Nifty Spot Weekly Profile (07th to 11th Feb 2022)
17375 [ 17639 / 17043 ]
Previous week’s report ended with this ‘This week’s profile is a Neutral Centre one with completely higher Value at 17457-17529-17757 and a FA at lows of 17244 which is now a positional reference with 17452 being the immediate level to watch on the downside whereas on the upside, Nifty will need to get above 17596 & the 03rd Feb VPOC of 17706’
Nifty opened the week with a big move away from the weekly POC of 17529 on Monday where it not only left a long initaitive selling tail from 17468 to 17537 but left extension handles at 17387 & 17255 as it broke below previous week’s low & FA of 17244 and went on to tag 17119 stalling just above the weekly VPOC of 17112 leaving a small responsive buying tail from 17157 to 17119. The auction then opened higher on Tuesday negating the immediate extension handle of 17255 but got rejected from just below Monday’s POC of 17323 to give another big fall as it gave a C side extension handle at 17176 and went on to make a low of 17043 in the D period and held this closing PBL (Pull Back Low) from 27th Jan leaving another responsive buying tail till 17075 after which it got back into the IB (Initial Balance) and gave a bounce back to 17296 into the close.
Wednesday saw a gap up open as Nifty negated this week’s higher extension handle of 17387 and left an initiative buying tail indicating that the PLR (Path of Least Resistance) was now to the upside as it formed Value in Monday’s supply zone and closed with a mini spike from 17447 to 17477 and continued this imbalance to the upside on Thursday as it left another buying tail in the IB and got back above previous week’s POC with an extension handle at 17554 and made multiple REs (Range Extension) to record new highs for the week at 17639 but saw some profit booking coming in with the dPOC shifting higher to 17615 into the close as it formed a top-heavy daily profile.
The auction moved away from Thursday’s Value with a big gap down open of 155 points on Friday as it remained below the weekly VAL of 17457 and went on to make a low of 17314 in the IB and made 3 attempts to break lower from the C period onwards but could only make marginal new lows of 17303 dispaying exhaustion on the downside triggering a short covering move back to 17447 in the J period which was however promptly sold into as Nifty made a trip back down to 17338 into the close forming a Normal Day with completely lower value. The weekly profile once again is a Neutral Centre one & looks like a Triple Distribution one with mostly lower Value at 17181-17391-17475 and has left 2 daily VPOCs, the lower one at 17183 & the upside one at 17615 which will be the levels to watch out for in the coming week.
Weekly Hypos for Nifty (Spot):
A)Nifty needs a drive above 17391 for a probe to 17447 / 17541 / 17615 / 17669 / 17706 / 17757
B) Accepting below 17356 could lead to a test of 17303 / 17244 / 17183 / 17121 / 17074 / 17010
C) Above 17757, can expect higher levels of 17795 / 17885 / 17921 / 17961 / 17997 / 18085
D) Below 17010, the auction could fall to 16947 / 16882 / 16819 / 16771 / 16742 / 16688
NF (Weekly Profile) – 17355 [ 17650 / 17048 ]
NF began the week with an imbalance to the downside on the first 2 days tagging the weekly VPOC of 17160 on Monday & falling further to 17048 on Tuesday where it took support just above the 27th Jan VWAP of 17043 and reversed the auction to the upside over the next 2 days with the help of couple of gap up opens and made a high of 17650 on Thursday stalling right at 03rd Feb’s VWAP of 17651 which marked the end of the upmove and formed a Normal Day on the last day of the week after opening with a big gap down of 170 points. The weekly profile is a Neutral Centre one with completely lower Value at 17156-17403-17444 and has left daily VPOCs on either ends at 17188 & 17602 which will be the important references for the coming week.
BankNifty Spot Weekly Profile (07th to 11th Feb 2022)
38517 [ 39197 / 37319 ]
Previous week’s report ended with this ‘The weekly profile is a trending one to the upside with a range of 1777 points & completely higher Value at 38304-39156-39360 but has closed in the middle signalling that it could form a balance for the coming week before giving a move to one of the weekly VPOCs of 37320 on the downside or 39936 to the upside’
BankNifty started the week with an imbalance to the downside as it dropped by a big 1035 points on Monday completing the 2 ATR objective of 37971 from the daily FA of 39424 and continued to fall in the first couple of hours on Tuesday where it tagged the weekly VPOC of 37320 and left a responsive buying tail right there marking the end of the probe lower and reversed the auction to the upside over the next couple of days as it left couple of daily VPOCs at 37728 & 38464 entering back into previous week’s Value and went on to tag the weekly POC of 39156 on Thursday but was unable to sustain above it and ended up forming a prominent POC at 39095 signalling the end of the upmove for the week as it closed the day below the prominent POC of 39095 and opened with a big gap down of 443 points on Friday and went on to tag Wednesday’s VPOC of 38464 in the IB and even made a C side extension lower to 38396 but was rejected in typical manner triggering a move back to the IBH (Initial Balance High) over the next 6 periods where it even made an attempt to extend higher but could only manage marginal new highs of 38790 getting rejected on the upside also to give a quick move back to the IBL into the close leaving a probable multi-day FA at both ends.
The weekly profile is a Neutral Centre one with overlapping to lower Value at 37812-38520-38820 with a close right at the POC and could give a good move away from here in the coming session(s) towards either the lower daily VPOC of 37728 or the higher one at 39095.
Weekly Hypos for Bank Nifty (Spot):
A) BankNifty needs a drive from 38520 for a rise to 38665 / 38790 / 38900 / 39095 / 39177 / 39424
B) Accepting below 38455, the auction could test 38283 / 38155 / 38028 / 37911 / 37728 / 37595
C) Above 39424, can expect higher levels of 39562 / 39780 / 39936 / 40041 / 40244 / 40417
D) Below 37595, the auction could fall to 37416 / 37313 / 37110 / 37012 / 36887 / 36720
BNF (Weekly Profile) – 38517 [ 39255 / 37386 ]
BNF also began the week with a trending move lower for the first day & a half as it dropped by 1000+ points on Monday where it made a low of 37891 & continued this fall till the D period on Tuesday tagging the weekly VPOC of 37408 while making a low of 37386 and left a responsive buying tail marking the end of the downside. The auction then not only gave couple of higher opens the next 2 days but went on to extend the range to the upside on both days and hit new highs for the week at 39255 on Thursday but stalled just below previous week’s POC & supply zone of 39296 forming a prominent POC at 39116. Friday then saw a gap down open of 350 points but remained in a narrow range of just 421 points as BNF made attempts to extend the range on both sides but was met with rejection leaving a Neutral Day as well as a Neutral week with overlapping to lower Value at 37920-38480-38904 and has a HVN at 38712.