Nifty Spot Weekly Profile (08th to 12th Nov 2021)
18103 [ 18123 / 17798 ]
Previous week’s report ended with this ‘The weekly profile is a Normal one within a narrow range of 315 points thanks to the holiday-shortened week but has formed overlapping to lower Value at 17817-17925-17973 and has a prominent POC at 17925 which will be the important reference on the upside for the coming week apart from the small selling tail at top from 17989 to 18012 and staying below which Nifty would remain weak for a probe to that monthly buying tail at 17581, the 01st Oct VPOC of 17518 and lastly the monthly VPOC of 17365 as the auction has left a second successive higher weekly POC at 18159’
Nifty opened the week with a big gap up on Monday but saw immediate selling coming in as it fell back to 17838 in in the IB (Initial Balance) and made a marginal C side extension lower which got rejected indicating buyers taking over as they not only confirmed a FA (Failed Auction) at 17836 but went on to tag the 1 ATR objective of 18066 into the close leaving a Neutral Extreme (NeuX) Up Day and continued this imbalance with another higher open on Tuesday where it made new highs for the week at 18112 but left a small selling tail in the IB indicating that the buyers were booking out. The auction formed a perfect 3-1-3 profile for the day with a prominent POC at 18042 and looked set for a move away from here which happened in the form of a gap down on Wednesday with a probe lower in the IB where it made similar lows at 17915 taking support at previous week’s POC and indicating seller exhaustion as it formed a narrow range balance in first half of the day and led to a big short covering move in the second half where it got back to tag the prominent POC of 18042 but closed off the highs and just above the extension handle of 17989. Nifty opened lower on Thursday below 17989 and found initiative sellers entering as it left an initiative selling tail in the IB along with an extension handle at 17911 and made a big C side RE lower where it hit new lows for the week at 17827 revisting the FA of 17836 but then settled down to form a balance for the rest of the day as could only make marginal new lows of 17798 in couple of more REs it made in the ‘J’ & ‘K’ periods closing the day with a ‘b’ shape profile with a prominent POC at 17854 and an important responsive buying tail at the weekly VAL of 17817. Friday saw a 100 point gap up open at 17978 but the auction got back into previous day’s selling singles forming a narrow 58 point range IB after which it went on to make couple of REs lower to hit the selling extension handle of 17910 and was swiftly rejected triggering a trending move to the upside for the rest of the day as it left multiple extension handles at 18000, 18022 & 18061 to close the week just as it had began which is with another NeuX Up profile as it made new highs for the week at 18123 with a close at 18103.
The weekly profile is also a Neutral Extreme one with a narrow range of just 325 points and overlapping to higher Value at 17907-18045-18081. The NeuX zone of 18079 to 1812 would be the immediate reference for the coming week along with the weekly VPOC of 18159 on the upside and the prominent weekly HVN of 17963 on the downside being the levels to watch on either side.
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 18123 for a probe to 18159 / 18201 / 18258 / 18311 / 18378 / 18425 / 18458
B) Accepting below 18079 could lead to a test of 18022 / 17959 / 17907 / 17854 / 17813 / 17778 / 17742
NF (Weekly Profile) – 18133 [ 18160 / 17807 ]
NF opened the week with a gap up of 100 points and went on to tag the HVN of 17994 as it made a high of 18010 but was rejected triggering a probe to the downside in the A period as it made a low of 17852 almost closing the gap and taking support just above last Wednesday’s POC of 17845 displaying that the downside was done with and this led to a big move higher starting from the G period for the rest of the day resulting in a DD (Double Distriution) Trend Up profile to 18153 but saw major profit booking happening as the dPOC shifted higher to 18132. The auction then reversed the probe lower from Tuesday onwards where it first got rejected from 18132 and trended lower over the next 3 days and went on to break below 17845 hitting new lows for the week at 17807 on Thursday where it formed a ‘b’ shape profile with a close above the prominent POC of 17857 indicating closure of shorts. Friday opened with a freak tick of 17737 but NF remained steady above 17955 in the IB as it made a high of 18018 but could not extend further to the upside and probed lower in search of fresh demand as it broke below 17955 in the C & D periods but took support just above the weekly POC of 17916 and repeated what it did on Monday by trending higher post the G period as it left 3 extension handles at 18018, 18050 & 18097 to hit new highs for the week at 18160 forming a Neutral Extreme Up Day. The weekly Value was overlapping to higher at 17919-17964-18135 and the auction will need to stay above the HVN of 18134 for a probe towards the weekly VPOC of 18204 whereas on the downside the 3 extension handles of Friday will be the immediate levels to watch at open in the coming week.
