Nifty Spot Weekly Profile (06th to 10th Mar 2023)
17413 [ 17800 / 17324 ]
Previous week’s report ended with this ‘The weekly profile is a Neutral Extreme One to the upside with completely lower Value at 17313-17354-17411 and has confirmed a weekly FA at 17255 which has the 1 ATR objective at 17709 which will be the upside targets for the coming week along with previous week’s DD zone top of 17816 till the NeuX zone of 17451 to 17644 is sustained whereas on the downside, Nifty would get weak below 17451 for a probe towards the prominent POC of 17354 & 17313 in the coming week’
- Monday – Nifty not only opened higher but confirmed a Drive Up as it completed the 1 ATR objective of 17709 from last week’s FA of 17255 and went on to make a high of 17779 in the IB leaving an initiative buying tail from 17753 to 17672 after which it made couple of attempts to extend higher in the C & D periods but could take out the weekly DD zone top of 17816 as it made a high of 17800 triggering a profit booking long liquidation drop down to 17703 into the close leaving a ‘p’ shape profile & a Normal Day which was not a good sign for the bulls
- Tuesday – Holiday
- Wednesday – The auction opened lower getting back into last Friday’s Trend Day profile but was swiftly rejected as it left an A period buying tail from 17652 to 17602 but made the dreaded C side extension to 17712 resulting in a test of the morning singles where it left a PBL at 17645 in the G TPO trapping some laggard shorts which could be seen in the spike higher into the close from 17719 to 17766
- Thursday – started with a look up above the spike high but gave an OH (Open=High) at 17772 confirming an ORR (Open Rejection Reverse) leading to a Trend Day Down & an Outside bar with Nifty negating previous day’s buying singles & making new lows for the week at 17573 signalling the start of a new imbalance
- Friday – The downside continued with an unexpected & big gap down of 145 points as Nifty made a high exactly at 17451 which was the lower reference for the week and promptly hit previous week’s prominent POC of 17354 while making a low of 17324 in the A period almost tagging the downside objective of 17313 after which it remained in this 127 point range all day forming a Gaussian Curve building a prominent POC at 17411 where it closed
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The weekly profile is a Double Distribution One to the Downside though Value was completely higher at 17617-17708-17794 as it began with last week’s buyers booking profit at 17761 on Monday after which it formed a 2-day composite POC at 17700 and made a move down leaving a zone of singles from 17602 to 17435 before closing around the lower HVN of 17411 which will be the immediate reference for the coming week and staying below which the PLR (Path of Least Resistance) would be to the downside.
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Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 17435 for a probe to 17487 / 17545 / 17602 / 17644 / 17692 / 17735 / 17772 / 17816
B) Accepting below 17411 could lead to a test of 17367 / 17313 / 17255 / 17201 / 17136 / 17076 / 17028 / 16960
BankNifty Spot Weekly Profile (06th to 10th Mar 2023)
40485 [ 41671 / 40341 ]
Previous week’s report ended with this ‘The weekly profile is a Triple Distribution Trend One Up with overlapping to higher Value at 39974-40302-40757 with an extension handle at 40773 and a zone of singles till 41114 which will be the immediate reference zone on the downside for the coming week whereas on the upside, the weekly HVN of 41626 & the 16th Feb VPOC of 41849 could the the initial objectives’
- Monday – BankNifty opened the week with a 167 point gap up continuing the imbalance of previous week & went on to tag the HVN of 41626 while making a high of 41665 in the IB but then made the dreaded C side extension to 41671 which was not only swiftly rejected but triggered a trending move lower for the rest of the day confirming a FA (Failed Auction) at top making a low of 41259 leaving a Neutral Extreme (NeuX) Day Down
- Tuesday – Holiday
- Wednesday – saw a rare follow through to the NeuX profile as the auction opened lower & completed the 1 ATR objective of 41145 from the FA of 41671 while making a low of 41100 in the A period but saw a combination of shorts booking plus longs entering seen in the A period buying tail till 41181 after which it left an extension handle at 41375 forming a DD (Double Distribution) Trend Day Up hitting new highs of 41625 into the close
- Thursday – opened with a look up above PDH which was rejected from 41632 triggering a probe lower to 41436 in the IB from where it made another attempt to scale above PDH but could only manage marginal new highs of 41659 and this rejection for the second time just below Monday’s FA of 41671 meant supply was strong in this zone as they not only made multiple RE’s to the downside negating the DD extension handle of 41375 which also confirmed a fresh FA at 41659 but went on to make lows of 41208 leaving the second NeuX Day of the week
- Friday – Lighting struck twice as a NeuX profile got a follow through yet again with a huge 451 gap down open displaying the power of a FA as BankNifty negated the weekly extension handle of 40773 & completed the matching 2 ATR targets of 40619 and went down further making a low of 40390 in the A period. The auction then remained in the A period range for most of the day leaving a C side PBH at 40659 and formed a long liquidation ‘b’ shape profile for the day and even made couple of attempts to extend lower at close but could only manage 40341 triggering a bounce back to 40523 into the close
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The weekly profile is a Double Distribution Trend One Down which has formed completely higher Value at 41213-41305-41642 but has left a zone of singles from 41181 to 40659 which will be the reference on the upside for the coming week with Friday’s POC of 40582 being the immediate level on watch whereas the PLR remains down below 40500 for a test of previous week’s prominent POC & 28th Feb’s VPOC of 40271 and a break below this could trigger a probe into the 4-day composite Value of 40194-39996-39888.
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Weekly Hypos for BankNifty (Spot): A)BankNifty needs a drive from 40523 for a rise to 40660 / 40835 / 41031 / 41181 / 41346 / 41479 / 41659 / 41849 / 41965 B) Accepting below 40464, the auction could test 40302 / 40194 / 39996 / 39845 / 39698 / 39599 / 39374 / 39146 / 38950
