Nifty Spot Weekly Profile (07th to 11th Mar 2022)
16630 [ 16757 / 15671 ]
Previous week’s report ended with this ‘The weekly profile is a Neutral Extreme one to the downside with mostly lower Value at 16410-16542-16734 and a FA at highs of 16815 which will be the swing reference for the week(s) to come where as on the downside, the break of 16130 could bring a test of the weekly VPOC of 15795 from the last week of July 2021’
Nifty made the 4th consecutive gap down open on the weekly timeframe with the biggest of them all as it opened 377 points lower on Monday well below the reference of 16130 and went on to tag the July 2021 weekly VPOC of 15795 in the Initial Balance (IB) itself after which it made failed attempts to extend the range on both sides before closing as a Neutral Centre Day. The auction then made an OAIR (Open Auction In Range) start on Tuesday and made an OTF (One Time Frame) probe lower post IB till the G period where it hit new lows for the week at 15671 but changed the PLR (Path Of Least Resistance) from the I TPO onwards to the upside leaving a SOC (Scene Of Crime) at 15769 followed by an Extension Handle at 15911 to hit new highs for the week at 16028 and in the process confirmed a weekly FA at 15671 forming a Neutral Extreme Day.
Nifty continued this imbalance with an OTD (Open Test Drive) on Wednesday as it left an important initiative buying tail from 16062 to 15990 and an extension handle at 16196 to form a Trend Day Up not only completing the 1 ATR objective of 16366 from the weekly FA but also tagged previous week’s VAL of 17410 and followed it by a huge 411 point gap up open on Thursday where it completed the 5 IB target of this week to the dot at 16757 in the A period marking the end of the upside as it left a small selling tail in the IB and ended the action packed week with a Normal Day on Friday forming a narrow range 3-1-3 profile with completely inside Value & Range and a close right at the prominent POC of 16630 thus closing the week with a 2-day balance.
Nifty continued this imbalance with a big gap down open on Friday which not only confirmed a weekly FA at 16815 but almost completed the 1 ATR objective of 16132 with a trending move lower in the first 4 TPOs as it made a low of 16134 stopping right at the closing extension handle from 03rd Aug and saw some profit booking along with a short covering move over the next 5 TPOs closing the gap down but left a responsive selling tail at Thursday’s low of 16443 showing rejection and giving a move back to 16221 into the close forming a Neutral Centre Day. The weekly profile is a Neutral Extreme One to the upside with a huge range of 1086 points and overlapping Value at 15876-16609-16752. The profile has a low volume zone between the 2 big HVNs of 16638 & 15808 which could get filled in the coming sessions unless we get an initiative move away from either of them.
Click here to view this week’s auction in Nifty with respect to the previous week on MPLite
Weekly Hypos for Nifty (Spot):
A)Nifty needs a drive above 16663 for a probe to 16710 / 16754 / 16815 / 16860 / 16906 / 16950
B) Accepting below 16608 could lead to a test of 16542 / 16482 / 16444 / 16418 / 16345 / 16298
Extended Hypos:
C) Above 16950, can expect higher levels of 17023 / 17100 / 17152 / 17200 / 17245 / 17295 / 17346
D) Below 16298, the auction could fall to 16240 / 16198 / 16134 / 16062 / 16006 / 15962 / 15911
NF (Weekly Profile) – 16648 [ 16753 / 15676 ]
NF opened the week with a big 359 point gap down as it entered a zone last seen in July 2021 and went on to tag the July Monthly VPOC of 15810 while making a low of 15780 in the IB (Initial Balance) after which it made failed attempts to extend the range on both sides starting with the dreaded C side extension first to 15757 which was swiftly rejected leading to new highs for the day at 15958 in the F TPO which also saw immediate rejection back into the IB and led to new lows for the day at 15711 confirming a FA (Failed Auction) at top and a Neutral Centre Day.
