Nifty Spot Weekly Profile (11th to 15th Oct 2021)
18338 [ 18351 / 17839 ]
Previous week’s report ended with this ‘The weekly profile was a trending one to the upside though has formed inside range & value with a small buying tail at lows and 2 prominent HVNs at 17694 & 17806 which will be the levels to watch on the downside whereas the ability to sustain above this week’s Value of 17646-17694-17844 could give a probable move to 18028 / 18100 & 18216’
Nifty opened the week slightly lower but confirmed an ORR (Open Rejection Reverse) start to the upside as it got swiftly rejected from the entry into previous week’s Value and left an initiative buying tail from 17928 to 17839 and went on to make new All Time Highs of 17981 in the Initial Balance itself after which it made multiple REs (Range Extension) hitting the first weekly objective of 18028 but ended up leaving similar highs at 18042 & 18040 indicating short term exhaustion which led to a liquidation move back to 17930 into the close. The auction opened lower on Tuesday and found acceptance in Monday’s buying tail as it formed a balanced profile while making poor lows at 17888 & 17887 in the C & D periods and the attempt to make a fresh RE to the downside in the F period resulted in a responsive buying tail from 17864 to 17887 marking the end of the downside probe and started a new imbalance to the upside for the week resulting in a Neutral Extreme Up close for the day and a big gap up open on Wednesday where Nifty left yet another initiative buying tail in the IB from 18087 to 18051 hitting the second weekly objective of 18100 and continued to trend higher till the ‘J’ period where it made a high of 18198 before some profit booking came in to give a close at 18161. The weekly trend to the upside continued with the second successive big gap up open on Thursday as Nifty continued to probe higher for the first half of the day making new highs of 18323 in the F period which not only stopped the OTF (One time frame) move to the upside but triggered a probe lower till the ‘I’ period where it made an attempt to make a RE to the downside but got rejected leaving a FA (Failed Auction) at 18248 and a spike into the close leaving the second Neutral Extreme Up Day of the week recording new highs of 18351.
The weekly profile looks like a Triple Distribution Trend Up one with completely higher Value at 17841-17931-18138 and has left a weekly VPOC at 17694 along with couple of daily VPOCs at 17928 & 18139 which will be the important references below the daily FA of 18248 whereas on the upside, Nifty needs to stay above 18325 to continue probing higher towards probable targets of 18419 / 18590 & 18748 in the coming week.
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 18345 for a probe to 18376 / 18419 / 18443 / 18495 / 18555 / 18590 / 18633
B) Accepting below 18325 could lead to a test of 18279 / 18248 / 18205 / 18162 / 18139 / 18087 / 18039
NF (Weekly Profile) – 18355 [ 18366 / 17860 ]
NF started the week with a move away from previous week’s inside Value with an initiative tail from 17930 to 17860 as it scaled above previous high of 17940 in the A period itself and went on to trend higher till the H period where it made a high of 18059 but saw profit booking coming in around the 18025 level triggering a liquidation move into the close to 17958 and continued this probe lower at open on Tuesday as it formed Value in the buying singles but the attempt to make a RE lower got rejected resulting in a FA (Failed Auction) being confirmed at 17862 which turned the PLR (Path of Least Resistance) to the upside as the auction formed a Neutral Extreme Up Day and gave a rare follow up with a gap up open on Wednesday hitting the 1 ATR objective of 18041 from the FA after which it continued to drive higher till the ‘J’ period where it tagged 18208 almost completing the 2 ATR target and closed at the dPOC of 18170 leaving a Trend Day Up. Friday saw the continuation of this imbalance with yet another gap up open as NF made a high of 18283 in the A period but settled down in to an OAOR (Open Auction Out of Range) forming a narrow 44 point IB (Initial Balance) which was followed by multiple REs to the upside as the auction made a slow probe to 18330 in the ‘J’ period and closed the day with a spike from 18335 to 18366 even shifting the dPOC higher to 18353 into the close. The weekly profile was an elongated one which started with a 2-day balance which was followed by a trending move higher for the other 2 days with mostly higher Value at 17865-17919-18186 and has HVNs at 17970 / 18170 / 18267 & 18353 which will be the important references for the coming week.
BankNifty Spot Weekly Profile (11th to 15th Oct 2021)
39341 [ 39375 / 37744 ]
Previous week’s report ended with this ‘The weekly range & value was both inside previous one at 37584-37752-37968 and BankNifty has formed overlapping POC on the weekly timeframe around 37750 for the last 3 weeks now with the daily VPOC of 38135 & the FA of 38107 showing supply at higher levels and will have to be taken out for an upside imbalance to begin towards the ATH of 38377 whereas on the downside, 37625 & 37378 would be the immediate references to watch below which the daily VPOC of 37149 could come into play’
BankNifty made its intentions very clear with a move away from the 3-week overlapping POC of 37750 on Monday open with an initiative buying tail from 38006 to 37744 along with an early extension handle at 38080 which helped in negating the supply zone of 38107 to 38135 in the IB (Initial Balance) itself after which it went on to make multiple REs (Range Extension) higher to record new ATH of 38495 in the ‘K’ period giving the largest daily range of the month of 751 points but saw some profit booking into the close triggering a retracment to 38245. The previous day’s imbalance then led to a balance being formed for most part on Tuesday as the auction was forming a nice Gaussian Curve inside the narrow IB range of 285 points till the ‘I’ period after which it gave a move away with another buying extension handle at 38429 and went on to hit new highs of 38610 and followed it up with a higher open on Wednesday but settled down into an OAOR (Open Auction Out of Range) forming another narrow IB range of just 171 points and remained in this range all day with an attempt to break lower in the F period getting rejected and leaving a responsive buying tail from 38608 to 38502 and a prominent POC at 38725. BankNifty seemed to give an OTD (Open Test Drive) to the upside on Thursday as it left an initiative buying tail from 38810 to 38673 in the IB but for the third consecutive day formed a narrow IB of 225 points and began to coil in a very narrow range of 125 points developing a ‘p’ shape profile when the ‘I’ period made a probe into the morning singles to check for supply and was swiftly rejected enabling the initiative buyers to take contol once again as they left the third extension handle of the week at 38897 and made a trending move to 39375 which included a big zone of singles from 38948 to 39120 and another extension handle at 39168 with a close around the highs suggesting this imbalance could continue at open in the next week.
The weekly profile is a trending one to the upside with a buying tail at lows and completely higher Value at 38112-38316-38688 with a HVN at 38843 along with the zone of singles above this week’s Value from 38948 to 39120 which will be the immediate reference on the downside for the coming week whereas on the upside, staying above 39293 BankNifty remains in sync for the probe towards the big round number of 40000 & 40340.
Weekly Hypos for Bank Nifty (Spot):
A) BankNifty needs a drive from 39364 for a rise to 39464 / 39601 / 39781 / 39903 / 40000 / 40115 / 40340
B) Accepting below 39293, the auction could test 39120 / 38948 / 38843 / 38725 / 38608 / 38502 / 38630
BNF (Weekly Profile) – 39402 [ 39425 / 38768 ]
BNF has formed an elongated Trending profile to the upside this week with a buying tail at lows from 38111 to 37859 above which it formed 3 HVNs at 38334 / 38724 & 38884 before starting a fresh imbalance into the close as it left an extension handle at 38962 and went on to made new ATH of 39425. This week’s Value was completely higher at 38226-38334-38784 with some volumes seen building at 39402 which would be the immediate reference for the coming week.