Nifty Spot Weekly Profile (10th to 14th Oct 2022)
17185 [ 17348 / 16950 ]
Previous week’s report ended with this ‘The weekly profile is a Neutral Extreme one to the upside with a FA at 16855 & a zone of singles from 17059 to 17175 along with a daily VPOC at 17024 and has formed completely higher Value at 17124-17244-17424 with a probable daily FA at 17217 or 17337 depending on whether Nifty opens & sustains above 17334 or gets accepted below 17239 on Monday’
- Monday – Nifty opened the week with a big 220 point gap down giving a move away from last Friday’s Neutral Day but took support in previous week’s mid-profile singles of 17059 to 17175 as it made a low of 17064 in the IB & gave a short covering squeeze from the E to the H periods as it went on to tag the weekly POC of 17244 while making a high of 17280. However, it left a small responsive selling tail above the yPOC of 17264 indicating supply coming back triggering a fall down to 17140 where it left a PBL & gave another short covering move back to 17261 into the close forming an irregular profile for the day with overlapping to lower Value
- Tuesday – The auction confirmed return of initiative sellers in form of a A period singles from 17213 to 17262 but turned into a nice balance filling up Monday’s low volume zone & was forming a ‘b’ shape long liquidation profile till the J period before the sellers struck again leaving an extension handle at 17102 along with a spike close from 17070 to 16950
- Wednesday – saw a balance being formed in the Spike Zone of Tuesday and an attempt to probe lower in the D period resulted in a FA being confirmed at 16960 & a Neutral Extreme (NeuX) Day Up as Nifty tagged the yPOC of 17121 while making a high of 17142 into the close
- Thursday – The NeuX profile did not give a follow up as expected and in turn left a small A period selling tail and made couple of REs lower in the first half of the day but got rejected from the test of Wednesday’s FA of 17960 which stopped the down move after which the auction settled down to form a narrow range ‘b’ shape profile with completely inside Value with a close right at the prominent dPOC of 17015
- Friday – began with a huge 308 point gap up oen signalling the move away from the 2-day balance but settled down into an OAOR forming a very narrow 64 point IB range which was followed by a typical C side extension lower to 17251 which not only got rejected but triggered a short covering RE to the upside in the F period to 17348 but formed similar high of 17347 in the G signalling exhaustion to the upside which triggered a big liquidation break confirming a FA at highs & gave the second NeuX Day of the week at it made a low of 17169 almost tagging the Gap Mid-point of 17168 closing in an imbalance which could see continuation at the next open
The weekly profile is a Neutral Centre one with completely inside range and has formed Value at 16992-17028-17208 right in the middle of last week’s profile filling up the low volume zone & looks set to give a move away in the coming week with the PLR (Path of Least Resistance) being to the downside courtesy the daily FA of 17348 which has the 1 ATR objective of 17121 below which Nifty can go for the daily VPOC of 17015 and the 2 ATR target of 16893.
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 17196 for a probe to 17251 / 17303 / 17348 / 17400 / 17452 / 17500 / 17569 / 17622 / 17689 / 17722
B) Accepting below 17168 could lead to a test of 17121 / 17068 / 17015 / 16960 / 16893 / 16855 / 16802 / 16752 / 16708 / 16653
NF (Weekly Profile) – 17195 [ 17367 / 16927 ]
NF opened the week with a big gap down of 229 points breaking below previous week’s zone of singles while making a low of 17050 but reversed the probe to the upside post IB filling up the low volume zone as it made a high of 17278 stalling just below the prominent POC of 17284. The auction then made a trending move down over the next 3 days making lower highs but almost matching lows of 16951, 16951 & 16927 indicating the downside getting limited making way for a huge gap up open of 289 points on Friday and a probe higher but made similar highs of 17367 & 17365 marking the end of the upside and formed a Neutral Extreme Day Down with a close around the day’s low of 17175.
The weekly profile is a Neutral one with completely inside range along with overlapping to lower Value at 16976-17123-17200 with Friday’s extension handle of 17262 being the important reference on the upside for the coming week whereas on the downside, the 2-day overlapping POC at 17112 & Thursday’s VPOC of 17027 will be the levels on watch below the Gap Mid-point of 17155 in the coming session(s).
