Nifty Spot Weekly Profile (02nd to 06th Jan 2023)
17859 [ 18252 / 17795 ]
‘Previous week’s profile started with a look down below lows of 17779 but could only manage 17774 & left an initiative buying tail till 17907 reversing the probe to the upside making higher highs on all 5 days but stalled just below the weekly objective of 18271 as it made a high of 18265 leaving a small A period selling tail marking the end of the upmove and went on to make multiple REs lower for the first time in the week closing in a spike down from 18161 to 18080 stopping just above Thursday’s buying extension handle of 18062 leaving a short covering Normal Variation profile for the week which filled up the low volume zone of previous week forming mostly lower Value at 17976-18120-18156’
- Monday – Nifty opened in last Friday’s spike zone & left an initiative buying tail from 18140 to 18086 forming a narrow 129 point range ‘p’ shape short covering profile for the day with a prominent TPO POC at 18172 and a late dip in the K period taking support at 18123 as the buyers seemed to defend last week’s POC of 18120
- Tuesday – saw another very narrow 102 point range as the auction struggled to continue higher inspite of staying above Monday’s POC of 18172 for most part of the day marking a bad job by the buyers even though they managed to hit marginal new highs of 18251 into the close
- Wednesday – The sellers took advantage of the situation and hit back strongly with an Open Test Drive Down resulting in a long initiative tail from 18167 to 18243 and saw good range expansion to the downside forming a 222 point ‘b’ shape profile signalling long liquidation and return of aggressive supply negating the buying handle of 18062 forming completely lower Value
- Thursday – Nifty opened higher but got stopped right at the weekly POC of 18120 leaving another A period selling tail as the supply was persistent resulting in multiple REs lower & yet another good 228 point range day as it made new lows for the week at 17892 testing previous week’s buying tail from 17907 and giving a bounce back to 18007 into the close
- Friday – The auction continued the retracement with a probe above Thursday’s Value but got rejected leaving yet another A period selling tail and after consolidating in previous range for the first half of the day made a fresh move lower in the G period leaving an extension handle at 17903 and formed Value in the weekly singles of 17907 to 17774 as it made a low of 17795 forming a Double Distribution Trend Day Down but saw the POC shifting lower to 17845 meaning the shorts were booking profits
Click here to view this week’s MarketProfile charts in Nifty with respect to the previous week on MPLite
The weekly profile is a Neutral Extreme on to the downside with mostly overlapping Value at 17988-18168-18240 forming similar lows in the 17795 to 17774 zone from the last 3 weeks managing to just hold above the weekly VPOC of 17754 break of which could trigger a fresh probe lower towards the lower VPOC of 17478 whereas on the upside, this week’s POC of 18168 would be the swing reference above which Nifty could probe higher towards the HVN of 18271 and the VPOCs of 18348 & 18492.
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 17882 for a probe to 17924 / 17968 / 18031 / 18084 / 18131 / 18168 / 18231 / 18271
B) Accepting below 17845 could lead to a test of 17797 / 17754 / 17695 / 17637 / 17596 / 17544 / 17478 / 17422
NF (Weekly Profile) – 17943 [ 18333 / 17872 ]
NF has formed a Neutral Extreme Down weekly profile with the Value forming an outside bar at 18048-18108-18312 along with a HVN at 18248 and has closed at the bottom part of the range so will need to check if it gives a follow through in the coming session(s) with this week’s NeuX VWAP of 18127 being the important reference on the upside.
BankNifty Spot Weekly Profile (02nd to 06th Jan 2023)
42188 [ 43578 / 42858 ]
‘Previous week’s profile was a Trending one to the upside after BankNifty made a look down below previous lows but confirmed an Open Rejection Reverse start with a long initiative buying tail from 42060 to 41569 and an extension handle at 42194 and went on to make highs of 43498 stalling just below the weekly selling singles 43523 to 43614 leaving completely inside Value at 42444-42552-43512’
- Monday – BankNifty opened the week & the new year 2023 with an attempt to move away from previous week’s Value to the upside as it formed a Normal Day after making a large 400 point range IB but more importantly left an initiative buying tail from 43041 to 42961 and a promient POC at 43236
- Tuesday – saw another A period buying tail from 43187 to 43148 but the buyers failed yet again to make a meaningful range extension as could only manage marignal new highs of 43482 leaving yet another Normal Day though with completely higher Value
- Wednesday – The auction opened higher breaking into the weekly selling tail from 43523 to 43614 but was swiftly rejected from 43578 confrming an ORR (Open Rejection Reverse) start as it left an initiative selling tail till 43375 and saw good range expansion to the downside resulting in new lows for the week at 42858 and a long liquidation ‘b’ shape profile for the day with completely lower Value
- Thursday – continued the downside imbalance with another A period selling tail from 42911 to 43137 and an extension handle at 42730 to form a Double Distribution Trend Day Down as it went on to make a low of 42298 where it left a small responsive buying tail to give a bounce & a close around the dPOC of 42618
- Friday – BankNifty made an attempt to get into the DD singles zone from 42684 to 42730 at the open but was once again swiftly rejected making it a hat-trick of ORR starts and made a trending move lower for most part of the day with the help of an extension handle at 42410 as it broke into the weekly buying tail from 42060 to 41569 and covered almost half of it while making a low of 41877 and saw some short covering coming in triggering a bounce back to 42260 into the close
Click here to view this week’s MarketProfile charts in BankNifty with respect to the previous week on MPLite
The weekly profile is a Neutral Extreme one to the downside with overlapping to higher Value at 42552-43260-43512 but with a close in the lowest quarter and the PLR would remain weak with the immediate references on the upside being 42260 & 42410 along with higher swing references at 42563 / 42730 & 42969 whereas on the downside, 42092 would be the immediate level to watch below which the auction could probe towards 41569 and the weekly VPOC of 41472 in the coming session(s).
Weekly Hypos for BankNifty (Spot):
A) BankNifty needs a drive from 42261 for a rise to 42410 / 42563 / 42730 / 42858 / 42969 / 43186 / 43336 / 43476 / 43614
B) Accepting below 42092, the auction could test 41916 / 41779 / 41650 / 41472 / 41318 / 41169 / 41051 / 40936 / 40715
BNF (Weekly Profile) – 42358 [ 43710 / 42052 ]
BNF has formed an elongated 1658 point range Neutral Extreme profile to the downside on the weekly timeframe with overlapping to higher Value at 42704-43424-43672 and this week’s VWAP of 43051 will be the important swing reference going forward for the rest of the series as the auction looks to test the insecure lows of 41883 & 41869 in the days to come.