Nifty Spot Weekly Profile (09th to 13th Aug 2021)
16529 [ 16543 / 16162 ]
Previous week’s report ended with this ‘The weekly profile is a trending one to the upside as Nifty made a big range of 515 points but represents a DD (Double Distribution) with a small balance at the lows and then a quick zone of mostly singles in between from 15893 to 16205 and at the top forming a 3-day balance. Value was completely higher at 16131-16248-16345 with a close right at the prominent weekly POC of 16248 which would be the reference for the next open’
Nifty continued the 3-day balance it was forming at the close of previous week with an OAIR (Open Auction In Range) start on Monday where it made a high of 16321 in the IB (Initial Balance) and probed lower testing the 04th Aug buying tail from 16205 to 16176 completely as it made a low of 16179 and left a small responsive tail there to signal the end of the downside probe after which it not only gave a retracement to 16270 into the close but continued this imbalance to the upside on Tuesday with an OTF (One Time Frame) move till the ‘D’ period where it hit new ATH (All Time High) of 16359 but this move above the weekly Value could not sustain as the auction made another attempt in the ‘F’ period but could only match the previous highs signalling lack of demand at these new highs which promptly led to a liquidation move late in the afternoon resulting in new lows for the day at 16202 but once again saw a responsive tail being formed pushing it back to 16294 into the close. Nifty opened higher on Wednesday as it tested the previous day’s SOC (Scene Of Crime) but got rejected from the dPOC of 16337 as it left an initiative selling tail in the IB & made a trending move lower till the ‘E’ period even making new lows for the week at 16162 but for the third day in sucession left a buying tail marking the end of the downside and made a slow probe back to the morning singles by tagging 16290 leaving a ‘b’ shape profile for the day but also forming a nice Gaussian profile over the last 6 days with the composite Value at 16221-16256-16308 (Click here to view the 6-day composite). The transition from balance to imbalance was seen on Thursday as the auction first got accepted in the selling singles of the ‘b’ shape profile and then made multiple REs as it went on to make new highs for the week at 16375 and in the process confirmed a weekly FA at 16162 and followed it up with an Open Drive on Friday which in turn triggered an OTF (One Time Frame) move higher all day with Nifty confirming a Trend Day Up as it tagged 16543 almost completing the weekly 1 ATR objective of 16549 from 16162.
The weekly profile has mostly inside Value at 16212-16260-16356 because of the fact that it was in a balance for the majority of the time and has left a buying extension handle at 16375 along with a zone of singles till 16426 which would be the support zone for the coming week below the Trend Day’s PBL (Pull Back Low) of 16468 which is the immediate reference on the downside whereas staying above 16549, the upside imbalance could continue even further towards 16694 & 16755.
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 16549 for a probe to 16577 / 16610 / 16641 / 16695 / 16755 / 16804 / 16836
B) Accepting below 16513 could lead to a test of 16468 / 16426 / 16375 / 16348 / 16308 / 16256 / 16228
NF (Weekly Profile) – 16517 [ 16535 / 16182 ]
NF continued to build on the previous week’s closing 3-day balance for most part of this week forming almost similar Value at 16218-16266-16344 but gave a move away on Friday with a daily extension handle at 16369 and a buying tail till 16415 as it left a Trend Up profile and closing just below the highs of 16535. The PLR (Path of Least Resistance) would remain to the upside with Friday’s VWAP of 16466 being the first level to watch on the downside apart from the buying singles in the weekly profile from 16419 to 16359.
BankNifty Spot Weekly Profile (09th to 13th Aug 2021)
36169 [ 36317 / 35531 ]
Previous week’s report ended with this ‘The weekly profile represents a DD (Double Distribution) with the lower HVN at 34800 and the buying singles from 34980 to 35542 along with the upper HVN at 35820 around which BankNifty closed. Value was completely higher at 35540-35820-36180 but the auction will need to stay above 35820 & get fresh buying to negate the selling tail of 36138 to 36220 and continue higher in the coming week where as on the downside, the DD singles will act as probable support zone‘
BankNifty gave a move away from the weekly POC of 35820 in the IB (Initial Balance) on Monday where it formed a huge range of 548 points making a high of 36160 along with an initiative buying tail from 36024 to 35612 but could not extend any further with the selling singles of 36138 to 36220 being a hurdle and this led to a retracement into the morning singles as the auction dropped to 35761 in the ‘J’ period leaving a PBL (Pull Back Low) there before closing the day at 36029 forming a Normal Day to start the week.Tuesday morning saw another drive up in the IB as BankNifty left buying singles from 36162 to 35953 and succeded in negating previous week’s selling tail completely as it made a high of 36317 but once again could not extend any further due to lack of new demand and began to form a ‘p’ shape profile building the POC at 36231 for the day with the morning singles acting as support but the ‘J’ period made a swift move lower swiping through the singles followed by new lows for the day at 35890 in the ‘K’ period but was swiftly rejected back into the IB giving a similar close at 36034. The auction then made a gap up open on Wednesday but got rejected from just below the yPOC of 36231 as it made a drive down from 36227 forming a large IB range for the third day in succession falling by almost 500 points as it left a selling tail from 36055 to 36227 and a selling extension handle at 35941 and continued the probe down till the ‘E’ period where it made a low of 35531 leaving a PBL in previous week’s buying singles of 35542 to 34980 which marked the end of the downside probe as BankNifty got back to 35903 in the ‘J’ period before closing the day at 35806 leaving a ‘b’ shape profile and formed the third Normal Day of the week on Thursday inspite of forming a narrow IB range of 256 as it formed a nice Gaussian profile with a prominent POC at 35857. Friday saw a open above PDH (Previous Day’s High) of 35998 with the auction settling down into an OAOR (Open Auction Out of Range) and formed the narrowest IB range of the week of just 182 points looking set to form yet another Normal Day but the attempt to make a RE to the downside in the ‘I’ period was swiftly rejected which led to new highs being formed in the ‘K’ & ‘L’ periods as BankNifty stalled right at Wednesday’s VPOC of 36231 confirming a daily FA at 35937 along with a weekly one at 35531.
The weekly profile is a Neutral Centre and a well balanced one with completely inside Value at 35784-36024-36144 with BankNifty recording the highest ever weekly close at 36169 so looks good for more upside in the coming week with probable objectives of 36437 & 36825 provided it sustains above 36160.
Weekly Hypos for Bank Nifty (Spot):
A) BankNifty needs a drive from 36178 for a rise to 36283 / 36381 / 36504 / 36655 / 36756 / 36865 / 36961
B) Accepting below 36144, the auction could test 36040 / 35937 / 35857 / 35714 / 35531 / 35420 / 35298
Extended Weekly Hypos
C) Above 36961, can expect higher levels of 37059 / 37181 / 37331 / 34780 / 37625 / 37730 / 37825 / 37930
D) Below 35298, the auction could fall to 35130 / 35052 / 34980 / 34861 / 34774 / 34690 / 34570 / 34450
BNF (Weekly Profile) – 36212 [ 36395 / 35670 ]
BNF has formed a nicely balanced weekly profile within a narrow range of just 725 points and completely inside Value at 35874-36126-36186 inspite of hitting new highs of 36395 for the series on 10th Aug which got rejected after leaving a HVN at 36340 which will be the first reference on the upside for the coming week with this week’s POC of 36126 being the important level on the downside apart from the HVN of 35960.