Weekly charts (02nd to 06th Mar 2020) and Market Profile Analysis

Nifty Spot Weekly Profile (02nd to 06th Mar 2020)
Spot Weekly – 10989 [ 11433/ 10827 ]

Previous week’s profile (24th to 28th Feb) was a trending one to the downside with an initiative tail from 11981 to 12071 giving a huge range of 838 points with each day forming lower Value than the previous one and the week closed in a spike down from 11536 to 11175 with Value at 11532-11832-11958.

This week, Nifty opened higher on Monday and was forming Value in the previous week’s spike down for most part of the day before closing in a big spike down 11308 to 11036 taking support at the 2-month composite POC of August & September 2019 which was at 11039 (Click here to view the chart). The auction then remained in Monday’s range for the next 3 days forming a balanced 5-day composite with Value at 11233-11293-11381. Friday then saw a repeat of previous week as Nifty opened with a huge gap down of 326 points and probed lower hitting a low of 10827 after which it left a buying tail from 10879 to 10827 and made multiple REs (Range Extension) on the upside but got stalled right at Monday’s lows of 11036 indicating change of polarity and would be the reference to watch out for in the coming week. Value for the week was completely lower at 11154-11262-11388 and the PLR remains to the downside for a test of 10746 / 10670 & 10600 which if broken can bring even more lower levels.

N Weekly Weekly Charts (02Nd To 06Th Mar 2020) And Market Profile Analysis Banknifty Futures, Charts, Day Trading, Intraday Trading, Intraday Trading Strategies, Market Profile, Market Profile Trading Strategies, Nifty Futures, Order Flow Analysis, Support And Resistance, Technical Analysis, Trading Strategies, Volume Profile Trading

Main Weekly Hypos for Nifty (Spot):

A) Nifty has immediate resistance in the zone 11025-036 which if taken out could give a move to 11078-082 / 11131-154 / 11236-245 & 11293*
B) The auction would get weak below 10970-958 for a test of 10903-869 / 10825-817 / 10765-745 / 10713-708 & 10670-661

Extended Weekly Hypos

C) If 11293 is taken out, Nifty can probe higher to 11345 / 11388-396 & 11433-450
D) Break of 10670 could bring lower levels of 10637-610 / 10585-558 / 10518*-507 & 10485-456

Additional Lower Hypo

E) If 10456 is taken out & sustained, Nifty could further fall to 10430 / 10405-395* / 10357-326 & 10303-275*

Fresh Hypos for Spot (Downside)

F) Below 10275, Nifty can go down to 10252-248 / 10206-165 / 10149-100 / 10095-089 & 10074-051
G) If 10051 is taken out, the auction can correct to 10020-004 / 9990*-951 / 9933-901 / 9888-70 & 9850
H) Below 9850, fresh leg down to 9830-03 / 9780 / 9751-35 / 9710 & 9685 could begin

NF (Weekly Profile)

10940 [11418 / 10830]

NF has made a Double Distribution Trend Down profile for the week which saw the first 4 days forming a balance from where the auction moved away on Friday leaving an extension handle at 11024 along with the singles of 11024 to 10985 separating the 2 distributions. The weekly Value was completely lower at 11100-11244-11370.

Nf F Weekly Charts (02Nd To 06Th Mar 2020) And Market Profile Analysis Banknifty Futures, Charts, Day Trading, Intraday Trading, Intraday Trading Strategies, Market Profile, Market Profile Trading Strategies, Nifty Futures, Order Flow Analysis, Support And Resistance, Technical Analysis, Trading Strategies, Volume Profile Trading


BankNifty Spot Weekly Profile (02nd to 06th Mar 2020)
Spot Weekly – 27801 [ 29791 / 27162 ]

Bn Weekly Weekly Charts (02Nd To 06Th Mar 2020) And Market Profile Analysis Banknifty Futures, Charts, Day Trading, Intraday Trading, Intraday Trading Strategies, Market Profile, Market Profile Trading Strategies, Nifty Futures, Order Flow Analysis, Support And Resistance, Technical Analysis, Trading Strategies, Volume Profile Trading

Previous week’s profile was a trending one to the downside giving a huge range of 1651 points with each day forming lower Value than the previous one and the week closed in a spike down from 29914 to 29051 with Value at 29970-30460-30660.

