Nifty Spot Weekly Profile (11th to 13th Apr 2022)
17784 [ 18114 / 17600 ]
Previous week’s report ended with this ‘Nifty closed the week at 17784 leaving a Triple Distribution profile on the weekly with completely higher Value at 17772-18004-18092 with the lower HVNs at 17824 & 17658 which will be the references for the coming week’
Nifty opened on Monday with an OAIR (Open Auction In Range) filling up the lower part of previous week’s profile as it remained in the narrow IB (Initial Balance) range of just 108 points between 17761 & 17653 for most part of the day and a late afternoon attempt to probe higher in the weekly Value was rejected resulting in a FA (Failed Auction) being confirmed at 17779 as the auction made new lows of 17651 into the close leaving a prominent POC at 17708 & continued this imbalance with a gap down open on Tuesday where it broke below the weekly spike low of 17594 (28th Mar to 01st Apr) & completed the 1 ATR objective of 17569 but made another narrow IB range of just 104 points stalling just above the weekly VPOC of 17484 which it broke with a good C side extension and followed it up with couple of more RE’s in the I & J TPOs where it made almost similar lows of 17449 & 17442 indicating exhaustion on the downside just above the weekly mid-profile singles zone of 17421 to 17328 (28th Mar to 01st Apr).
This inability of the sellers to push lower triggered a short covering move back to 17595 in the L period & a higher open on Wednesday where Nifty tagged 17663 in the A period but could not enter Monday’s Value Area leaving a small selling tail in the IB from 17633 to 17663 along with an extension handle at 17585 as the auction trended lower till the G period where it made a low of 17457 after which it formed a balance for the rest of the day leaving a ‘b’ shape profile with overlapping Value & POC on the daily.
The weekly profile resembles a DD (Double Distribution) Trending one to the downside with completely lower Value at 17444-17516-17668 and the prominent POC of 17516 will be the immediate level to watch on the upside in the coming week above which we have the mini DD zone of 17633 to 17651 and the HVN in the upper distribution at 17708 whereas on the downside, the weekly singles zone of 17421 to 17328 along with the 2 daily VPOCs at 17286 & 17036 would be the important levels to observe.
Click here to view this week’s auction in Nifty with respect to the previous week on MPLite
Weekly Hypos for Nifty (Spot):
A)Nifty needs a drive above 17489 for a probe to 17529 / 17585 / 17633 / 17708 / 17741 / 17790
B) Accepting below 17468 could lead to a test of 17421 / 17373 / 17328 / 17286 / 17241 / 17196
Extended Hypos:
C) Above 17790, can expect higher levels of 17846 / 17897 / 17947 / 18004 / 18055 / 18095
D) Below 17196, the auction could fall to 17136 / 17083 / 17036 / 16988 / 16908 / 16848
NF (Weekly Profile) – 17519 [ 17830 / 17482 ]
NF not only remained below the previous week’s POC of 17862 but confirmed a multi-day FA (Failed Auction) at 17830 on Monday turning the PLR (Path of Least Resistance) to the downside as it broke below the weekly VPOC of 17544 on Tuesday & made a low of 17482 taking support in the initiative buying singles from 30th Mar from where it have a short covering bounce to 17705 at open on Wednesday and got rejected from just below Monday’s VAL leaving an initiative selling tail as it formed a ‘b’ shape profile for the day and closed right at the daily as well as weekly POC of 17522.
The weekly profile resembles a DD (Double Distribution) Down one with a HVN in the upper distribution at 17727 & mostly lower Value at 17484-17522-17712 staying below which the PLR would continued to remain to the downside for the coming week.
BankNifty Spot Weekly Profile (11th to 13th Apr 2022)
37463 [ 37988 / 37264 ]
Previous week’s report ended with this ‘The weekly profile resembles a DD (Double Distribution) Down one with completely higher Value at 37416-37620-38280 with 2 ultra prominent HVNs in the 2 distributions with 38324 being the upper one & 37620 the one in the lower part which would be the respective references for the coming week and would need initiative volues for a move away from either of them’
BankNifty opened lower on Monday but gave a Drive Up leaving an initiative buying tail in the IB (Initial Balance) from 37659 to 37524 indicating a move away from the prominent weekly POC of 37620 but could only make a high of 37942 stalling below the 07th Apr daily swing high of 37976 which triggered a big liquidation move into the close as the auction negated the morning singles & closed below 37620 and continued this imbalance to the downside with a gap down open on Tuesday as it probed below previous week’s low of 37346 to tag 37264 in the A period but left a small buying tail in the IB indicating end of downside but remained in a narrow range for most part of the day forming a Gaussian Curve below 37620 before giving a late extension handle at 37588 in the J TPO and spiking higher to 37920.
Wednesday saw a higher open and new highs for the week at 37988 but this probe above 37976 was swiftly rejected as BankNifty left a selling tail in the IB & made a OTF (One Time Frame) probe lower for most part of the day closing in a spike as it left an extension handle at 37522 confirming a weekly FA at 37988 and made a low of 37408 into the close.
The weekly profile is a well balanced one with completely inside Value at 37524-37728-37884 as it continued to form Value around previous week’s prominent POC of 37620 with small tails at both ends but the weekly FA of 37988 means that the PLR for the coming week would be to the downside with 37524 being the immediate reference on the upside along with this week’s ultra prominent POC of 37728 where as on the downside the weekly singles from 37301 to 37148 along with the extension handle of 36799 would be the levels to watch out for.
Weekly Hypos for BankNifty (Spot):
A)BankNifty needs a drive from 37522 for a rise to 37620 / 37728 / 37884 / 37988 / 38142 / 38313
B) Accepting below 37430, the auction could test 37301 / 37148 / 37031 / 36904 / 36799 / 36657
Extended Hypos:
C) Above 38313, can expect higher levels of 38484 / 38631 / 38790 / 38900 / 39095 / 39251
D) Below 36657, the auction could fall to 36529 / 36300 / 36151 / 36007 / 35799 / 35648
BNF (Weekly Profile) – 37576 [ 38097 / 37400 ]
BNF made attemps to scale above 38020 on all 3 days of this holiday shortened week but could only manage a daily swing high at 38097 on Monday and formed a balance for the week with a downward bias and completely inside Value at 37648-37896-38024 as it continued from where it left the previous week & looks good for a move away from this 6-day composite in the coming session(s).
