Market Profile Analysis dated 28th April 2021

Nifty Apr F:  14855 [ 14891 / 14685 ]

NF opened with a gap up well and remained above the VPOC of 14682 but settled down into an OAOR start leaving a narrow range of just 73 points in the IB where it made new highs for the week at 14758 and broke below VWAP in the C period making an attempt to probe lower in the buying tail of the IB which was rejected which resulted in a C side extension higher and followed it by new highs of 14776 in the ‘D’ period but for the second time in the day was stuck in a very narrow range of less than 20 points till the ‘E’ period as the supply seemed to be getting absorbed in this zone. The ‘F’ period then made a fresh RE to the upside followed by a big one in the ‘G’ period as NF left an extension handle at 14777 and went on to trend higher till the ‘K’ period almost tagging the higher VPOC of 14894 from 9th Apr and stopping just below the weekly VPOC of 14903 while making a high of 14891 before closing the day just above the dPOC of 14848 leaving a Double Distribution Trend Day. The immediate reference on the downside would be the VWAP of 14810 and on the upside the auction would need to stay above 14903 to continue the probe higher towards the next VPOC of 14988 and the series hihg of 15044.

Click here to view the latest profile in NF on MPLite

  • The NF Open was a Open Auction Out of Range (OAOR)
  • The Day type was a Double Distribution Trend Day – Up (DD)
  • Largest volume was traded at 14848 F
  • Vwap of the session was at 14810 with volumes of 94.6 L and range of 206 points as it made a High-Low of 14891-14685
  • The settlement day Roll Over point (Apr) is 14425
  • The VWAP & POC of Mar Series is 14816 & 14737 respectively.
  • The VWAP & POC of Feb Series is 14893 & 15115 respectively.
  • The VWAP & POC of Jan Series is 14288 & 14569 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 14767-14848-14886

HVNs – 14352 / 14515* / 14621 / 14827 / 14906 


BankNifty Apr F:  33696 [ 33765 / 32834 ]

BNF also opened higher and similar to NF made a very narrow IB range of just 300 points where it made a high of 33133 but importantly had an initiative buying tail from 33045 to 32834 which meant that the PLR (Path of Least Resistance) clearly remained to the upside. The ‘C’ period which is infamous for giving fake moves then made an attempt to probe lower as it broke below VWAP but could only leave a PBL (Pull Back Low) at 32980 as the auction remained in the IB range till the ‘E’ period building up a base for that big afternoon move which an OAOR start gives most of the times. BNF then gave a small trailer of what was to come as it made a RE to the upside in the ‘F’ period making new highs of 33180 and then gave the big move over the next 2 periods as it not only tagged the 8th Apr VPOC of 33386 but also completed the 2 IB objective of 33434 while making a high of 33557. The ‘I’ period then took a breather after this long jump after which the ‘J’ period resumed the OTF (One Time Frame) move till the ‘L’ period where it hit 33765 and in the process completed the 3 IB objective of 33734 which triggered some profit booking as BNF made a small retracement to 33633 before closing the day just above today’s HVN of 33651 which would be the reference for the next open. The DD (Double Distribution) zone of today could be taken as 33456 to 33180 and any dip here could bring fresh demand back whereas on the upside this series high of 34250 would be the level to watch if the auction is able to get above 33870 in the coming session.

Click here to view the latest profile in BNF on MPLite

  • The BNF Open was a Open Auction Out of Range (OAOR)
  • The Day type was a Double Distribution Trend Day – Up (DD)
  • Largest volume was traded at 33086 F
  • Vwap of the session was at 33333 with volumes of 43.5 L and range of 931 points as it made a High-Low of 33765-32834
  • The settlement day Roll Over point (Apr) is 33250
  • The VWAP & POC of Mar Series is 34618 & 33870 respectively.
  • The VWAP & POC of Feb Series is 35530 & 35820 respectively.
  • The VWAP & POC of Jan Series is 31597 & 32062 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 32915-33086-33546

HVNs – 31836 / 32615 / 33451* / 34050

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