Market Profile Analysis dated 18th March 2021

Nifty Mar F:  14577 [ 14900 / 14506 ]

NF opened with a gap up of almost 100 points way above the NeuX (Neutral Extreme) zone of 14802 to 14741 adding to the instances where a NeuX does not give a follow up at the next open but the auction got stalled at the HVN of 14895 as it made a high of 14900 in the A period and left a very narrow IB (Initial Balance) range of just 62 points. The C period then made a good RE (Range Extension) to the downside completing the 1.5 IB objective of 14807 while making a low of 14795 but could not extend any further in the ‘D’ period which led to a probe to the day’s VWAP in the ‘F’ & ‘G’ periods where NF made similar highs along with confirming a PBH at 14859. The auction then made a definite move in the ‘H’ period to the downside as it not only got back into the NeuX zone but swiped through it after leaving an extension handle at 14795 completing the 1 ATR target of 14736 from the FA of 14981 and continued this trending move lower till the ‘K’ period where it made a low of 14506 briefly breaking below this series low of 14521 before closing the day at 14577 leaving a DD (Double Distribution) Trend Day Down. The dPOC shifted lower to 14593 into the close which would be the reference for the next open along with today’s VWAP of 14705 with the PLR (Path of Least Resistance) being to the downside.

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 Double Distribution Trend Day – Down (DD)
  • Largest volume was traded at 14593 F
  • Vwap of the session was at 14705 with volumes of 139.1 L and range of 394 points as it made a High-Low of 14900-14506
  • NF confirmed a FA at 14981 on 17/03 and tagged the 1 ATR objective of 14736 on 18/03. The 2 ATR target comes to 14490.
  • 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 14507-14593-14826

HVNs – 14810 / 14894 / 14974* / 15037 / 15230


BankNifty Mar F:  33888 [ 34820 / 33668 ]

BNF also opened with a gap up of 220 points rejecting the NeuX zone of 34230 to 34538 as it made a low of 34555 in the A period and went on to get above the yPOC & VWAP combo of 34747-34735 while making a high of 34820 in the ‘B’ period leaving a narrow 265 point range IB. Similar to NF, here also we got a C side RE to the downside where new lows of 34462 was hit but the failure to extend further down in the ‘D’ period triggered a bounce above the day’s VWAP but resulted in a PBH at 34713 in the ‘G’ period which was just below the NeuX VWAP of 34735 which suggested that sellers were taking control of the auction. BNF then made a fresh RE lower in the ‘H’ period leaving an extension handle at 34462 triggering a huge fall to 33668 as the auction confirmed the second extension handle at 34180 before giving a small bounce to 33989 into the close closing as an incomplete DD profile which could get completed in the next session before it signals a fresh move away.

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 Double Distribution Trend Day – Down (DD)
  • Largest volume was traded at 34628 F
  • Vwap of the session was at 34272 with volumes of 60.1 L and range of 1151 points as it made a High-Low of 34820-33668
  • BNF confirmed a FA at 35184 on 17/03 and completed the 1 ATR objective of 34297 on the same day. The 2 ATR target from this FA comes to 33409
  • 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 33956-34628-34820

HVNs – 35306* / 35640

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