Nifty Spot Weekly Profile (06th to 10th Jun 2022)
16201 [ 16611 / 16172 ]
Previous week’s report ended with this ‘Nifty did give a move away from the 3-week bracket but has formed a Neutral Centre profile on the weekly within very narrow range of just 355 points with completely higher Value at 16530-16626-16674 and looks set for a range expansion in the coming week with the buying singles from 16440 to 16352 being the zone to watch on the downside where as on the upside will need initiative buying above 16626 & 16731 for a probable move towards the weekly POC of 16998’
Nifty opened lower on Monday and probed below previous week’s Value and made a low of 16444 in the A period taking support just above buying singles from 16440 to 16352 after which it got back above 16530 and made couple of Range Extensions to the upside late in the day but could only manage 16611 stalling just below last week’s prominent POC and the extension handle it had left on 03rd Jun indicating that the supply in this zone was active.
The auction then made a trending move lower for the rest of the week as it negated the invisible buying tail from last week making lower lows on all days which included a 3-day balance from Tuesday to Thursday where it built a prominent POC at 16364 and left a multi-day Failed Auction at 16514 before opening with a big gap down of 195 points on Friday where it made a low of 16172.
The close has been in an imbalance as Nifty confirmed a fresh weekly VPOC at 16626 and staying below 16244 in the coming week could continue to probe lower towards the weekly VPOCs of 16146 & 15868 as this week’s Value also has been completely lower at 16302-16374-16506 which will be the reference on the upside along with the daily VPOCs of 16364 & 16568.
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 16215 for a probe to 16258 / 16302 / 16364 / 16401 / 16449 / 16520 / 16568
B) Accepting below 16177 could lead to a test of 16146 / 16102 / 16063 / 16012 / 15971 / 15926 / 15868
C) Above 16568, can expect higher levels of 16628 / 16660 / 16696 / 16731 / 16784 / 16835 / 16897 / 16945
D) Below 15868, the auction could fall to 15820 / 15782 / 15739 / 15671 / 15632 / 15550 / 15504 / 15451
NF (Weekly Profile) – 16219 [ 16621 / 16185 ]
NF opened a bit lower on Monday and coiled around the weekly VAL of 16512 for the first half of the day before giving a move away to the upside but could only manage marginal new highs of 16621 stalling just below previous week’s POC of 16628 which meant sellers were holding this zone and this led to a trending move lower for the rest of the week as the auction made lower lows on all days leaving couple of daily VPOCs at 16581 & 16370 as it tagged the 2 lower daily VPOCs of 16309 & 16186 from 26th & 27th May. Value was mostly lower at 16324-16424-16532 with a close in an imbalance so the lower weekly VPOCs of 16140 & 15844 would be the probable objectives on the downside.
BankNifty Spot Weekly Profile (06th to 10th Jun 2022)
34483 [ 35450 / 34346 ]
Previous week’s report ended with this ‘The weekly profile resembles a balanced profile in a narrow range of 909 points with completely higher Value at 35436-35544-35832 but is also a Trend Down one with a daily FA at top & a close around the lows which was just above the buying singles base of 35135’
BankNifty continued last Friday’s Trend Day Down’s imbalance with a lower open on Monday as it negated the previous week’s buying singles of 35135 while making a low of 35072 in the A period and remained below previous week’s Value forming a Normal Day and saw a late attempt to probe higher getting rejected at 35424 resulting in a multi-day FA (Failed Auction) getting confirmed as the auction opened lower on Tuesday but made the dreaded C side extension to 35154 resulting in another daily FA being formed which led to the 1 ATR objective of 34891 from Monday’s FA of 35424 being tagged while making a low of 34834 but closed as a Neutral Centre Day with a prominent POC at 34946 indicating that the selling was getting exhausted.
Wednesday was the RBI Policy Day which saw BankNifty remain in previous day’s range in the IB (Initial Balance) after which it made a big swipe higher in the C & D periods even hitting marignal new highs for the week at 35450 but got swiftly rejected leaving a nice responsive selling tail signalling the return of aggressive supply and this in turn triggered a downside probe which confirmed a weekly FA at 35450 & also made new lows for the week at 34831 and continued this imbalance with a lower open on Thursday which saw some good profit booking by the sellers and also trapped some laggards as could be seen in a typical C side extension lower which gave rise to a big short covering rally into the close as the auction confirmed a new daily FA at 34659 & formed a Neutral Extreme Day Up to hit 35149 into the close falling just short of the 1 ATR objective of 35175.
Friday opened with a big gap down of almost 400 points negating the FA of 34659 and continued to probe lower for most part of the day and tagging May’s POC of 34477 & the weekly VPOC of 34412 while making a low of 34346 which also marked the completion of the weekly 3 IB target of 34368 and gave a small bounce back 34532 into the close leaving a responsive buying tail from 34404 to 34346. The weekly profile is a Neutral Extreme one to the downside with completely lower Value at 34788-34932-34663 and has the daily VPOC of 34830 along with this week’s prominent POC at 34932 as immediate references on the upside whereas staying below 34404, BankNifty could continue to probe down to fill up the low volume zone between 34140 & 33780 apart from tagging the weekly VPOC of 33576 below it.
Weekly Hypos for BankNifty (Spot):
A) BankNifty needs a drive from 34533 for a rise to 34659 / 34830 / 34959 / 35088 / 35242 / 35352 / 35450
B) Accepting below 34477, the auction could test 34344 / 34180 / 34091 / 33940 / 33799 / 33627 / 33510
C) Above 35450, can expect higher levels of 35544 / 35707 / 35885 / 35997 / 36085 / 36235 / 36386
D) Below Below 33510, the auction could fall to 33390 / 33264 / 33125 / 33002 / 32872 / 32697 / 32550
BNF (Weekly Profile) – 34555 [ 35555 / 34401 ]
BNF continued the downside imbalance this week as it formed 2 balanced daily profiles on Monday & Tuesday with lower Value and made an attempt to probe higher on Wednesday which was the RBI Policy day where it made marginal new highs for the week at 35555 but got swiftly rejected resulting in a weekly FA being confirmed as it made new lows for the week at 34891. Thursday saw lower lows of 34770 in the IB as the auction made a typical OAOR start in a range of just 120 points but the dreaded C side extension lower to 34735 led to a big short covering move as BNF not only confirmed a new daily FA but looked set to tag the 1 ATR objective of 35264 but stalled at Wednesday’s VWAP of 35185 indicating supply at this level & this in turn led to a big gap down open of 331 points on Friday with a slow OTF probe down for most part of the day as it went on to tag the weekly VPOC of 34432 while making a low of 34401 before closing the day around the dPOC of 34542. The weekly profile is a Neutral Extreme to the downside with completely lower Value at 34808-35104-35400 and staying below 34542 could continue the imbalance in the coming week too towards the HVN of 34152.