Market Profile Analysis dated 2nd Apr

Nifty Apr F:

NF opened higher but made an OH start at 11764 and probed lower post open making a low of 11712 in the ‘A’ period taking support just above the PDL (Previous Day Low). The ‘B’ period then made an inside bar as it made a high of 11742 resisting at yVAL which followed in the ‘C’ & ‘D’ period also as NF got stalled at yVAL but also could not break PDL indicating that the sellers were missing. (Click here to view the profile chart for better understanding) The ‘E’ period then got above the yVAL of 11741 and probed higher getting above the IBH and went on to make new highs in the ‘G’ period as it tagged the yPOC of 11777 but could not scale above it suggesting that supply was coming in at these levels. The ‘H’ period saw NF making a similar high of 11776 leaving poor highs confirming the exhaustion in the move up as auction probed lower and went on to tag VWAP making a pull back low of 11742 taking support at the morning’s resistance. The ‘I’ period then made an inside bar making another similar high at 11775 but closed below the IBH re-confirming the supply at these higher levels. The ‘J’ period was an action bar as it first tested VWAP and took support there to attempt another move above IBH but again got resisted at 11772 and this rejection empowered the sellers to push the auction lower as NF went on to break VWAP and the pull back low of 11742 and then continued lower in the ‘K’ period as it made a low of 11725 taking support once again around the lows it made yesterday at close. The ‘K’ period got back to tag VWAP & closed above that 11741 after which the ‘L’ period moved higher and went on to scale above the IBH again making yet another high at 11776 but the ‘M’ period repaired the poor highs as it spiked higher into the close as it made a high of 11795 to test that SOC (Scene Of Crime) of yesterday. NF has made an inside day in terms of range with Value overlapping to lower and has made a Gaussian profile on a 2 day composite with a wide POC at 11766 which will be the level to watch in the next session. NF has a spike from 11776 to 11795 and spike rules will be in play for the open.

• The NF Open was a Open Auction In Range (OAIR)
• The day type was a Normal Variation Day (Up)
• Largest volume was traded at 11730 F
• Vwap of the session was at 11751 with volumes of 72.2 L in a session which traded a High-Low range of 11795-11712 for a range of 83 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+6’ Days
• The settlement day Roll Over point is 11673
• The VWAP & POC of Mar Series is 11327 & 11448 respectively.
• The VWAP & POC of Feb Series is 10830 & 10856 respectively.
• The VWAP & POC of Jan Series is 10795 & 10823 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 11729-11730-11768

Hypos / Estimates for the next session:

a) Sustaining above 11787-790 at open, NF can move higher to 11808 and 11823-830
b) Immediate support is at 11766 below which the auction can probe lower to 11740-730 and 11705-697
c) Above 11830, NF can tag higher levels of 11850-858 and 11875
d) Below 11697, NF can tag the vPOC of 11680 and 11661
e) If 11880 is taken out, NF can give a fresh move higher to 11900-908 & 11930
f) NF has important support at 11661-658 which if broken can bring 11641-634 & 11611-101

BankNifty Apr F:

BNF made a weak start as it opened inside the Neutral Extreme reference of yesterday and continued the probe breaking below PDL (Previous Day’s Low) of 30380 to make a low of 30300 in the opening minutes after which it began to auction around 30380 as the next 2 periods ‘B’ & ‘C’ made double inside bars. (Click here to view the profile chart for better understanding) The ‘D’ period also remained mostly inside the ‘C’ but attempted a probe lower as it made a low of 30365 but could not get below that trend day VWAP of 30364 and also the ‘B’ period lows indicating that the down side auction is getting exhausted and this led to a good move on the upside in the ‘E’ period as BNF went on to tag the IBH making a high of 30557 but could not get out of the Neutral Extreme reference of 30588. The auction could not sustain above IBH leaving a probable FA at highs as it made an inside bar in the ‘F’ period but remained above VWAP. The ‘G’ period saw another attempt being made to probe higher as it got above the highs of ‘F’ but BNF could not scale IBH and this lack of demand led to a sharp move lower for the next 4 periods as BNF trended lower till the ‘K’ period as it went on to break the IBL confirming a FA at highs. This probe below the IBL also was swiftly rejected as the ‘K’ period closed back in the IB range. The auction then gave a big move to the upside in the last 45 minutes as it got above VWAP as the ‘L’ period began making a high of 30522 and spiked higher into the close as ‘M’ period gave a 140 point move as BNF got above the IBH to confirm a FA at lows now and went on to make a high of 30638 giving back to back Neutral Extreme Days but in the opposite direction indicating that there could be 2 big players fighting out to take control over the auction. BNF also made a nice Gaussian profile for the day and the Neutral Extreme reference for the next session is from 30557 to 30638.

• The BNF Open was a Open Auction (OA)
• The day type was a Neutral Extreme Day (Up)
• Largest volume was traded at 30400 F
• Vwap of the session was at 30678 with volumes at 26.5 L in a session which traded a High-Low range of 30638-30285 for a range of 353 points
• BNF confirmed a FA at 30285 today and the 1 ATR move up comes to 30705.
• The Trend Day VWAP of 28/03 of 30364 will be important level for the series.
• The settlement day Roll Over point is 30500
• The VWAP & POC of Mar Series is 29061 & 29778 respectively.
• The VWAP & POC of Feb Series 27042 & 26978 respectively
• The VWAP & POC of Jan Series 27236 & 27514 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 30350-30400-30500

Hypos / Estimates for the next session:

a) BNF needs to sustain above 30625 at open for a move to 30690-700 and 30760-774
b) Immediate support is at 30557 below which the auction can tag 30500-480 and 30400
c) Above 30775, BNF can go for that FA of 30813 and above it 30875
d) Below 30400, the auction can probe lower to 30350 and 30285-270
e) If 30875 is taken out in BNF, higher levels of 30915-921 and 30975 could be seen
f) Break below 30270 can bring 30215-185 and 30105

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