Market Profile Analysis dated 23rd March 2021

Nifty Mar F:  14833 [ 14900 / 14713 ]

NF made an initiative move away from previous Value at open and not only made new highs for the week but went on to scale above last Friday’s high of 14805 while hitting 14848 in an action packed ‘A’ period which ended by breaking the day’s VWAP triggering a fall to 14751 in the ‘C’ period where it left a PBL (Pull Back Low) and once it got back above VWAP in the ‘D’ period, the auction made a RE (Range Extension) to the upside as it tagged the HVN of 14880 from the upper distribution of 18th Mar DD (Double Distribution) profile and found the supply coming back aggressively. This rejection from 14881 resulted in the reversal of the probe to the downside as NF not only broke below VWAP & the morning PBL but went on to make new lows for the day at 14713 in the ‘E’ period but like it did on the upside, the IB extension on the downside also was rejected as the auction first got back into the IB and then scaled above VWAP forming a balanced profile for the day with higher Value and made a fresh RE in the ‘K’ period as it made new highs of 14900 matching the DD highs but could not get above it triggering a liquidation move into the close to 14805 leaving a Neutral Centre Day and the dPOC of 14820 would be the important reference for the next open.

Click here to view the latest profile in NF on MPLite

  • The NF Open was a Open Rejection Reverse – Up (ORR)
  • The Day type was a Neutral Centre Day (NeuC)
  • Largest volume was traded at 14821 F
  • Vwap of the session was at 14812 with volumes of 141.9 L and range of 186 points as it made a High-Low of 14900-14713
  • NF confirmed a FA at 14981 on 17/03 and tagged the 2 ATR objective of 14490 on 19/03. This FA is currently on ‘T+5’ Days.
  • 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 14767-14821-14837

HVNs – 14810 / 14887* / 14974 / 15037 / 15230


BankNifty Mar F:  34244 [ 34425 / 33635 ]

BNF made yet another OAIR start and continued to build on the 2-day balance in the IB after which it made the dreaded C side extension lower which got rejected and triggered a quick & big move on the upside in the ‘D’ period as the auction scaled above the 2-day Value and entered last Friday’s selling tail of 34285 to 34450 completing the 2 IB objective of the day as it hit 34367 but was swiftly rejected as it confrimed a fresh selling tail from 34157 to 34367 breaking below VWAP in the ‘E’ period which inturn brought in new lows for the day at 33635 stopping just above yesterday’s HVN of 33600. BNF then made another rotation to the upside over the next few periods confriming a FA (Failed Auction) at lows and gave a brief stop right at the 2-day VAH of 34037 in the ‘H’ period and made another attempt to break higher in the ‘J’ period which was successful followed by another big RE in the ‘K’ period as the morning selling tail got negated and the auction went on to make new highs for the day at 34424 in the ‘L’ period but failed to take out the main extension handle of 34462 from the DD profile of 18th Mar. The day’s POC shifted higher to 34242 and BNF closed right there and is now giving a nice 3-day balance with Value at 33592-33884-34116 which would be the zone to watch on the lower side in the coming session(s) whereas on the upside, the levels on watch would be the extension handle of 34462 & the VPOC of 34628.

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 34242 F
  • Vwap of the session was at 34021 with volumes of 64.5 L and range of 790 points as it made a High-Low of 34424-33635
  • BNF confirmed a FA at 33635 on 23/03 and the 1 ATR objective comes to 34491.
  • BNF confirmed a FA at 35184 on 17/03 and completed the 2 ATR objective of 33409 on the 19/03. This FA is currently on ‘T+5’ Days.
  • 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 33834-34242-34300

HVNs – 35270* / 35640

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://www.explara.com/e/vtrendertradingroomlive