Nifty Spot Weekly Profile (01st to 05th Aug 2022)
17397 [ 17490 / 17155 ]
Previous week’s report ended with this, ‘The weekly profile is a Neutral Extreme One to the upside with a huge range of 734 points forming overlapping Value at 16434-16602-16890 as the first 3 days built a balance in previous week’s Upper Distribution and signalled a move into imbalance over the next 2 days leaving couple of extension handles at 16684 & 16943 and has closed in an imbalance which could continue towards the weekly VPOCs of 17516 & 18004 in the coming weeks’
- Monday – Nifty opened the week with a gap up & left an A period buying tail from 17225 to 17155 confirming that the PLR (Path of Least Resistance) remained to the upside as it went on to complete the 2 ATR objective of 17332 from the FA of 17018 & tagged the 29th Apr VPOC of 17350 while making a high of 17356 forming a ‘p’ shape profile for the day
- Tuesday – The auction then built up on Monday’s Value forming a balanced profile for most part of the day after it took support in the A period singles and made late REs (Range Extension) to the upside in the J, K & L periods almost tagging the higher daily VPOC of 17393 from 21st Apr as it made a high of 17390 but saw some profit booking coming in giving a retracement back to 17287 into the close
- Wednesday – saw the continuation of the 2-day balance with the range & value being mostly inside previous day for most part and made multiple attempts to extend lower but got stalled at 17225 and this failure of the sellers led a big short covering move into the close resulting in new weekly highs of 17407 & a NeuX Day Up
- Thursday – Nifty gave a rare follow up to a NeuX profile with a higher open as it went on to tag the 13th Apr VPOC of 17489 but made similar highs at 17490 & 17488 in the IB indicating exhaustion on the upside & triggered a massive liquidation drop over the next 3 TPOs swiping through the 3-day balance & almost tagging Monday’s low of 17155 while making a low of 17161 but left a big responsive buying tail till 17230 & gave a bounce back to 17406 into the close forming an Outside Day both in terms of range & value
- Friday – The auction returned to balance forming a narrow 126 points range Neutral Day as it confirmed a FA at 17474 but also left a small buying tail at lows in the K period along with a prominent POC at 17438 leaving an inside bar but forming completely higher Value giving a sign that it wants to move away from the 4-day balance
The weekly profile is a well balanced one in a narrow range of just 336 points with completely higher Value at 17232-17263-17376 stalling just below the higher weekly VPOC of 17516 which will be the immediate level it needs to take out in the coming week to continue towards the next weekly VPOC of 18006 whereas on the downside, this week’s ultra prominent POC would act as a magnet if Nifty sustains below the VAH of 17376 with the daily VPOC of 17326 being a minor suppport in between.
Click here to view this week’s MarketProfile charts in Nifty with respect to the previous week on MPLite
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 17438 for a probe to 17474 / 17516 / 17563 / 17633 / 17694 / 17761 / 17836 / 17898 / 17948 / 18006
B) Accepting below 17389 could lead to a test of 17325 / 17263 / 17230 / 17155 / 17093 / 17018 / 16963 / 16914 / 16869 / 16812
NF (Weekly Profile) – 17416 [ 17514 / 17178 ]
NF gave a follow up the previous week’s NeuX (Neutral Extreme) profile by opening higher and staying above the Extension Handle of 17173 as it formed higher highs on all 5 days of this week which included a big Outside Day of 327 points on Thursday where it left a responsive buying tail from 17245 to 17178 which would be the demand zone for the coming week whereas on the upside, the auction confirmed a FA (Failed Auction) at 17514 on Friday and would be the supply point. The weekly profile is a well balanced one with completely higher Value at 17260-17308-17412.
BankNifty Spot Weekly Profile (01st to 05th Aug 2022)
37920 [ 38232 / 37249 ]
Previous week’s report ended with this, ‘The weekly profile is a Trend Up one with completely higher Value at 35532-36108-36816 and once again has an ultra-prominent POC at 36108 with a close near the highs indicating that the imbalance may continue at the next open but the imbalance of 2019 points of this week may also lead to a balance being formed in the coming week’
BankNifty has formed an ideal Gaussian Profile on the weekly which was also a Neutral Centre one with completely higher Value at 37692-37872-38052 and looks set to start an imbalance soon moving away from this prominent POC of 37872 in the coming week with the weekly FA of 37249 being the swing reference for a probe towards the 1 ATR objective of 38689.
Click here to view this week’s MarketProfile charts in BankNifty with respect to the previous week on MPLite
Weekly Hypos for BankNifty (Spot):
A) BankNifty needs a drive from 37955 for a rise to 38052 / 38170 / 38324 / 38484 / 38631 / 38790 / 38900 / 39095 / 39251 / 39424
B) Accepting below 37872, the auction could test 37692 / 37522 / 37437 / 37249 / 37112 / 37011 / 36888 / 36736 / 36552 / 36425
BNF (Weekly Profile) – 37959 [ 38270 / 37288 ]
BNF has formed a well-balanced Neutral Centre Weekly Profile as the Range along with Value overlapped on all 5 days of this week with rejections at both ends first in the form of a small selling tail from 38232 to 38270 and the bigger one coming after a swift rejection from previous week’s POC of 37357 resulting in a long responsive buying tail from 37483 to 37288 which will be the references to watch in the coming week if it moves away from this week’s Value of 37744-37920-38104.