Nifty Spot Weekly Profile (06th to 10th Feb 2023)
17856 [ 17917 / 17652 ]
Previous week’s report ended with this ‘The weekly profile in spite of being a Neutral Extreme one to the upside is a well balanced one with completely lower Value at 17496-17616-17700 and has left a FA at lows of 17354 which has completed the 1 ATR objective of 17779 but will need to get above 17903 & sustain for a chance to go for previous week’s VPOC of 18120 & the 2 ATR target of 18204 from this week’s FA whereas on the downside, the zone of 17765-740 would be the first level of support below which Nifty could go in for a probe lower to 17699, 17577 & 17491’
- Monday – Nifty rejected last Friday’s NeuX Up profile with a lower open & an A period selling tail from 17794 to 17823 and filled up the low volume zone as it took support right at the yPOC of 17699 forming a narrow range Inside Bar & a Normal Day
- Tuesday – started with another A period selling tail from 17787 to 17811 and made a look down below Monday’s low as it made multiple REs (Range Extension) but ended up forming similar lows of 17653 & 17652 indicating exhaustion and ended up leaving overlapping Value on both sides with a prominent POC at 17741
- Wednesday – The auction signalled the move away from the 2-day balance with the first A period buying tail of the week from 17799 to 17744 after which it made a look up above the NeuX highs of 17870 but ended up forming similar highs at 17898 leaving a ‘p’ shape profile for the day with a prominent POC at 17845
- Thursday – made an OAIR start and tested previous day’s buying tail in the IB and reversed the probe to the upside even getting above the Budget Day reference of 17903 as it made new highs for the week at 17916 but could not sustain leaving a small responsive selling tail and ended up forming overlapping Value on both sides yet again
- Friday – saw a clean sweep of OAIR starts this week as Nifty remained in previous range forming the narrowest daily range of February of just 76 points forming the third Normal Day of the week with a prominent TPO POC at 17844 and a nice 3-day balance from where it looks ready to move away
The weekly profile is a Neutral Centre one of a very narrow range of just 264 points with completely higher Value at 17748-17844-17892 and also resembles a DD (Double Distribution) up with HVNs at 17741 & 17844 confirming a weekly FA at 17652 so needs initiative volumes above 17844 in the coming session(s) for a probe towards the 1 ATR objective of 18081 & the higher weekly VPOC of 18120 whereas staying below 17844, it could fill up this week’s profile converting the DD shape to a Normal Bell Curve though will get weaker below 17741 for a probable tag of the lower weekly VPOC of 17616.
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 17868 for a probe to 17904 / 17951 / 18016 / 18078 / 18120 / 18173 / 18231
B) Accepting below 17823 could lead to a test of 17787 / 17741 / 17698 / 17652 / 17616 / 17577 / 17494
NF (Weekly Profile) – 17877 [ 17975 / 17703 ]
NF has formed a relatively narrow 272 point range weekly profile which was completely inside previous range & also a Neutral Centre one with completely higher Value at 17796-17872-17924 and could fill up the zone between the 2 daily VPOCs of 17786 & 17945 in the coming sessions before giving a move away on either side.
BankNifty Spot Weekly Profile (06th to 10th Feb 2023)
42506 [ 42715 / 41861 ]
Previous week’s report ended with this ‘The weekly profile is a Normal Variation one to the upside with mostly lower Value at 39876-40365-41052 but has closed well above the Value indicating further upmove in the coming week’
- Monday – BankNifty gave a rare follow up to a NeuX profile with a higher open and a probe to 41724 in the A period where it left a small selling tail till 41680 marking the end of the upside triggering a long liquidation profile for the day as it made couple of REs to the downside making a low of 41261 and closing near the prominent POC of 41379
- Tuesday – started with the continuation of balance in previous Value for the first half of the day but made a big RE to the downside in the H period as it broke below Monday’s low & hit 41095 stalling just above the weekly Value making the end of the downside and giving a sharp bounce into the close as it even made a RE to the upside but could not sustain leaving a Neutral Day with completely overlapping Value and the 2-day composite POC at 41401
- Wednesday – The auction moved away from the 2-day balance with a probe higher in the IB as it hit new highs for the week at 41792 but was swiftly rejected leaving a selling tail 41684 and made couple of REs lower making a low of 41403 stopping right above the 2-day POC of 41401 after which it remained in a narrow range forming a ‘b’ shape profile for the day closing right at the prominent POC of 41533
- Thursday – saw a higher open but an OH (Open=High) Drive Down from 41634 as BankNifty swiped through the 2-day Value falling by 381 points in the A period where it made a low of 41253 but could not extend any further and formed a Normal Day with a slow probe higher leaving a SOC at 41460 and making a high of 41608 into the close with Value being completely lower & the POC down at 41338
- Friday – began with a lower open but left an A period buying tail from 41481 to 41425 as it went on to negate previous day’s OH start by making a high of 41659 in the IB but as had been the norm all week failed to make any meaningful extension higher forming yet another Normal Day & a ‘p’ shape profile closing around the prominent TPO POC of 41560
The weekly profile is a Neutral Centre one with completely higher Value at 41364-41532-41592 and has left one of the most narrow range of just 697 points (3rd lowest since 2021 & 4th since 2020) with the close near the ultra prominent POC of 41532 and needs an initiative move away from here for a move to one of the weekly VPOCs of either 42792 or 40356 in the coming week(s).
Weekly Hypos for BankNifty (Spot):
A) BankNifty needs a drive from 41588 for a rise to 41724 / 41847 / 42049 / 42320 / 42422 / 42615 / 42792
B) Accepting below 41532, the auction could test 41338 / 41192 / 41014 / 40902 / 40725 / 40513 / 40356
BNF (Weekly Profile) – 41648 [ 41921 / 41242 ]
BNF has also formed an inside bar on the weekly timeframe as it remained in a very narrow 679 point range leaving a Neutral Centre profile with completely higher Value at 41490-41643-41697 with a close right at the ultra prominent POC of 41643 and has a very good chance of doing a range expansion on either side provided it is supported by good initiative volumes at the open in the coming session(s).