The auction continued the downside imbalance in the first half on Tuesday as it made multiple REs to the downside hitting new lows for the week at 15676 in the G TPO but just fell short of the 1 ATR objective of 15651 indicating seller exhaustion creeping in and this led to a big short covering move in the second half of the day as NF left a SOC (Scene Of Crime) at 15790 followed by an extension handle at 15935 & closed in a spike higher to 16033 leaving a Neutral Extreme Day Up and continued this imbalance with a Trend Day on Wednesday where it took support exaclty above the negated FA of 15958 at open and build volumes first at 16124 before leaving an extension handle at 16170 to give an OTF (One Time Frame) move higher into the close leaving mid-profile singles from 16195 to 16236 and another extension handle much higher at 16323 to tag the weekly VAL of 16420 which saw some profit booking and a shift of the dPOC higher to 16372.
Thursday saw the continuation of the Trend Day’s upmove with a huge 364 point gap up open as the auction made a small probe above the weekly VAH of 16740 but the dreaded C side extension of 16753 in the Selling Singles of 03rd Mar meant that the supply was coming back resulting in the second daily FA of the week and a Neutral Extreme profile but this time to the downside. NF opened lower on Friday but took support in Thursday’s buying singles and formed a large IB range of 233 points and after having an action packed week settled down on the last day to form a narrow range Normal profile with a close at the ultra-prominent 2-day overlapping POC of 16646.
The weekly profile started with a 2-day balance from where it moved to the upside with a Trend Day and ended the week with another 2-day balance leaving a Neutral Extreme one with overlapping Value at 15876-16640-16740.
BankNifty Spot Weekly Profile (07th to 11th Mar 2022)
34546 [ 35374 / 32155 ]
Previous week’s report ended with this ‘The weekly profile is a Trending one to the downside with completely lower Value at 34212-35052-35412 and staying below this week’s prominent POC of 35052, the auction could continue to remain weak for a probe towards the weekly POCs of May 2021 of 33930 & 32620 where it had support previously’
to be updated…
BNF (Weekly Profile) – 34596 [ 35424 / 32251 ]
BNF opened the week with a huge 777 points gap down along with an OH (Open=High) start at 33678 & continued to drive lower making a low of 32450 on Monday forming a ‘b’ shape profile for the day with a close at the dPOC of 32990 and made the dreaded C side extension to 32999 on Tuesday resuming the probe lower as it made multiple Range Extensions and hit new lows for the week at 32251 but saw the auction changing character in the second half of the day leaving a SOC (Scene Of Crime) at 32590 after which it went on to spike higher into the close leaving an extension handle at 32999 forming a Neutral Extreme (NeuX) Up Day signalling the end of the downside for the week.
More confirmation of the PLR (Path of Least Resistance) changing the direction came on Wednesday as BNF got accepted in the NeuX zone of 32999 to 33361 and left similar lows in the IB (Initial Balance) at 33056 & 33052 indicating exhaustion in the probe lower triggering a trending move higher to 34025 as it formed a Double Distribution Trend Day Up with the maximum volume concentration being at 33236 and the VWAP at 33510 showing that the buyers were in complete control and continued this imbalance with a humungous 1111 point gap up open on Thursday as the auction got back into previous week’s Range & Value but made a typical C side extension to 35424 stalling right at the Initiative Selling Tail of 35439 to 35868 from 03rd Mar and was swiftly rejected resulting in a probe back to the weekly VAL of 34260 into the close & the second Neutral Extreme Day of the week with this one marking the end of the upside.
BNF opened lower on Friday but took support exactly at previous week’s low of 34153 getting swiftly rejected triggering a short covering move of 783 points in the IB (Initial Balance) as the auction went on to tag Thursday’s NeuX VWAP of 34887 but stalled right at the monthly IBL of 34936 and remained in this range all day forming a nice balanced profile with tails at both ends to close the week at 34596. The weekly profile is a Neutral Centre one with a huge range of 3173 points & overlapping to lower Value at 32964-34596-35400.
