Nifty Mar F:
NF opened around the wide POC of 11366 at open & probed higher getting above the pull back high of 11379 and got into the selling tail of previous day which started from 11397. After making a high of 11401 in the ‘A’ period, the auction continued higher to make a new high of 11413 as the ‘B’ period began but was getting stalled may be because of supply coming in as it left an IB of 46 points with singles in the profile from 11393 to 11365. (Click here to view the profile chart for better understanding) The ‘C’ period then made an inside bar closing below 11397 setting up for a move lower which began in the ‘D’ period as NF got into the morning singles and probed lower traversing through the entire tail and even broke below the IBL in the ‘F’ period to make a new low of 11363 but was swiftly rejected from there which meant that the buyers were still defending that wide POC of previous day. The auction then probed higher in the ‘G’ period and tagged VWAP but was not able to close above it & consolidated in the next period ‘H’ as it made an inside bar with a range of just 11 points indicating that the auction is contracting and a big move either side could come in the afternoon. The ‘I’ period then just took off on the upside as NF not only got above the ‘H’ period getting back into that selling tail of previous day again but this time it was armed with the fact that the sellers failed to extend the range on the downside and went on to scale above IBH to confirm a FA at lows as it made a high of 11441 completing the 1.5 IB extension to the upside. As oftens happens in Market Profile – balance leads to imbalance & vice versa, the auction then balanced in the ‘J’ period which also looked like absorption of supply as NF managed to stay above PDH and this got confirmed in the next period as ‘K’ made a trending move higher giving the biggest range of the day of 80 points which not only saw the 1 ATR target of 11463 from today’s FA getting tagged along with closing of yesterday’s gap down but NF also got into previous week’s Value as it made a high of 11504 completing the 3 IB range extension to the upside. The auction went on to make higher highs in the next 2 periods tagging that trend day VWAP of 11521 to complete a Neutral Extreme Day which also confirmed a reversal after the 2 day probe lower. The Neutral Extreme reference for the next session would be from 11441 to 11523.
- The NF Open was a Open Auction In Range (OAIR)
- The day type was a Neutral Extreme Day – Up
- Largest volume was traded at 11385 F
- Vwap of the session was at 11422 with volumes of 118.9 L in a session which traded a High-Low range of 11524-11363 for a range of 161 points
- NF had confirmed a FA at 11363 today and tagged the 1 ATR move higher at 11463 today itself. The 2 ATR move up comes to 11563.
- The Trend Day VWAP & POC of 22/03 at 11532 & 11521 will now be the immediate resistance levels for the series.
- The Trend Day VWAP & POC of 11/03 at 11165 & 11170 is important support levels for the series.
- The Trend Day VWAP & POC of 05/03 at 10946 & 10934 will be important levels for the series.
- The VWAP & POC of Feb Series is 10830 & 10856 respectively.
- The VWAP & POC of Jan Series is 10795 & 10823 respectively.
- The VWAP & POC of Dec Series is 10796 & 10741 respectively.
You can check the monthly charts & other swing levels for Nifty & NF here & for the weekly charts & analysis, please click here.
Daily Zones:
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- Value zones (volume profile) are at 11363-11385-11460
Hypos / Estimates for the next session:
a) NF has immediate supply at 11521-532 zone which if taken out at open can bring 11560-563 and 11574-585
b) Staying below 11520 at open, the auction can test 11504 & 11487
c) Above 11585, NF can move higher to make new highs of 11599 & above it 11615-620
d) Below 11487, NF can probe lower to test the zone of 11446-435 and 11420-413
e) If 11620 is taken out and sustained, the auction can move higher to 11633 and 11649-655
BankNifty Mar F:
BNF gave a move away from the prominent POC of 29316 at open giving a Open Drive though it was on relatively lower volumes as the auction probed above PDH and closed higher in the ‘A’ period after which it made a higher high of 29538 in the ‘B’ period leaving singles from 29465 to 29312. (Click here to view the profile chart for better understanding) The ‘C’ period then saw BNF making a range extension to the upside as it made a high of 29560 getting into previous week’s Value but was rejected from there as ‘C’ made a narrow range bar of just 45 points with the dreaded extension which meant the auction to the upside was stalling & it was time for a probe lower. BNF then did move lower for the next 3 periods making lower highs & lows as it got into the morning singles and went on to break VWAP also making a low of 29430 in the ‘F’ period. The ‘G’ period stopped this mini-OTF downside as it made a higher high and got above VWAP and the fact that the auction was staying above the PDH meant the PLR was still to the upside. The next period ‘H’ made an inside bar which was also the narrowest range for the day of just 35 points after which BNF probed higher in the ‘I’ period as it made a fresh range extension to the upside to get back into previous week’s Value once again at it made a high of 29600 and this time it closed above the weekly VAL which was a bullish sign. The ‘J’ period then consolidated making an inside bar but stayed above IBH leading to the ‘K’ period making a trending move of 290 points as BNF tagged the HVN & weekly POC of 29800 and tagged the trend day VWAP of 29825. The ‘L’ period then continued the imbalance higher as the auction got above the pull back high & extension handle of 29920-940 with ease to make highs of 29990 and BNF went on to make new highs in the last period also as it tagged 30025 indicating that the auction to the upside is still not over. BNF closed in a spike higher so the spike zone of 29840-30025 will be the reference for the next session’s open.
- The BNF Open was a Open Drive Up (on low volumes)
- The day type was a Normal Variation Day – Up (‘p’ profile with a spike close)
- Largest volume was traded at 29492 F
- Vwap of the session was at 29596 with volumes at 32.7 L in a session which traded a High-Low range of 30025-29300 for a range of 725 points
- The Trend Day VWAP & POC of 22/03 at 29810 & 29825 has been taken out and could now act as support
- The Trend Day VWAP of 05/03 of 27380 will be important level for the series.
- The VWAP & POC of Feb Series 27042 & 26978 respectively
- The VWAP & POC of Jan Series 27236 & 27514 respectively
- The VWAP & POC of Dec Series 26713 & 26832 respectively
For the Monthly charts & other swing levels for BankNifty & BNF click here & for the weekly charts & analysis, please click here.
Daily Zones:
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- Value zones (volume profile) are at 29375-29492-29796
Hypos / Estimates for the next session:
a) BNF closed in a spike of 29840-30025 so spike rules will be in play at open
b) BNF staying above 29970 at open could bring 30025-42 and 30101-118
c) Below 29960, BNF can test lower levels of 29890-885 and 29840-825
d) Above 30120, the auction can move higher to 30244 and 30355
e) BNF will get weak below 29780 for a move lower to 29680 and 29620-600
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