Nifty Spot Weekly Profile (08th to 12th Aug 2022)
17698 [ 17724 / 17359 ]
Previous week’s report ended with this, ‘The weekly profile is a well balanced one in a narrow range of just 336 points with completely higher Value at 17232-17263-17376 stalling just below the higher weekly VPOC of 17516 which will be the immediate level it needs to take out in the coming week to continue towards the next weekly VPOC of 18006 whereas on the downside, this week’s ultra prominent POC would act as a magnet if Nifty sustains below the VAH of 17376 with the daily VPOC of 17326 being a minor suppport in between’
- Monday – Nifty opened with a test of previous week’s VAH of 17376 which saw swift rejection as it left an initiative buying tail from 17359 to 17414 confirming a move away from the balance to the upside resulting in new monthly highs of 17548 and a close around the dPOC of 17526
- Tuesday – Holiday
- Wednesday – saw a slightly higher open at 17566 but was also an OH (Open=High) start as the auction stalled near the PBH of 17563 & consolidated in the 13th Apr profile forming a nice 3-1-3 balance on the daily timeframe with completely inside Value and a prominent POC at 17515
- Thursday – A move away from 17515 came in form of a big 177 point gap up as Nifty tagged the 11th Apr VPOC of 17694 but could not scale above that day’s VAH of 17729 leaving a small selling tail in the A period from 17698 to 17719 and formed a narrow 87 point range Gaussian Profile with a prominent POC building at 17670 taking support at 17632 just above the Gap Mid-point of 17623
- Friday – Nifty opened with a probe lower breaking below 17623 and testing the gap singles from 11th Aug while making a low of 17597 but was swiftly rejected as it left an A period buying tail till 17635 and went on to record new highs for the week at 17724 forming an Outside Day and closing the week with a nice 2-day Gaussian profile with Value at 17657-17682-17694 looking set for a fresh move in the next session
The weekly profile resembles a Double Distribution (DD) Trending One to the upside with completely higher Value at 17502-17670-17724 with 2 prominent HVNs at 17515 & 17670 with the DD singles being from 17635 to 17546 which will be the support zone for the coming week whereas on the upside, the auction will need to negate the 11th Apr FA of 17779 & the 08th Apr Swing High of 17843 to continue towards the weekly VPOC of 18006 & above.
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 17705 for a probe to 17779 / 17836 / 17898 / 17948 / 18006 / 18055 / 18114 / 18186 / 18261
B) Accepting below 17694 could lead to a test of 17635 / 17590 / 17515 / 17476 / 17414 / 17326 / 17263 / 17193 / 17155
NF (Weekly Profile) – 17713 [ 17753 / 17377 ]
NF gave a move away from previous week’s balance in form of an initiative buying tail from 17438 to 17377 on Monday after which it formed a 2-day balance building a HVN at 17557 closing right there on Wednesday. The auction then confirmed another initiative move away from here with a gap up open on Thursday where it made a high of 17735 and closed the week with another 2-day balance building good volumes at 17708 leaving a Double Distribution (DD) Trend Up profile this week with completely higher Value at 17528-17708-17752 with the DD zone from 17651 to 17580.
BankNifty Spot Weekly Profile (08th to 12th Aug 2022)
39042 [ 39089 / 37681 ]
Previous week’s report ended with this, ‘BankNifty has formed an ideal Gaussian Profile on the weekly which was also a Neutral Centre one with completely higher Value at 37692-37872-38052 and looks set to start an imbalance soon moving away from this prominent POC of 37872 in the coming week with the weekly FA of 37249 being the swing reference for a probe towards the 1 ATR objective of 38689’
- Monday -BankNifty also opened the new week with a test of previous VAL of 37692 as it made a low of 37681 but left a nice initiative buying tail in the IB till 37912 swiping through the weekly Value as it left couple of extension handles at 37936 & 37997 to make a look up above the recent swing high of 38232 while making a high of 38302
- Tuesday – Holiday
- Wednesday – The imbalance of previous session led to a balance being formed as the auction remained in a narrow range of just 248 points and tagged the weekly HVN of 38324 while forming a prominent POC right there as it made higher highs of 38403
- Thursday – BankNifty signalled a move away from balance yet again with a gap up open of 425 points as it not only completed the 1 ATR objective of 38689 but scaled above the 04th Apr Swing high of 38765 & negated the FA of 38790 from 11th Feb but formed a ‘p’ shape profile for the day with another prominent POC at 38850
- Friday – started with a test of the buying singles from 38778 to 38388 as the auction took support at 38740 and went on to make new highs of the week at 39089 stalling just below the 10th Feb VPOC of 39095 closing in an imbalance
The weekly profile is a Double Distribution (DD) Trend Up one with an initiative buying tail from 37912 to 37681 with the lower distribution having the HVN around 38300 above which is the DD singles zone from 38772 to 38388 and the HVN of upper distribution at 38832 with Value being completely higher at 38244-38832-39072.
Weekly Hypos for BankNifty (Spot):
A) To be updated…
B) To be updated…
BNF (Weekly Profile) – 39077 [ 39115 / 37751 ]
BNF opened the week with an open below previous week’s POC of 37920 & swiped lower almost tagging the weekly VAL of 37744 while making a low of 37755 where it got swiftly rejected and left a long initiative buying tail till 37971 settiing up a trending move higher for the rest of the week as it made higher highs on all days even recording new highs of 39115 into the close which means the imbalance could continue in the coming week as Value was also completely higher at 38555-38936-39107.