Nifty Spot Weekly Profile (09th to 13th Jan 2023)
17956 [ 18141 / 17761 ]
Previous week’s report ended with this ‘The weekly profile is a Neutral Extreme on to the downside with mostly overlapping Value at 17988-18168-18240 forming similar lows in the 17795 to 17774 zone from the last 3 weeks managing to just hold above the weekly VPOC of 17754 break of which could trigger a fresh probe lower towards the lower VPOC of 17478 whereas on the upside, this week’s POC of 18168 would be the swing reference above which Nifty could probe higher towards the HVN of 18271 and the VPOCs of 18348 & 18492’
- Monday – Nifty opened higher getting back into previous week’s Value as it left an initiative buying tail from 18011 to 17936 & made an One Time Frame probe till the F period where it made a high of 18140 after which it stalled on the upside leaving similar highs of 18141 in the G indicating lack of demand near the weekly POC of 18168 and went on to leave a ‘p’ shape profile for the day with the dPOC at 18085
- Tuesday – The auction then saw the sellers come back strongly with an Open Drive Down away from 18085 leaving an initiative selling tail from 18031 to 18127 after which they not only negated this week’s buying tail but went on to make new lows of 17856 forming a ‘b’ shape profile holding just above the 06th Jan VPOC of 17845
- Wednesday – saw a lower open as 17845 got tagged but was also rejected as seen in the A period buying tail from 17861 to 17824 and new highs for the day at 17957 in the IB after which it made the dreaded C side extension to 17976 which marked the end of the upside for the day resulting in another ‘p’ shape profile with a close at the ultra prominent POC of 17896
- Thursday – For the second time in the week, a short covering profile was followed by an ‘b’ shape long liquidation one as Nifty not only left a selling tail from 17908 to 17945 but also an early extension handle at 17881 and made multiple REs to the downside as it even broke below previous week’s low of 17795 recording a low of 17761 but stopped just short of the weekly VPOC of 17754
- Friday – The defence of 17754 for the second week running brought some demand back as the auction after forming a balance for the first half of the day made a move away with couple of extensions handles at 17872 & 17902 in the G & H periods respectively and went on to made a high of 17999 leaving a Double Distribution Trend Day Up
The weekly profile resembles a relatively narrow 380 point range composite ‘b’ shape one with completely lower Value at 17790-17910-17970 but for the fourth consecutive week held the VPOC of 17754 which continues to be the lower reference for the coming week below this week’s prominent POC of 17910 whereas on the upside, Monday’s POC of 18085 will be the immediate level to watch if Nifty manages to stay above this week’s Value along with the higher weekly VPOC of 18168.
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 17972 for a probe to 18013 / 18085 / 18168 / 18231 / 18271 / 18348 / 18387 / 18451
B) Accepting below 17934 could lead to a test of 17872 / 17822 / 17754 / 17695 / 17637 / 17596 / 17544 / 17478
NF (Weekly Profile) – 18025 [ 18228 / 17820 ]
NF opened the week with a probe higher scaling above previous week’s NeuX VWAP of 18127 but got stalled right at the base of the 04th Jan Selling Tail of 18227 not only marking the end of the upside but reversing the probe to the downside over the next 4 sessions making lower lows & even breaking below previous lows of 17872 as it tagged 17820 but left a small responsive tail followed by another tiny initiative one in this zone closing the week with a DD (Double Distribution) Trend Day Up as it got back to 18088 before closing the week at 18025 leaving a 408 point range Normal Variation Down profile with completely lower Value at 17860-17980-18052
BankNifty Spot Weekly Profile (09th to 13th Jan 2023)
42371 [ 42716 / 41729 ]
‘Previous week’s report ended with this ‘The weekly profile is a Neutral Extreme one to the downside with overlapping to higher Value at 42552-43260-43512 but with a close in the lowest quarter and the PLR would remain weak with the immediate references on the upside being 42260 & 42410 along with higher swing references at 42563 / 42730 & 42969 whereas on the downside, 42092 would be the immediate level to watch below which the auction could probe towards 41569 and the weekly VPOC of 41472 in the coming session(s)’
- Monday – BankNifty made a strong open getting above 42260 with an A period buying tail from 42313 to 42186 along with scaling above 42410 in the IB itself where it hit 42547 and made multiple REs as it made a high of 42716 stalling just below the selling extension handle of 42730 resulting in a ‘p’ shape profile for the day with the dPOC at 42534
- Tuesday – The sellers then pressed the advantage by making a Drive Down from 42534 in the IB as they left an initiative selling tail from 42324 to 42674 and trended lower for most part of the day even probing below previous week’s low but left similar lows at 41838 & 41835 triggering a sharp bounce to 42061 into the close leaving a ‘b’ shape long liquidation profile
- Wednesday – started with a probe lower as the auction went on to make new lows for the week at 41729 but was swiftly rejected confriming an Open Rejection Reverse to the upside as it left an A period buying tail till 41938 but could not clear the Selling tail of previous session and formed the second ‘p’ shape profile of the week with a close right at the prominent POC of 42233
- Thursday – made another attempt to get into the Tuesday’s Selling singles at open but once again was rejected from 42343 triggering a big liquidation move as BankNifty made a low of 41743 stopping just below PDL which brought about a short covering rally to 42133 into the close leaving the second ‘b’ shape profile of this week
- Friday – The auction started with an OAIR & remained in previous Value for the first half of the day and gave a move away to the upside in the second half starting with an extension handle at 42202 and forming a Double Distribution Trend Day profile making a high of 42454 but left a small responsive tail at the top causing a retracement down to 42264 before closing at 42371
The weekly profile in BankNifty also resembles a composite ‘b’ shape one with completely lower Value at 41880-41964-42324 but the close has been around the VAH indicating that the downside has got exhausted and the auction could probe higher towards the daily references of 42534 / 42831 / 42969 and the main weekly VPOC of 43260 to find fresh initiative selling in the coming session(s) if manages to stay above 42324 whereas on the downside, it would need to negate the immediate extension handle of 42202 & get initiative selling at this week’s POC of 41964 for a move lower towards the weekly VPOC of 41478.
Weekly Hypos for BankNifty (Spot):
A) to be updated…
B) to be updated…
BNF (Weekly Profile) – 42500 [ 42908 / 41880]
BNF remained below previous week’s NeuX VWAP of 43050 and as expected tested the insecure lows of 41883 & 41869 while making a low of 41880 this week forming a composite ‘b’ shape profile with completely lower Value at 42048-42120-42472 but has closed above the Value indicating covering by the sellers so this week’s POC of 42120 would be the important reference on the downside & staying above 42472, the auction could make an attempt to probe higher towards the monthly extension handle of 43002 & the weekly VPOC of 43400 in the coming session(s) where as break of 42120 could bring the lower weekly VPOC of 41840 into play.
