Nifty Spot Weekly Profile (01st to 03rd Nov 2021)
17829 [ 18012 / 17697 ]
Previous week’s report ended with this ‘The weekly profile is an elongated one of 729 points range & for the second successive time is a Neutral Extreme Down one with mostly lower Value at 17901-18159-18339 which has left daily VPOCs at 18023 & 18311 which will be the important references on the upside with the immediate levels being the PBH of 17765 & the extension handle of 17928 whereas on the downside, the start of the monthly buying tail at 17581 and the 01st Oct VPOC of 17518 will be the markers below which the monthly VPOC of 17365 could come into play’
Nifty opened the week with a gap up of 111 points and made an attempt to close the gap but could only form similar lows of 17697 & 17701 in the first half on Monday indicating that the downside was getting limited after which it went on to make a big extension to the upside in the ‘I’ period leaving a zone of singles from 17832 to 17883 as it went on to make a high of 17954 leaving a DD (Double Distribution) Trend Day Up with the TPO POC staying in the lower part at 17770 and continued this imbalance to the upside on Tuesday with a higher open of 17971 and marking new highs of the week at 18012 in the opening minutes but the auction stalled right below the 28th Oct VPOC of 18023 signalling the end of the upside probe and left an initiative selling tail from 17969 to 18012 to start a move lower where it first checked the DD singles while making a low of 17872 in a C side extension and made another attempt to negate these singles but was swiftly rejected from 17847 as it left a small responsive buying tail on the daily timeframe to leave a well balanced 3-1-3 profile. Wednesday open saw a hat-trick of higher opens as Nifty got accepted in previous day’s selling tail but formed a very narrow IB (Initial Balance) range of just 54 points showing poor trade facilitation as it remained in this range for the first part of the day forming a nice balance with a prominent POC at 17963 and gave a move away from here with a with an extension handle at 17935 in the E period along with a trending move lower till the ‘I’ period as it made a low of 17792 and 200 point fall saw some profit booking coming in triggering a PBH (Pull Back High) to 17906 in the ‘J’ TPO where the auction got rejected from the weekly VAL and resumed the downside probe to form new lows for ther day at 17757 as it tagged the 01st Nov TPO VPOC of 17770 and completed the 4 IB downside objective for the day resulting in another profit booking round to give a close back at 17829.
The weekly profile is a Normal one within a narrow range of 315 points thanks to the holiday-shortened week but has formed overlapping to lower Value at 17817-17925-17973 and has a prominent POC at 17925 which will be the important reference on the upside for the coming week apart from the small selling tail at top from 17989 to 18012 and staying below which Nifty would remain weak for a probe to that monthly buying tail at 17581, the 01st Oct VPOC of 17518 and lastly the monthly VPOC of 17365 as the auction has left a second successive higher weekly POC at 18159.
Click here to view this week’s auction in Nifty with respect to the previous week on MPLite
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 17845 for a probe to 17895 / 17935 / 17979 / 18023 / 18086 / 18159 / 18201
B) Accepting below 17817 could lead to a test of 17778 / 17742 / 17697 / 17634 / 17574 / 17518 / 17481
NF (Weekly Profile) – 17847 [ 18038 / 17730 ]
NF opened the week slightly higher and gave a move away from 29th Oct’s dPOC of 17755 with an initiative buying tail and probed higher all day forming a Double Distribution Trend Day as it left mid-profile singles from 17971 to 17888 and made a high of 18038 stalling right at the series VWAP of October which was at 18036 and made similar highs at open on Tuesday confirming that the upside was getting limited as it left an initiative selling tail from 17998 to 18038 & probed lower for the rest of the day forming a ‘b’ shape profile and filling up the DD singles. Thursday saw a higher open as auction got accepted in the selling singles of previous day’s profile and formed a narrow range IB of just 76 points and remained in the same for the first half building volumes at 17994 after which it gave a trending move away from here from the ‘F’ to the ‘I’ periods and almost completing the 3 IB objective as it made a low of 17801 and saw some profit booking by the shorts setting up a move back to the day’s VWAP as NF left a PBH (Pull Back High) at 17935 and the rejection from VWAP triggered new lows of 17770 in the K period where it stopped just above the buying singles of Monday leaving a DD to the downside & closing right at the dPOC of 17845. The weekly profile was a narrow range one as it remained in Monday’s range of 308 points with completely inside Value at 17853-17916-18027 with a HVN at 17997.
BankNifty Spot Weekly Profile (01st to 03rd Nov 2021)
39402 [ 40160 / 39120 ]
Previous week’s report ended with this ‘The weekly profile is an elongated and trending one lower of 3403 points as BankNifty was brought back to ground zero from the state of Euphoria and though it has formed higher Value at 39624-41172-41664, the close has been around the lower HVN of 39264 as the downside for the week stalled just above the weekly VPOC of 38316 which will be the level to watch in the coming week’
BankNifty opened the week with a gap up of 316 points and made a high of 39528 after which it probed lower for the rest of the A period & made an attempt to close the gap but stopped just short while making a low of 39120 and remained in this range forming a balance while building a prominent TPO POC at 39330 before it made a late RE (Range Extension) to the upside leaving a zone of singles from 39528 to 39594 and getting into previous week’s Value as it made a high of 39863. The auction continued this imbalance on Tuesday as it made new highs for the week at 39990 in the A period but was swiftly rejected as could be seen in the initiative tail it formed in the IB (Initial Balance) after which it even made a good C side extension lower to tag 39591 but stoppped right at the upper end of previous day’s singles indicating that the buyers were still defending this zone and this led to a fresh probe to the upside resulting in couple of REs to 40107 but closed the day as a Neutral Centre one around the prominent POC of 39959. BankNifty made another higher open on Thursday hitting new highs for the week at 40160 in the A period but formed a narrow IB range of just 206 points & a balance in the first half signalling exhaustion on the upside which triggered a big liquidation drop from the E period to the ‘I’ period where it made a low of 39385 and gave a big pull back to 39982 in the J period which was again used by the sellers to push the auction lower as it went on to tag 01st Nov’s TPO POC of 39330 while making new lows for the day at 39305 before closing the week at 39402.
The weekly profile was completely inside previous week filling up the low volume zone with a narrow Value area of just 600 points which was overlapping to lower at 39480-39936-40080 and has closed below the VAL but just above the TPO HVN of 39320 which will be the immediate reference on the downside for the coming week below which the auction could test the buying singles of 38788 & the weekly VPOC of 38316 whereas on the upside, BankNifty needs to stay above 39480 for a test of 39650 and the ability to sustain above it could give a probable move towards the weekly POC of 39936 & above it the 28th Oct POC of 40244 in the coming week.
Click here to view this week’s auction in BankNifty with respect to previous week’s profile on MPLite
Weekly Hypos for Bank Nifty (Spot):
A)BankNifty needs a drive from 39480 for a rise to 39650 / 39780 / 39936 / 40080 / 40244 / 40417 / 40560
B) Accepting below 39299, the auction could test 39120 / 39006 / 38788 / 38607 / 38426 / 38316 / 38208
BNF (Weekly Profile) – 39497 [ 40295 / 39254 ]
BNF has formed an inside bar on the weekly timeframe filling up the low volume zone of previous profile with overlapping to lower Value at 39600-40080-40200 but has closed well below the VAL and the HVN of 39540 which will be the references on the upside for the coming week whereas on the downside, the important levels to watch would be 39368 & 38928.