This week, BankNifty opened with a big gap up of more than 500 points but could not get out of the previous week’s spike zone and left an initiative selling tail from 29791 to 29625 after which it formed a balance for most part of the day before once again spiking lower into the close as it left an extension handle at 29322 and not only broke below previous week’s low of 29051 but went on to drop further to 28572 leaving the biggest daily range of 1219 points in the last 5 months. The auction then formed Value in this spike zone on Tuesday as the imbalance led to a balance & a relatively narrow range of 536 points but more importantly stayed below that extension handle of 29321. Wednesday saw a Open Drive Down as BankNifty left another initiative selling tail from 29054 to 29273 and made a trending move lower for the first half of the day as it made multiple REs (Range Extension) to the downside & completed a rare 3 IB (3 times of Initial Balance) day as it made lows of 28125 in the ‘I’ period itself giving another big daily range of 1149 points but the move away from Value was too quick and the profile looked too stretched and this led to a sharp bounce into the close to 28740 levels. The auction then opened higher on Thursday but left another selling tail in the IB and made an attempt to break lower immediately post IB but left that dreaded ‘C’ side extension right at the monthly VPOC of 28540 as it made lows of 28535 which turned out to be a FA (Failed Auction) and this triggered a good short covering bounce as BankNifty not only completed the 1 ATR move of 29040 but got into the previous day’s selling tail getting stalled at 29134 before closing at 28815 forming a nice 3-day balance from Tuesday. Friday saw one of the biggest gap down in BankNifty as it opened lower by 1165 points and further fell to 27162 hitting the next monthly VPOC of 27160 and as expected gave a swift rejection from there to leave a buying tail in the IB and saw some shorts booking out as it went on to make multiple REs on the upside tagging 28047 but closed around the dPOC of 27797 leaving a ‘p’ shape profile for the day. The weekly profile is a triple distribution trending one to the downside with 2 extension handles at 29322 and 28125 and a huge range of 2629 points and completely lower Value at 28410-28950-29520. The immediate reference on the upside if the auction manages to stay above 27800 in the coming week would be the selling tail from 27955 to 28125. On the downside, 27698 would be the level to watch for and if broken could being the buying tail of Friday which is from 27440 to 27162.

Click here to view the BankNifty action this week with respect to the previous week’s Value on MPLite

Main Weekly Hypos for Bank Nifty (Spot):

A) BankNifty needs to stay above 27815 for a probe to 27900-955 / 28050-60 / 28125-141 & 28225 and acceptance above 28225 could go for 28305 / 28395-410 / 28475 & 28536-562
B) Immediate support is at 27797 below which the auction could test 27723-698 / 27640-616 / 27555 & 27474-445 and staying below 27445 could further fall to 27390 / 27310 / 27225 & 27160-143

Extended Weekly Hypos

C) Above 28562, BankNifty can probe higher to 28645 / 28731 / 28815 & 28900
D) Below 27143, lower levels of 27060-036 / 26979-968 / 26917 / 26895-880 & 26835-815 could come into play

Additional Lower Hypo

E) If 26815 is taken out & sustained, BankNifty could further fall to 26733-721 / 26651-641 / 26570-545 /26495-488 & 26441-407

BNF (Weekly Profile) 

27783 [ 29632 / 27280 ]

BNF has also made a Triple Distribution Trending profile on the weekly with completely lower Value at 28480-28992-29504 as it moved away from the developing Value on Friday with an extension handle at 28158 and a selling tail till 27950 which will be the immediate reference on the upside in the coming week. On the downside, the buying tail of 27501 to 27280 would be the zone to watch for support.

Bnf F Weekly Charts (02Nd To 06Th Mar 2020) And Market Profile Analysis Banknifty Futures, Charts, Day Trading, Intraday Trading, Intraday Trading Strategies, Market Profile, Market Profile Trading Strategies, Nifty Futures, Order Flow Analysis, Support And Resistance, Technical Analysis, Trading Strategies, Volume Profile Trading