Market Profile Analysis dated 24th March 2021

Nifty Mar F:  14555 [ 14763 / 14535 ]

NF made a gap down open of exactly 100 points way below the yPOC of 14820 and got rejected from previous Value as it made a high of 14763 in the ‘A’ period after which it left a selling extension handle at 14710 in as early as the ‘B’ period which meant that the PLR (Path of Least Resistance) was firmly to the downside and more confirmation of this came in the ‘C’ period where the auction made a successful RE (Range Extension) and followed it up with lower lows over the next 2 periods as it completed the 2 IB objective of 14572 to the dot in the ‘E’ period. Having met the 2 IB objective so early in the day, NF then gave a bounce back to the combo of the day’s VWAP & IBL not once but thrice in the ‘G’, ‘J’ & ‘K’ periods but was rejected on all 3 occassions which meant that the sellers were still in control and the third PBH at 14675 then led to a spike lower into the close from 14572 to 14535 before settling the day at 14555. Value for the day was completely lower and the profile resembled a long liquidation one with a prominent POC at 14633 and the important PBH at 14675 and unless these 2 are not taken out, the PLR would remain to the downside towards 14420 & 14367.

Click here to view the latest profile in NF on MPLite

  • The NF Open was a Open Rejection Reverse – Down (ORR)
  • The Day type was a Normal Variation Day – Down (‘b’ shape profile with a spike)
  • Largest volume was traded at 14633 F
  • Vwap of the session was at 14640 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+6’ 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 14556-14633-14677

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


BankNifty Mar F:  33358 [ 34017 / 33255 ]

BNF opened with a big gap down of 355 points not only rejecting previous day’s NeuX (Neutral Extreme) close but when the opening bounce of the day made a high of 34017, the auction got rejected right from the NeuX VWAP and left an extension handle at 33852 in the ‘B’ period to swipe through the 3-day Value of 33592-33884-34116 with the help of a C side RE where it made a low of 33583 and continued the OTF (One Time Frame) probe lower till the ‘E’ period where it made a low of 33387 taking support just above the daily swing low of 33380 it left last Friday. BNF then gave a retracement to the day’s VWAP but was unable to sustain above it leaving multiple PBHs between 33720 to 33730 and made a spike lower into the close leading to new lows of the series at 33255 before closing the day at 33358. Value for the day was completely lower with a prominent POC at 33590 and 2 zones of selling tails, the first one from 33730 to 33852 and the second one from 33934 to 34244 which would be the references on the upside for the coming session with the PLR being firmly to the downside for a probe towards 32910 / 32779 & 32636.

Click here to view the latest profile in BNF on MPLite

  • The BNF Open was a Open Rejection Reverse – Down (ORR)
  • The Day type was a Normal Variation Day – Down (‘b’ shape profile with a spike)
  • Largest volume was traded at 33594 F
  • Vwap of the session was at 33595 with volumes of 46.7 L and range of 762 points as it made a High-Low of 34017-33255
  • BNF confirmed a FA at 33635 on 23/03 and the 1 ATR objective comes to 34491. This FA got negated on 24/04 and closed below it.
  • 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+6’ 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 33373-33594-33727

HVNs – 35270* / 35640

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