Nifty Spot Weekly Profile (05th to 09th Jul 2021)
15690 [ 15914 / 15632 ]
Previous week’s report ended with this ‘The weekly Value was once again mostly overlapping at 15702-15822-15840 continuing the balance for the 4th consecutive week as the move away on both sides was rejected first by a selling tail at top from 15877 to 15915 and then on the downside with a FA at 15636. The immediate reference on the upside above 15721 would be the extension handle of 15769 above which we have the daily VPOC of 15827 whereas on the downside, the HVN of 15708 would be the level to watch along with the FA at lows’
Nifty opened higher above the extension handle of 15769 and formed a ‘p’ shape profile on Monday forming a prominent POC right at 15827 and moved away from this with the help of an initiative buying tail in the IB (Initial Balance) on Tuesday as it entered previous week’s selling tail of 15877 to 15915 stalling right at the top hitting a high of 15914 which marked the end of the upside probe and resulted in a liquidation move into the close as the auction made a low of 15801 leaving a Neutral Extreme Day Down with a prominent POC at 15896. Wednesday open saw another test of the Monday singles but confirmed another initiative buying tail in the IB as Nifty formed the 2nd ‘p’ shape profile of the week and spiked higher into the close tagging 15893 stopping just below the yPOC of 15896. This spike close was rejected on Thursday open and for the first time in the week, there was a small but important selling tail in the IB as Nifty remained in a very narrow 43 point range but the sellers took complete control thereafter as they left couple of extension handles at 15819 & 15787 and went on to fall to 15683 leaving a Trend Day Down and continued this imbalance with a lower open on Friday where it went on to re-visit last Friday’s FA of 15636 and made new lows for the month at 15632 but once again took support at the buying extension handle of 15634 (21st June) marking the end of the imbalance to the downside and formed a balanced profile for the day with similar highs of 15730 and a prominent POC at 15675.
The weekly profile which was a Neutral Extreme Down one has exactly the same range as previous week with slightly overlapping to higher Value at 15738-15822-15906 and an overlapping POC at 15822 which would be the important reference in the coming week in case of a bounce as rejection from there would confirm more weakness whereas acceptance above it and the daily VPOC of 15837 could see bring the higher VPOC of 15896 into play along with new ATH. On the downside, 15636 would need to hold failing which Nifty could test 15546 & the important positional reference of 15451.
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 15704 for a probe to 15748 / 15800 / 15837 / 15896 / 15940 / 15995 / 16035
B) Accepting below 15675 could lead to a test of 15640 / 15599 / 15546 / 15504 / 15451 / 15395 / 15348
NF (Weekly Profile) – 15741 [ 15930 / 15659 ]
Previous week’s report ended with this ‘The weekly Value is overlapping to lower at 15722-15856-15878 with a HVN at 15785 which will be the immediate reference in the coming week on the upside’
NF gave an Open Drive up start on Monday right from the reference of 15785 and trended higher till Tuesday late afternoon where it matched previous week’s high of 15930 stalling right there and marking the end of the imbalance to the upside after which it probed lower for the rest of the week forming lower lows on the remaining 3 days leaving selling extension handles at 15845 & 15791 as it went on to hit lows of 15641 re-visiting the FA of 15659 it left last Friday before closing the week at 15722. The weekly profile is a Neutral Extreme Down one with a close below the overlapping Value at 15735-15844-15921 and has formed a HVN at 15723 which would be the immediate reference on the downside in the coming week whereas on the upside, the extension handles of 15791 & 15845 will be the levels to watch.
