking below VWAP as it made a low of 28298 but could not go near that morning buying tail. The ‘G’ period made a narrow range inside bar confirming that the probe lower is over and the ‘H’ period made a fresh range extension as BNF made a new high of 28419 completing the 2 IB for the day. The auction then balanced in the next 2 periods ‘I’ & ‘J’ as they made double inside bars and then gave an early spike higher as the ‘K’ period gave a big move of 150+ points as BNF made new lifetime highs completing the 3 IB range extension higher as it made a high of 28550. The ‘L’ period saw a new high of 28578 getting printed which could act as resistance for this week if BNF stays below the dPOC of 28524.

• The BNF Open was a Open Auction Out of Ranfe (OAOR)
• The day type was a Normal Variation Day with a 3 IB range extension (‘p’ profile plus spike)
• Largest volume was traded at 28524 F
• Vwap of the session was at 28383 with volumes at 27.6 L in a session which traded a High-Low range of 28578-28210 for a range of 368 points
• The Trend Day VWAP of 05/03 of 27380 will be important level for the series.
• The VWAP & POC of Feb Series 27042 & 26978 respectively
• The VWAP & POC of Jan Series 27236 & 27514 respectively
• The VWAP & POC of Dec Series 26713 & 26832 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 28326-28524-28577

Hypos / Estimates for the next session:

a) BNF has immediate support at 27490-478 below which it can test 28430-419 & 28360
b) Supply seen in the zone of 28550-578 which if taken out BNF can climb higher to 28656-668
c) Below 28360, the auction can move lower to 28310-280 & 28210
d) Above 28670, BNF can probe higher to 28750-758

For more tradeable ideas and intraday trading strategies based on MarketProfile and the OrderFlow live charts with OrderFlow analysis Live, subscribe to the trading room. The Vtrender Trading Room hosts India’s largest MarketProfile community live every trading session from 9.15 am to 3.30 pm.

If not a Trading Room member you can get immediate access at – https://in.explara.com/e/vtrender–trading–room/checkout