Market Profile Analysis dated 15th March 2021

Nifty Mar F:  14969 [ 15069 / 14771 ]

NF continued last Friday’s imbalance to the downside by starting the day with an Open Test Drive which broke through previous week’s low and went on to form a huge 232 point IB (Initial Balance) while making a low of 14836. The C period then gave a small pull back to the day’s VWAP but got rejected exactly at previous week’s low of 14927 which meant that the downside probe was still not over and the same got confrimed in the D period where NF made a RE (Range Extension) lower and followed it up with a lower low of 14793 in the ‘E’ period which saw good profit booking taking place resulting in the second bounce for the day as the auction left a lower PBH at 14875 in the ‘F’ period. However, the inability to get above VWAP meant that the sellers were still in control and they made fresh REs lower in the ‘G’ & ‘H’ periods where NF tagged that the FA of 14776 from 2nd Mar which was now a positional reference and as expected held this level after which it scaled above the day’s VWAP in the ‘J’ period which triggered a massive short covering move into the close as the auction negated the PBH of 14928 and went on to test the initiative selling tail as it made a high of 15014 before closing the day at 14969. Value for the day was completely lower so the tail of 15014 to 15069 would be the reference on the upside for the next session whereas on the downside, 14965 & 14861 would be the important levels on watch.

Click here to view the latest profile in NF on MPLite

  • The NF Open was a Open Test Drive – Down (OD)
  • The Day type was a Normal Variation Day – Down (NV)
  • Largest volume was traded at 14830 F
  • Vwap of the session was at 14873 with volumes of 128.5 L and range of 298 points as it made a High-Low of 15069-14771
  • NF confirmed a FA at 14776 on 02/03 and completed the 2 ATR objective of 15203 on 03/03. This FA got tagged on 15/03 and gave a good bounce of 250 points.
  • 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 14795-14830-14918

HVNs – 14810 / 14894 / 15037* / 15230


BankNifty Mar F:  35305 [ 35544 / 34455 ]

BNF also confirmed an OTD (Open Test Drive) Down as it moved away from the yPOC of 35556 in the IB leaving a large selling tail from 35017 to 35544 while making a low of 34755 leaving a huge 789 point range in the first hour. This however did not stop the auction from making further lows as it made a RE lower in the D period and followed it up with lower lows of 34475 in the ‘E’ period taking support just above the weekly VPOC of 34440. The ‘F’ period then gave a pullback to 34727 but could not get above the IBL & VWAP as it left a PBH there which was a strong indication of new lows coming for the day which did happen in the ‘G’ period as BNF tagged 34455 but once again could not break below that level of 34440 and this signalled that the sellers were either booking out or losing control. This was further confirmed in the ‘I’ period as the auction negated the PBH of 34727 and got back into the IB following it up with a move above the day’s VWAP in the ‘K’ period triggering a big short covering move into the close as BNF not only entered the morning selling tail from 35017 to 35544 but made a high of 35392 before closing around the DPOC of 35313 and would be the important reference for the next session.

Click here to view the latest profile in BNF on MPLite

  • The BNF Open was a Open Test Drive – Down (OD)
  • The Day type was a Normal Variation Day – Down (NV)
  • Largest volume was traded at 35313 F
  • Vwap of the session was at 34893 with volumes of 56.8 L and range of 937 points as it made a High-Low of 35544-34455
  • 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 34687-35313-35392

HVNs – 35290* / 35640

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