Nifty Apr F:
NF gave a gap up opening at 11859 but was also an OH (Open=High) start and made a swift move lower getting back into the previous day range & breaking below the previous day’s prominent POC of 11814 in the ‘A’ period itself which was a bearish signal. NF continued it’s probe lower in the ‘B’ period as it made a low of 11762 giving a big IB range of 97 points along with a selling tail from 11859 to 11811. (Click here to view the profile chart for better understanding) The auction went on to make a ‘C’ period range extension down and with such a big IB it was more likely that the auction will get back into IB and form a balance for the rest of the day. NF did find support in the gap zone of the previous day as it made a low of 11752 not tagging the extension handle of 11740 indicating that buyers could be still defending here. NF then balanced in a narrow range till the ‘H’ period staying below VWAP making a ‘b’ profile but made similar lows in the ‘G’ & ‘I’ period which signaled that the downside probe was done. The auction then probed higher for the next 3 periods as it got above VWAP making a high of 11807 in the ‘K’ period but was unable to test the morning selling tail & this led to another rotation to the downside completing the ‘b’ profile for the day with a prominent POC at 11766 which will be the level to watch in the next session. NF has made an outside bar with a probable multi-day FA at lows so if 11766 holds in the expiry week, the PLR could be to the upside.
- The NF Open was a Open Rejection Reverse – Down (ORR)
- The day type was a Normal Day – Long Liquidation profile (‘b’ Profile)
- Largest volume was traded at 11765 F
- Vwap of the session was at 11785 with volumes at 79.9 L in a session which traded a High-Low range of 11859-11752 for a range of 107 points
- NF confirmed a FA at 11834 on 03/04 and tagged the 2 ATR move down of 11620 on 11/04. This FA got tagged again today but for the second consecutive day NF was not able to close above it. A close above it will trigger a new leg on the upside.
- NF had confirmed a FA at 11432 on 26/03 and tagged the 2 ATR move of 11632 on 27/03. This FA has not been tagged & is now strong support.
- The settlement day Roll Over point is 11673
- The VWAP & POC of Mar Series is 11327 & 11448 respectively.
- The VWAP & POC of Feb Series is 10830 & 10856 respectively.
- The VWAP & POC of Jan Series is 10795 & 10823 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 11763-11765-11797
Hypos / Estimates for the next session:
a) NF needs to stay above 11766 for a probe higher to 11778-781 & 11802
b) Sustaining below 11765-760 at open can bring lower levels of 11739 & 11727-721 into play
c) Above 11802, the auction can move to 11816-838 and 11861-865 levels
d) Below 11721, NF could tag levels of 11706 & 11682
e) If 11865 is taken out, NF can rise to 11880 & 11908-913
f) Break of 11682 could get 11660-646 & 11630
BankNifty Apr F:
BNF gave a gap up & probed above PDH as it made a high of 30722 at open but got rejected in a big way as it trended lower in the IB (Initial Balance) to not only get into the DD (Double Distribution) profile singles but went on to tag the buying tail of yesterday’s profile making a low of 30387 in the ‘B’ period to end up giving a large IB range of 335 points along with a selling tail at top from 30722 to 30505. (Click here to view the profile chart for better understanding) The auction continued to probe lower in the ‘C’ period as it made a new low of 30350 but closed inside the IB leaving a probable FA (Failed Auction) in the most favorable ‘C’ period. BNF then moved higher in the next 2 periods but got rejected at VWAP as the ‘E’ period made an outside bar indicating that the downside probe is still not over and BNF then resumed the move lower to make new lows of 30325 in the ‘G’ period but once again got rejected from yesterday’s buying tail. The auction then probed higher over the next 4 periods as it scaled above VWAP to make a high of 30485 in the ‘K’ period but could not test the morning singles which led to a big drop as BNF spiked lower into the close leaving an extension handle at 30325 to make lows of 30210 making an outside bar on daily along with tagging the 1.5 IB range extension lower inspite of the large IB. Spike Rules will be in play for the next session & the spike zone is from 30210 to 30325.
- The BNF Open was a Open Rejection Reverse – Down (ORR)
- The day type was a Normal Variation Day – Down (‘b’ Profile plus spike)
- Largest volume was traded at 30388 F
- Vwap of the session was at 30408 with volumes at 31.3 L in a session which traded a High-Low range of 30722-30210 for a range of 512 ponts
- BNF confirmed a FA at 29833 on 12/04 & tagged the 2 ATR move up of 30581 on 16/04.
- The settlement day Roll Over point is 30500
- The VWAP & POC of Mar Series is 29061 & 29778 respectively.
- The VWAP & POC of Feb Series 27042 & 26978 respectively
- The VWAP & POC of Jan Series 27236 & 27514 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 30324-30388-30499
Hypos / Estimates for the next session:
a) BNF needs to get above 30325-335 for a move to 30385 & 30445-468
b) Immediate support is at 30216-188 below which the auction can probe lower to 30130-090 & 30040-08
c) Above 30485-505, BNF can tag higher levels of 30585 & 30625-648
d) Below 30008, the auction can test 29940-920 & 29840-833
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