BankNifty Spot Weekly Profile (10th to 14th Oct 2022)
39305 [ 39570 / 38438 ]
Previous week’s report ended with this ‘The weekly profile is also a Neutral Extreme one to the upside with completely higher Value at 38760-38964-39600 and has a zone of singles from 38807 to 38453 which will be the downside reference for the coming week along with the daily VPOC of 38233 whereas on the upside, Thursday’s VPOC of 39417 & the 1 ATR target of 39552 from the daily FA of 38807 would be the immediate objectives above which is the long initiative selling tail of 39981 to 40528 of 23rd Sep’
- Monday – BankNifty opened the week with a large gap down of 536 points right in previous week’s buying singles of 38807 to 38453 where it got swiftly rejected after making a low of 38518 as it not only got back above 38807 post IB but went on to make a trending move higher to 39315 in the H period. The auction then gave a retracement to 38845 before closing the day right at the dPOC of 39093
- Tuesday – The auction formed a Neutral Extreme Day down after filling up Monday’s profile for most part of the day making it smoother but the attempt to extend the IB to the upside was swiftly rejected resulting in a FA being confirmed at 39175 and a probe lower to 38622 into the close leaving a prominent POC at 38945
- Wednesday – saw a probe below the NeuX zone but could only manage marginal new lows of 38606 and left a small A period buying tail hinting that the initiative sellers had mostly booked out as it formed a narrow range balance for the first half of the day with the upside being capped at 38935 just below Tuesday’s prominent POC. However, the second half saw the balance change to imbalance with the J period leaving an extension handle at 38936 and a spike close from 39085 to 39164 stalling just below the FA of 39175 forming a Double Inside Day in terms of Monday’s range
- Thursday – The spike close got rejected as seller came back strongly to leave a small A period tail along with an early extension handle at 38905 followed by big REs to the downside till the F period where BankNifty made new lows for the week at 38438 completing the 1 ATR objective from the FA of 39175 to the dot and also marked the end of the OTF as the G TPO confirmed a small responsive buying tail triggering a bounce back to 38856 before settling down near the prominent dPOC of 38660 forming a ‘b’ shape profile for the day
- Friday – The auction made a gap up open by a massive 822 points but settled down into an OAOR forming a narrow 213 point range IB after which it made a good C side extension down to 39196 but stopped just above the FA reference of 39175 and reversed the probe higher even making a RE higher in the J period to 39570 but got rejected just below 06th Oct’s Swing high of 39608 triggering a fall back to 39239 which also confirmed a new FA at highs as it gave a Neutral Day close at 39305 forming a perfect 3-1-3 daily profile with completely higher Value
The weekly profile is also a Neutral one with completely inside range & mostly lower Value at 38604-38928-39144 thanks to the 4-day balance it formed this week before moving away from it with that gap up on Friday. The FA of 39175 which got negated would be the immediate reference on the downside and staying below it BankNifty would remain weak for a probe to this week’s prominent POC of 38928 & Thursday’s VPOC of 38660 whereas on the upside it would need to sustain above 39315 and take out the FA of 39570 to make new highs for the month.
Weekly Hypos for BankNifty (Spot):
A) BankNifty needs a drive from 39315 for a rise to 39487 / 39608 / 39758 / 39910 / 40150 / 40297 / 40431 / 40555 / 40645 / 40788
B) Accepting below 39301, the auction could test 39175 / 39035 / 38836 / 38660 / 38546 / 38438 / 38233 / 38067 / 37963 / 37847
BNF (Weekly Profile) – 39395 [ 39677 / 38520 ]
BNF opened the week with a big gap down and took support right above previous week’s DD zone of singles as it made a low of 38610 trapping loads of late shorts as it gave a big short covering squeeze higher to 39447 and filled up the low volume zone with a nice balance on Tuesday but confirmed a FA at highs of 39271 leaving a Neutral Extreme Day Down eventually completing the 1 ATR objective of 38523 while making a low of 38520 on Thursday which also marked the end of the downside for the week with the auction giving a good bounce back to 38996 into the close after which it opened with a massive gap up of 761 points but settled down into an OAOR forming a narrow 357 point range Neutral Day with a prominent POC at 39504 & a new FA at 39677.
The weekly profile too is a Neutral One too which remained completely inside previous week’s range but has formed overlapping to lower Value at 38704-39048-39248 which will be the reference on the downside for the coming week whereas on the upside, Friday’s POC of 36504 along with the FA at 39677 will be the levels to be taken out.