Nifty Spot Weekly Profile (04th to 08th Jul 2022)
15699 [ 15749 / 15191 ]
Previous week, Nifty had opened higher but got rejected from the big selling singles zone of 13th Jun after it made a high of 15927 after which it remained in a narrow range of just 239 points till Thursday forming a 4-day balance with a prominent POC at 15792 & made a move away from here on Friday falling by more than 200 points but made a C side extension to 15511 & confirmed a FA there which pushed it back to the magnet of 15792 into the close leaving completely higher weekly Value at 15732-15792-15888.
Nifty opened the current week with a test of 15792 but could not sustain above it triggering a probe lower to 15662 in the IB on Monday and for the second consecutive session made the dreaded C side extension managing just a single point lower which meant that last Friday’s NeuX (Neutral Extreme) POC of 15647 was being defended resulting in another FA getting confirmed at 15661 & back to back NeuX Up profiles as the auction went on to hit 15852 & continued this imbalance with a higher open on Tuesday where it made an OTF (One Time Frame) move to the upside till the G period getting accepted in that huge selling singles from 16172 to 15927 but stalled right below the Gap Mid-point of 16040 as not only the OTF ended at 16025 but gave way to a long liquidation break of 240 points into the close leaving a hat-trick of NeuX profile giving a spike down from 15838 to 15785.
Wednesday did not give any follow up to the NeuX profile and left a small buying tail just above the spike lows of 15785 and filled up the low volume zone of previous day as it formed an inside bar and a 2-day balance with the dPOC at 15877 with a close around the highs of 16011 and continued this imbalance with a gap up open on Thursday where it settlend down into an OAOR (Open Auction Out of Range) forming a narrow 76 point range IB and formed a nice balance all day building a prominent POC at 16107 with a late attempt to probe lower in the K period resulting in rejection from just above the reference of 16040 as Nifty confirmed another FA at 16046 and made a close yet again around the highs of 16150.
Expectedly, Friday saw another higher open as the auction completeled the 1 ATR objective of 16269 from the latest FA with the help of a freak tick in the opening minute at 16275 and once again settled down into an OAOR forming a narrow range balance for the day taking support at the 16172 reference on the downside and forming a prominent POC at 16204 while leaving a small selling tail from 16236 to 16275 at the top.
The weekly profile is a Trend One Up with completely higher Value at 15876-16110-16270 and has the higher VPOCs of 16374 & 16626 as probable targets on the upside where as on the downside, the buying singles from 16172 along with the daily VPOC of 16107 & the immediate FA of 16046 would be the important references going forward.
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 16236 for a probe to 16276 / 16364 / 16449 / 16568 / 16626 / 16731 / 16783
B) Accepting below 16204 could lead to a test of 16172 / 16107 / 16046 / 15971 / 15877 / 15762 / 15662
NF (Weekly Profile) – 16225 [ 16250 / 15651 ]
NF has formed a trending week with completely higher Value at 15852-16196-16236 after it confirmed a FA at 15651 on Monday and got some initiative volumes built up at 15840 which led to new highs of 16020 on Wednesday and the auction left another FA at 16042 the next day resulting in a gap up but almost OH start at 16250 on Friday as it stalled just below the weekly VPOC of 16272 which will be the immediate reference on the upside in the coming week above which it could go for the higher HVN of 16412 whereas on the downside, the immediate daily VPOC of 16112 along with the FA at 16042 would be the levels to watch.
BankNifty Spot Weekly Profile (04th to 08th Jul 2022)
35124 [ 35262 / 33515 ]
Last week, BankNifty had opened with a 500 point gap up right in the middle of the 13th Jun selling tail & got rejected as seen in the initiative tail from 34008 to 34147 after which it made a slow probe lower making lower lows on all days hitting 33080 in the A period on Friday where it left a small buying tail & went on to form a Trend Day Up hitting 33666 into the close. The weekly profile resembled a ‘b’ shape with a nice balance over the last 4 days and has formed higher Value at 33240-33444-33636.’
BankNifty continued last Friday’s Trend Day imbalance to the upside on Monday where it got accepted above previous week’s Value and gave a spike higher into the close from 33810 to 33978 and carried on this momemtum with a 245 point gap up open on Tuesday where it negated the selling tail of 34008 to 34147 but formed similar highs of 34355 & 34361 indicating exhaustion creeping in which triggered a big long liquidation move down in the second half of the day as the auction formed a Neutral Extreme (NeuX)Profile making a low of 33757 into the close stopping just above Monday’s POC of 33755.
The NeuX profile is notorious for not giving any follow up & Wednesday was no different as BankNifty opened higher and left an initiative buying tail to first fill up the low volume zone of Tuesday & then went on to make new highs for the week at 34388 where once again it left similar highs which was broken with another gap up open of 303 points on Thursday where it formed another Trend Day Up inspite of a little deep pull back to 34638 in the K period and tagged the weekly VPOC of 34932 while making a high of 34965.
The auction then completed the sequence of opening higher on all 5 days this week with another gap up of 239 points on Friday but left a small selling tail in the IB from 35222 to 35262 marking the end of the upside and formed a balanced 3-1-3 profile building a prominent POC at 35100.
The weekly profile is a Trend One Up with with multiple distributions & mostly higher Value at 33530-34236-34680 and has the first zone of singles from 35029 to 34920 as the immediate reference on the downside below which it has the daily VPOCs of 34640, 34120 & 33755 as the levels to watch out for whereas on the upside, the weekly FA of 35450 & the VPOC of 35544 would be the initial objectives above which BankNifty could go for the higher daily VPOCs of 35707 & 35997 along with the final objective which would be the monthly VPOC at 36386.
Weekly Hypos for BankNifty (Spot):
A) BankNifty needs a drive from 35222 for a rise to 35470 / 35707 / 35997 / 36085 / 36309 / 36490 / 36642
B) Accepting below 35100, the auction could test 34920 / 34680 / 34361 / 34120 / 33969 / 33755 / 33594
BNF (Weekly Profile) – 35173 [ 35300 / 33601 ]
BNF confirmed a move away to the upside leaving a weekly VPOC at 33472 as it formed a Trend Up Week with mostly higher Value at 33619-34336-34744 as it went on to tag the earlier HVN of 35172 and made a close right there.