Nifty Spot Weekly Profile (05th to 09th Sep 2022)
17833 [ 17926 / 17484 ]
Previous week’s report ended with this ‘The weekly profile resembles a Double Distribution (DD) one to the upside with a buying tail at lows from 17267 to 17166 and the lower distribution HVN at 17309 above which it has the DD singles zone from 17370 to 17460 and the ultra-prominent POC at 17538 of the 3-day balance with the top end containing the rejected spike zone from 17699 to 17777. Nifty has formed an Outside Week both in terms of range & value which was at 17466-17538-17670 and has a very good chance to move away from this 2-week balance in the coming week’
- Monday – Nifty opened the week with a move away from the overlapping weekly POC of 17538 as it left an initiative buying tail from 17540 to 17608 but could only form a narrow 143 points range ‘p’ shape short covering profile making multiple highs in the 17680 to 17685 zone
- Tuesday – The auction opened higher and & hit 17764 stalling just below the 30th Swing High of 17777 and found sellers coming back here who confirmed an ORR (Open Rejection Reverse) and went on to test Monday’s buying tail as it made a C side extension to 17587 ending up forming a ‘b’ shape long liquidation profile with the dPOC at 17691
- Wednesday – saw a big 135 point gap down open as Nifty made new lows for the week at 17484 in the A period but left an important A period buying tail indicating that the buyers were back resulting in a Double Distriubtion Trend Day Up to 17650 after they left an extension handle at 17593
- Thursday – It became more evident that the buyers were in complete control which caused another gap up open of 124 points along with new highs for the week at 17792 in the A period but the auction settled down into an OAOR and made a swipe lower in the H period to 17692 stopping right above Tuesday’s VPOC of 17691 and went on to confirm a FA (Failed Auction) there as it spiked higher to 17807 into the close tagging the weekly VPOC of 17802 & forming a Neutral Extreme Day Up
- Friday – Nifty continued the upside imbalance with a hat-trick of gap up opens completing the 1 ATR objective of 17894 from 17691 and made a high of 17926 stalling just below the important weekly HVN of 17933 triggering some profit booking by the longs as it formed a Normal Variation Day Down making a low of 17786 before closing the day around the TPO POC of 17836
The weekly profile is a Neutral Extreme one to the upside with overlapping to higher Value at 17562-17646-17754 & has confirmed a weekly FA at lows of 17484 and the 1 ATR objective for it comes to 17971 which will be a probable objective in the coming week as long as the auction sustains above 17682 with 17933 being an immediate hurdle on the upside.
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 17868 for a probe to 17933 / 18006 / 18061 / 18114 / 18186 / 18261 / 18318
B) Accepting below 17809 could lead to a test of 17744 / 17691 / 17618 / 17562 / 17484 / 17415 / 17370
NF (Weekly Profile) – 17866 [ 17949 / 17521 ]
NF has also formed a Neutral Extreme Week on the upside with overlapping to higher Value at 17584-17676-17784 and seems to have given a move away from the 3-week overlapping POC but right now is stuck between the 2 daily FA’s of 17695 (08th Sep) & 17949 (09th Sep) so will need to take out one of them for a fresh imbalance in that direction.
BankNifty Spot Weekly Profile (05th to 09th Sep 2022)
40415 [ 40686 / 39258 ]
Previous week’s report ended with this ‘This week’s profile is another elongated one of 1724 points as the range overlapped on both ends and the profile resembles a DD with a buying tail at lows from 38160 to 37943 and the DD singles zone from 38379 to 38719 ending with a 2-day balance which has ensured comspletely overlapping to higher Value at 38916-39360-39624’
- Monday – BankNifty opened the week with a move away from previous Value with an initiative buying tail from 39599 to 39407 as it went on to make a high of 39865 forming a ‘p’ shape profile for the day with a prominent POC at 39794
- Tuesday -The auction continued this imbalance to the upside hitting the weekly VPOC of 39936 & making new highs of 40073 in the A period but could not sustain and got back into Monday’s range & value dropping by more than 500 points in 3 periods with a C side extension in the buying tail stalling the downside for the day but still left a long liquidation ‘b’ shape profile
- Wednesday – saw a gap down open of 328 points as BankNifty tagged previous week’s POC of 38360 & made new lows for this week at 38258 but left a small but important buying tail in the A period to signal that the demand is back as it formed a narrow 314 point balanced profile for the day with dPOC at 39506
- Thursday – More confirmation of buyers coming back came in the form of a higher open & another long A period buying tail from 39870 to 39706 with the auction making a trending move higher for most part of the day as it confirmed a weekly FA at 39258 & went on to make a high of 40265 tagging the 28th Oct 2021 VPOC of 40244
- Friday – BankNifty contiued the upside imbalance with another 300+ gap up open almost completing the 1 ATR objective of 40614 from the weekly FA as it made a high of 40606 in the A period after which it made a probe into the 28th Oct Initiative Selling Tail from 40640 to 40931 with the dreaded C side extension to 40686 but got rejected back into the IB triggering a OTF (One Time Frame) move down to 40280 in the I period where it took support just above PDH & left a small responsive buying tail to close at 40415
The weekly profile is a Neutral Extreme one to the upside with mostly higher Value at 39432-39804-40116 along with a FA at 39258 which has completed the 1 ATR objective of 40614 but has failed to close above it so the extension handle of 40261 will be the immediate reference on the downside along with 39865 whereas on the upside, BankNifty will need to sustain above 40536 & negate the 28th Oct 2021 Selling Tail to continue further.
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 40539 for a rise to 40686 / 40856 / 40996 / 41188 / 41462 / 41699 / 41830
B) Accepting below 40334, the auction could test 40150 / 39931 / 39788 / 39506 / 39323 / 39053 / 38981
BNF (Weekly Profile) – 40504 [ 40753 / 39340 ]
BNF has also formed a Neutral Extreme Up profile on the weekly with overlapping to higher Value at 39560-39920-40264 with an extension handle at 40360 which will be the immediate reference on the downside along with the hatrick of daily VPOCs below at 40293, 39807 & 39633 whereas on the upside, it would need to sustain above 40565 & small selling tail from 40717 to 40753 to continue towards the higher daily VPOCs of 41253 & 41388 in the coming week.