Nifty Spot Weekly Profile (10th June to 14th June)
Last week report closed with this line ‘The weekly range & value has made an outside bar indicating that the auction could continue to be in this range for some more time’ which is what happened this week as Nifty not just stayed in the previous week’s range but also stayed put the entire week in previous week’s Value too almost tagging both ends as it made a high of 12000 on Tuesday from where it got rejected & probed lower confirming a weekly FA at top and went on to make a low of 11797 on Friday to leave a nice weekly balance with a prominent POC at 11894 along with a small spike from 11839 to 11797 which will be the first zone to watch in the coming week. Staying below this zone, Nifty would be on course to tag the 1 ATR mark of 11725 from the weekly FA. This week’s Value is 11844-11894-11932
Weekly Hypos for Nifty (Spot):
A) Nifty needs to get above 11840-845 for a move to 11871-894 & 11932-936
B) Immediate support is at 11796 below which the auction can test 11773-769 & 11738-719
C) Above 11936, Nifty can probe higher to 11958-976 & 11991-12000
D) Below 11719, lower levels of 11696-682 & 11665-658 could be tagged
E) If 12000 is taken out & sustained, Nifty can have a fresh leg up to 12032-46 / 12070-78 / 12101
F) Break of 11658 could bring lower levels of 11614-611 / 11576-556 & 11505
NF (Weekly Profile)
NF has made a Neutral Extreme profile (Down) for the week as it probed higher for the first 2 days making a high of 12023 from where the auction reversed & probed lower for the rest of the week making a nice balance inside the previous week’s range but went on to close the week with a spike of 11848 to 11811 moving away from the weekly balance it was forming which could be the first sign of an imbalance setting in. NF has also confirmed a weekly FA at 12023 and staying below 11875 the PLR would be down for the 1 ATR move down to 11749. NF made an inside bar on the weekly leaving a weekly VPOC at 12075 and looks set to tag the lower weekly VPOC of 11793 in the coming week which will set up the auction further. The weekly Value is 11850-11910-11946
BankNifty Spot Weekly Profile (10th June to 14th June)
BankNifty opened the week with a Gap Up of almost 200 points but got rejected near the previous week’s HVZ (high volume zone) as it made a high of 31367 on Monday after which it probed lower and took support near the lower weekly HVN of 30925. The auction then made another probe to the upside on Tuesday making new highs for the week at 31399 but was not able to tag the weekly POC of 31405 which indicated that the upside was limited. BankNifty then trended lower for the rest of the week confirming a weekly FA at 31399 and seemed to be making a double inside bar on the weekly range but spiked lower into the close on Friday breaking below the lows of last 2 weeks as it made a low of 30509 leaving a Neutral Extreme profile for the week though the Value formed was inside previous week’s Value. However as the close was way below the Value, the PLR for the coming week would be down with the first objective being the 1 ATR move of 30389 from the weekly FA with immediate resistance being the spike high of 30711. The weekly Value is 30770-30975-31210
Weekly Hypos for BankNifty (Spot):
A) BankNifty needs to stay above 30625 for a move to 30700-713 / 30770-801 & 30861-890
B) Sustaining below 30625, the auction can test 30538-505 / 30450 & 30389-350
C) Above 30890, BankNifty can probe higher to 30975 / 31035-65 & 31124-150
D) Below 30350, lower levels of 30290-275 / 30174 & 30110-100 could come into play
E) If 31150 is taken out, BankNifty could rise to 31212-241 / 31330-350 & 31405-418
F) Break of 30100 could trigger a move lower to 30040-15 / 29970-930 & 29850-840
BNF (Weekly Profile)
BNF opened with a gap up this week but got rejected as it made a high of 31392 on Monday after which it made lower highs on remaining 4 days of the week building a high volume zone at the 30975-31000 levels from it got rejected on Friday as it spiked lower into the close making lows of 30503 and leaving a weekly extension handle at 30665 which will be the level to cross for any bounce in the coming week. The weekly Value is 30800-31000-31216 which was inside the previous week’s Value.
