Market Profile Analysis dated 28th Mar

Nifty Apr F:

NF (Apr) held just above the previous day’s singles of 11521 to 11496 at open and probed higher making a high of 11558 in the ‘A’ period. A Double Distribution profile coming inside a range has more chances of getting filled & the auction continued to move higher in the ‘B’ period as it entered previous day’s Value and scaled above the small DD zone of 11581-11586 to tag the yPOC as it made a high of 11604 leaving a relatively large IB of 80 points. (Click here to view the profile chart for better understanding) NF then started to make a balance filling up the low volume zone of the previous day’s profile as it stayed inside the range of ‘B’ for the next 4 periods forming a ‘p’ profile with an extension handle at 11558 and singles in the ‘A’ period from 11554 to 11524 indicating that the PLR was still to the upside. The auction then attempted a range extension higher in the ‘G’ period as it made a new high of 11609 but was not able to sustain above it which led to a test of VWAP as the ‘H’ period probed lower to tag 11583 but managed to stay above VWAP and also above previous day’s pull back high of 11581 which was a sign that the previous supply zone is now seeing demand coming in. The ‘I’ period began by making a similar low of 11583 and started to probe higher which confirmed that NF is now ready for a move to the upside as it made a successful range extension making a new high of 11618 and went on to close above the IBH. The ‘J’ period continued the upside probe making a high of 11642 followed by the ‘K’ period which made a marginal higher high of 11644 almost tagging the 1.5 IB level but the auction seemed to stall over here presumably hit by new supply which saw the ‘K’ period make an outside bar as it made a lower low of 11611 but remained above the IBH & VWAP which indicated that the supply may be getting absorbed. The ‘L’ period then made a OL (Open=Low) start to show intent & spiked higher as NF made another range extension to the upside marking a new high of 11671 followed by the ‘M’ period making a high of 11680 just falling short of the 2 IB move inspite of the large IB but matched the previous day’s range of 153 points. NF closed in a spike of 11644 to 11680 and spike rules will be in play at open for the next session.

• The NF Open was a Open Auction In Range (OAIR)
• The day type was a Normal Variation Day – Up (‘p’ profile plus spike)
• Largest volume was traded at 11675 F
• Vwap of the session was at 11601 with volumes of 95 L in a session which traded a High-Low range of 11680-11524 for a range of 155 points
• NF had confirmed a FA at 11432 on 26/03 and tagged the 2 ATR move of 11632 on 27/03. This FA is currently on ‘T+3’ Days
• 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:

• • Value zones (volume profile) are at 11593-11675-11678

Hypos / Estimates for the next session:

a) NF needs to stay above 11675 at open for a move higher to 11688-694 which is old supply zone and above it can do 11710
b) Staying below 11675, the auction can test 11658-650 and 11634
c) Above 11710, NF can probe higher to 11730 & 11756
d) Below 11634, lower levels of 11611-601 and 11585-581 could come into play
e) If 11756 is taken out, NF can climb higher to tag 11772-775 and 11795
f) NF has important support in the zone of 11580-570 which if broken can bring 11554 & 11521

BankNifty Apr F:

BNF (Apr) tested yesterday’s buying tail of 30130 to 29928 at open taking support at 30105 after which it probed higher getting into the well balanced profile of previous day completing the 80% Rule as it tagged the yVAH of 30334 in the ‘B’ period leaving a slightly bigger range in the IB (Initial Balance). (Click here to view the profile chart for better understanding) The auction then made a balance for the next 3 periods staying inside the range of ‘B’ but was making higher lows plus the fact that it had left a buying tail in the ‘A’ period from 30208 to 30105 meant that the PLR is firmly to the upside. BNF then extended the range in the ‘F’ period and followed it up with a higher high in the ‘G’ period as it tagged 30380 after which it gave a pull back in the ‘H’ period as it got back below the IBH to make a low of 30309 where it got support as it closed back above the IBH. The ‘I’ period then probed higher making a fresh range extension and repaired the poor highs BNF had left the previous day and continued to trend higher in the ‘J’ period as it completed the 1.5 IB extension making a high of 30548 just falling short of the 2 IB mark. The ‘K; period then stayed in a narrow range making an inside bar after which the auction gave that late afternoon dip in the ‘L’ period as BNF made a low of 30418 taking support just above the PDH and then went on to tag the day high again and the last period saw BNF making a new high of 30569 completing the 2 IB range extension and leaving a Trend Day as the new series has started.

• The BNF Open was a Open Auction In Range (OAIR)
• The day type was a Trend Day – Up 
• Largest volume was traded at 30480 F
• Vwap of the session was at 30364 with volumes at 25.1 L in a session which traded a High-Low range of 30569-30105 for a range of 464 points
• The Trend Day VWAP of 28/03 of 30364 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:

• • Value zones (volume profile) are at 30310-30480-30560

Hypos / Estimates for the next session:

a) BNF has immediate support in the zone of 30495-480 below which it can probe lower to 30418 and 30378-365
b) Staying above 30500 at open, the auction can tag higher levels of 30570 & 30625
c) Below 30365, BNF could test levels of 30315-309 and 30270
d) Above 30625, BNF can move higher to 30675 and 30760
e) If 30270 is taken out, the auction can probe lower to 30185 and 30105

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