BankNifty Spot Weekly Profile (08th to 12th Nov 2021)
38733 [ 39561 / 38346 ]
Previous week’s report ended with this ‘The weekly profile was completely inside previous week filling up the low volume zone with a narrow Value area of just 600 points which was overlapping to lower at 39480-39936-40080 and has closed below the VAL but just above the TPO HVN of 39320 which will be the immediate reference on the downside for the coming week below which the auction could test the buying singles of 38788 & the weekly VPOC of 38316 whereas on the upside, BankNifty needs to stay above 39480 for a test of 39650 and the ability to sustain above it could give a probable move towards the weekly POC of 39936 & above it the 28th Oct POC of 40244 in the coming week’
BankNifty opened with a freak tick of 39674 on Monday but stayed below 39480 from the very next minute onwards & left a long initiative selling tail in the IB (Initial Balance) from 39324 to 39674 indicating that the PLR (Path of Least Resitance) for the week was to the downside forming a big 604 point range IB and even made a good RE (Range Extension) in the E period where it made a low of 38932 but left a responsive buying tail marking the end of this leg and trapping the laggard shorts which led to a good bounce back to 39514 into the close. The auction tried to go higher at open on Tuesday but could only tag 39560 after which it made a balance all day as it remained in a narrow range of 337 points & filled up the low volume zone of Monday’s profile building a prominent POC at 39402 and moved away from here with a gap down open on Wednesday where it made an almost OH (Open=High) start at 39220 but for the second consecutive day formed a narrow 347 points range balanced profile all be it with completely lower Value and a prominent POC at 39020. Thursday open saw a strong move away from here with an Open Drive Down as BankNifty made an OTF (One Time Frame) probe lower for most part of the day and went on to tag the daily VPOC of 38360 from 12th Oct while making a low of 38468 in the ‘K’ period where it left a good responsive buying tail signalling the end of the downside objective for the week which ended with yet another narrow range Neutral Centre day of just 355 points on Friday with a close around the dPOC of 38723 as it formed an inside day both in terms of range & value.
The weekly profile is a Triple Distribution Trend Down one with couple of daily VPOCs at 39402 & 39020 in the uppermost & middle part of the profile with a close in the lower balance which itself has 2 prominent HVNs at 38723 & 38550. Value for the week was mostly lower at 38760-39408-39552 but the small buying tail it has left just above the weekly VPOC of 38316 suggests that the downside could be limited and the coming week could see a filling up of the low volume zones.
Weekly Hypos for Bank Nifty (Spot):
A)BankNifty needs a drive from 38760 for 38934 / 39020 / 39193 / 39402 / 39524 / 39661 / 39780 / 39936
B) Below 38723, the auction could test 38550 / 38413 / 38154 / 38006 / 37875 / 37750 / 37625 / 37550
BNF (Weekly Profile) – 38871 [ 39750 / 38443 ]
BNF opened higher on Monday and even tagged 39750 in the opening minutes but could not sustain above the RO point of 39650 leading to a big fall of 593 points in the IB itself which included a long selling tail from 39458 to 39750 after which it went on to make a low of 39051 where it left a long responsive buying tail from 39158 to 39051 leading to a bounce back to 39695 into the close but showed supply once again in this zone as it left a small selling tail from 39659 to 39708 once again in the IB on Tuesday which triggered a massive trending move lower over the next 3 days as it went on to tag the weekly VPOC of 38460 on Thursday which was a big objective and left a responsive buying tail at lows from 38520 to 38443 confirming the end of the downside for the week as it formed a balance and an inside day on Friday if the freak tick of 38171 of the open is ignored. The weekly Value was lower at 38520-38720-39424 and has formed a HVN at 39128 which will be the important reference on the upside along with the daily VPOC of 39522 whereas on the downside, accepting below 38520 could give a probable test of the prominent weekly VPOC of 38000 in the coming week.