Market Profile Analysis dated 23rd February 2021

Nifty Feb F:  14711 [ 14871 / 14662 ]

NF made a gap up open and tested yesterday’s PBH of 14768 as it made a high of 14774 in the ‘A’ period from where it reversed the probe to the downside and went on to make new lows for the day at 14662 in the ‘B’ period getting rejected from the closing spike of 14665 to 14640 indicating that the downside was limited and this led to a big C side Range Extension higher as the auction not only scaled above the Trend Day VWAP of 14811 but also got above the lower extension handle of 14853 as it made new highs for the day at 14871. The upmove looked streched as the ‘D’ period made a narrow range inside bar and the inability to move out of previous VAH then led to a downside probe in NF as it got back into the IB and left similar lows at the yPOC of 14705 in the ‘F’ & ‘G’ periods which confirmed that a balance was underway as the auction made another rotation higher leaving a PBH at 14808 in the ‘I’ period after which it probed lower into the close even breaking the yPOC of 14705 in the ‘L’ period to tag 14675 before closing the day at 14711 leaving an inside bar both in terms of Range as well as Value. The 2-day composite has Value at 14680-14754-14827 and would need initiative volumes in the coming session(s) for a move away from here.

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 Normal Variation Day – Up (NV) – Inside Day
  • Largest volume was traded at 14758 F
  • Vwap of the session was at 14758 with volumes of 139 L and range of 208 points as it made a High-Low of 14871-14662
  • NF confirmed a FA at 15145 on 19/02 and hit the 2 ATR objective of 14689 on the 22/02.
  • NF confirmed a FA at 15255 on 18/02 and hit the 2 ATR objective of 14799 on 22/02.
  • NF confirmed a FA at 14731 on 04/02 and completed the 2 ATR objective of 15265 on 09/02. This FA was broken on 22/02 and is no longer a positional support.
  • The settlement day Roll Over point (Feb) is 13809
  • The VWAP & POC of Jan Series is 14288 & 14569 respectively.
  • The VWAP & POC of Dec Series is 13528 & 13528 respectively.
  • The VWAP & POC of Nov Series is 12554 & 12862 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 14707-14758-14788

HVNs – 13886 / 14015 / 14172 / 14664 / 14820 / 14879 / 15120* / 15310


BankNifty Feb F:  35120 [ 35715 / 34989 ]

BNF also opened with a gap up and as expected formed a balanced profile for the day getting rejected at both ends as it made an attempt to break out of previous Value and also left an overlapping POC around 35170 forming a Neutral Day and looks set to give a fresh move away from this 2-day composite of 35082-35169-35549 in the coming session or two.

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 Neutral Day (NeuD)
  • Largest volume was traded at 35170 F
  • Vwap of the session was at 35280 with volumes of 58.1 L and range of 726 points as it made a High-Low of 35715-34989
  • BNF confirmed a FA at 36680 on 19/02 and hit the 1 ATR objective of 35714 on the same day. The 2 ATR target from this FA comes to 34748.
  • BNF confirmed a FA at 34343 on 04/02 and completed the 2 ATR objective of 36091 on 05/02. This FA has not been tagged and is now positional support.
  • The settlement day Roll Over point (Feb) is 30445
  • The VWAP & POC of Jan Series is 31597 & 32062 respectively.
  • The VWAP & POC of Dec Series is 30270 & 30766 respectively.
  • The VWAP & POC of Nov Series is 28104 & 29565 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 35073-35150-35384

HVNs – 30041 / 30534 / 30996 / 34407 / 35751* / 35920 / 36339

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