BankNifty Spot Weekly Profile (05th to 09th Jul 2021)
35072 [ 35811 / 34860 ]
Previous week’s report ended with this ‘The weekly profile has a tail at top and represents a long liquidation profile with overlapping Value at 34656-34784-35120 with the magnet of 34752 getting stronger with the overlapping weekly POC shifting there and would need an initiative move away from here for a fresh imbalance to begin. The immediate upside references are the daily VPOCs of 35068 & 35340 apart from the selling tail of 35435 to 35577 whereas on the downside, the extension handle of 34486 & the VPOC of 34296 ( 21st June) will be the levels to watch out for along with the buying tail from 34153 to 33937
BankNifty opened higher on Monday and left an initiative buying tail in the IB (Initial Balance) from 35015 to 34926 but could not extend much on the upside forming a hat-trick of narrow range days as it formed a ‘p’ shape profile with a prominent POC at 35077 and a mini spike to 35234. The auction then gave an Open Drive Up on Tuesday as it not only left another initiative tail in the IB from 35418 to 35165 but also gave an extension handle at 35488 and negated last week’s selling singles trending higher till the ‘J’ period where it made a high of 35807 stalling just below the recent swing high of 35811 made on 4th June (RBI Policy Day) indicating that the sellers were back in this zone and this led to a liquidation move back to 35488 into the close. The extension handle being defended saw a strike back by the buyers on Wednesday as they confirmed the third buying tail in the IB for the week and went on to form similar higher of 35795 into the close leaving an inside day both in terms of range as well as Value. BankNifty then made new highs for the week at open on Thursday but once again it was the time for the sellers to hit back first with a small selling tail in the IB from 35775 to 35811 and then with couple of extension handles at 35527 & 35430 forming a Trend Day Down as it made a low of 35134 and continued this imbalance with a gap down open on Friday where it made new lows for the week at 34860 in the IB but left a small tail at lows marking the start of a balance being formed which it did for the rest of the day ending the week with a Normal Profile and a close near the prominent POC of not just the day but the week of 35080.
The weekly profile is a Neutral Centre one though also resembles a Double Distribution profile with overlapping to higher Value at 34912-35080-35600 and has 2 prominent HVNs at 35695 & 35080 so staying above 35080 could fill up the low volume zone between these HVNs in the coming week before giving a move away from either of them. However, if the auction stays below 35080, the downside reference would be the previous overlapping 2-week POC of 34752.
Weekly Hypos for Bank Nifty (Spot):
A) BankNifty needs a drive from 35090 for a rise to 35225 / 35340 / 35430 / 35527 / 35600 / 35702 / 35853
B) Accepting below 35040, the auction could test 34950 / 34828 / 34725 / 34630 / 34486 / 34393 / 34296
Extended Weekly Hypos
C) Above 35853, can expect higher levels of 35988 / 36163 / 36233 / 36381 / 36504 / 36655 / 36756 / 36865
D) Below 34296, the auction could fall to 34153 / 34039 / 33908 / 33833 / 33685 / 33560 / 33447 / 33306
BNF (Weekly Profile) – 35270 [ 35944 / 34980 ]
Previous week’s report ended with this ‘This week’s Value has made an inside bar at 34790-34908-35294 and would need some initiative volumes to move away from the overlapping POC of 34900 in the coming week′
BNF started the week with an imbalance to the upside as it sustained the gap up open on Monday and closed above previous week’s Vaue and continued to probe higher on Tuesday where it left an initiative buying tail from 35523 to 35274 and not only scaled above previous week’s high of 35700 but went on to tag 35925 which saw some profit booking coming in as the auction gave a pull back to 35523 on Wednesday taking support in the buying singles and made another attempt to break higher resulting in new highs of 35944 on Thursday open but left a small selling tail from 35900 to 35944 which set up for a One Time Frame probe to the downside till the ‘K’ period where it made lows of 35261 leaving a Trend Day Down profile and continued this probe lower on Friday where it made new lows for the week at 34980 in the IB but left a small tail at lows marking the end of the imbalance as BNF formed a Normal Day with a prominent POC at 35242. The weekly profile is a Neutral Centre one with Value mostly higher at 35014-35224-35714 and has HVNs at 35329 & 35742 which would be the references on the upside in the coming week whereas on the downside the weekly VPOC of 34908 would be the level to watch.
