Market Profile Analysis dated 24th February 2021

Nifty Feb F:  14994 [ 15024 / 14714 ]

NF opened higher right at the 2-day composite POC of 14755 and took support at 14714 confirming that the initiative sellers of Monday have all booked out as the auction remained above the Trend Day POC of 14705 for the last 2 days and even left a small buying tail in the IB which meant that the PLR now would be to the upside. NF then did not make that dreaded C side extension higher but merely postponed it to the ‘D’ period as it made new highs of 14848 but was rejected back into the IB as it went on to break below VWAP and test the morning tail at lows when the exchange was abrubtly halted. On resumption, the auction opened at 14770 trapping some late longs triggering a short covering move and even attracted fresh buying as NF left couple of extension handles at 14848 & 14881 and made a big move to the upside even negating Monday’s main extension handle of 14923 as it went on to tag the VPOC of 15007 almost completing the 3 IB objective of 15032 while making a high of 15024. The auction closed the day at 14994 and today’s profile has singles from 14962 to 14881 which would be the zone to watch in the coming session whereas on the upside we have the HVN of 15070 and the FAs of 15144 & 15255 as the probable targets.

Click here to view the latest profile in NF on MPLite

  • The NF Open was a Open Auction In Range plus Drive Up (OAIR)
  • The Day type was a Normal Variation Day – Up (NV)
  • Largest volume was traded at 14797 F
  • Vwap of the session was at 14858 with volumes of 103.2 L and range of 208 points as it made a High-Low of 15024-14714
  • 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.
  • 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 14714-14797-14942

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


BankNifty Feb F:  36469 [ 36554 / 35035 ]

BNF showed more intent at the open as it gave a drive away from the 2-day overlapping POC of 35170 forming a big IB range of 583 points and scaled above PDH leaving an initiative buying tail from 35311 to 35035 after which it made a RE on the upside in the ‘D’ period where it tagged the series POC of 35751 and even made a higher high of 35821 in the ‘E’ period where it saw some profit booking coming in as it gave a retracement back to the day’s VWAP when the market halted mid-day. On resumption, BNF completed it’s unifinished business resuming the probe higher with greater intent as it gave a monstrous move of more than 1000 points leaving extension handles at 35821 & 36000 as it hit the VPOC of 36378 while making a high of 36554 before closing the day at 36469. Today’s profile has a big zone of singles at the upper end also from 36365 to 36000 which would be the support zone and on the upside, BNF would need to first stay above today’s HVN of 36510 for a probe towards the FA of 36680 above which the supply zone of 37075 to 37126 could come into play.

Click here to view the latest profile in BNF on MPLite

  • The BNF Open was a Open Auction In Range plus Drive Up (OAIR)
  • The Day type was a Normal Variation Day – Up (NV)
  • Largest volume was traded at 35586 F
  • Vwap of the session was at 35815 with volumes of 49.1 L and range of 1519 points as it made a High-Low of 36554-35035
  • 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 35035-35586-36207

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

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