Nifty Spot Weekly Profile (12th to 16th Sep 2022)
17530 [ 18096 / 17497 ]
Previous week’s report ended with this ‘The weekly profile is a Neutral Extreme one to the upside with overlapping to higher Value at 17562-17646-17754 & has confirmed a weekly FA at lows of 17484 and the 1 ATR objective for it comes to 17971 which will be a probable objective in the coming week as long as the auction sustains above 17682 with 17933 being an immediate hurdle on the upside’
- Monday – Nifty opened the week with a small initiative buying tail from 17933 to 17889 and formed Value above the hurdle of 17933 leaving a ‘p’ shape short covering profile for the day with a prominent POC at 17952 as it completed the 1 ATR objective of 17971 from the weekly FA (Failed Auction) of 17484 while making a high of 17980
- Tuesday – The auction continued the imbalance with a big gap up open above the weekly VPOC of 18006 but settled down into a narrow 43 point OAOR (Open Auction Out of Range) in the IB (Initial Balance) before the C side played it’s part of running all over the place forming an outside bar as it made new lows for the day at 18015 which was swiftly rejected resulting in a FA being confirmed but could not close at the extreme leaving just a 73 point range day indicating poor trade facilitation due to lack of fresh demand and closed around the POC of 18068
- Wednesday – saw an unexpected huge gap down of almost 300 points but also an OL (Open=Low) start at 17771 with aggresive buying coming in to confirm an ORR (Open Rejection Reverse) to the upside which helped Nifty not just form a big 175 point range IB with a long buying tail from 17883 to 17771 but also get back into previous day’s range even making a look up above the highs to tag 18091 in the K period but saw good profit booking triggering a probe back to 17971 into the close as the POC too shifted higher to 18047
- Thursday – began with an open right at the yPOC of 18047 & a probe higher as the auction hit new highs for the week but was swiftly rejected giving another ORR but this time to the downside which was seen in the A period selling tail from 18049 to 18096 & an extension handle at 18014 after which it went on to make similar lows near 17860 taking support in Wednesday’s buying tail forming a ‘b’ shape long liquidation profile
- Friday – The sellers took complete control as Nifty not only opened lower but continued to drive down leaving another initiative selling tail from 17755 to 17820 getting back into previous week’s Value and hitting the prominent POC of 17646 in the IB itself & left an extension handle in the second half at 17642 to form a Double Distribution Trend Day Down as it made a low of 17497 before closing right at the monthly POC & VWAP from August of 17530
The weekly profile is yet again a Neutral Extreme one to the downside with completely higher Value at 17868-17940-18084 but the close has been in am imbalance so can expect the same to continue towards the weekly FA of 17484 & the 30th Aug buying tail from 17460 to 17370 below which the 29th Aug VPOC of 17309 & the weekly buying tail from 17267 to 17166 could come into play whereas on the upside, the extension handles of 17642 & 17771 will be the important references to watch out for.
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 17556 for a probe to 17619 / 17690 / 17755 / 17816 / 17852 / 17919 / 17962 / 18014 / 18049
B) Accepting below 17530 could lead to a test of 17484 / 17415 / 17370 / 17309 / 17267 / 17216 / 17166 / 17093 / 17018
NF (Weekly Profile) – 17566 [ 18123 / 17526 ]
NF negated the higher daily FA of 17949on Monday triggering a trending move higher to 18123 where it completed the 2 ATR objective from the lower FA of 17695 but formed the dPOC at 18105 indicating longs booking out on Tuesday. The auction then opened with a big gap down on Wednesday but got some aggressive buying which once again got it back to the 18105 level where it got rejected signalling supply getting dominant after which it formed a long liquidation ‘b’ shape profile on Thursday before closing the week with another gap down open and a Double Distribution Trend Day Down as it entered previous week’s Value and broke below that 3-week overlapping POC of 17670 with an extension handle at 17654 and went on to make a low of 17526 leaving another Neutral Extreme Week but this time to the downside though Value was much higher at 17872-17920-18112.
BankNifty Spot Weekly Profile (12th to 16th Sep 2022)
40776 [ 41840 / 40289 ]
Previous week’s report ended with this ‘The weekly profile is a Neutral Extreme one to the upside with mostly higher Value at 39432-39804-40116 along with a FA at 39258 which has completed the 1 ATR objective of 40614 but has failed to close above it so the extension handle of 40261 will be the immediate reference on the downside along with 39865 whereas on the upside, BankNifty will need to sustain above 40536 & negate the 28th Oct 2021 Selling Tail to continue further’
- Monday – BankNifty opened the week with a narrow range ‘p’ shape profile as it left an A period buying tail from 40530 to 40378 indicating that the PLR (Path of Least Resistance) was to the upside as it matched previous week’s high of 40686 and closed near the prominent POC of 40581
- Tuesday -The auction made a big gap up open of 228 points and remained above recent highs of 40686 but formed an ultra narrow range of just 210 points confirming a FA at 40694 & leaving a Neutral Extreme Up Day hitting a high of 40904
- Wednesday – saw a huge gap down open of 564 points but attracted aggressive buying just above previous week’s extension handle of 40265 as BankNifty made a low of 40289 and got into Beast Mode first forming a big 546 point range IB with long A period buying tail till 40716 and following it up with a Trending Move higher as it left multiple extension handles at 40859 / 41052 to tag Oct 2021’s last week’s VPOC of 41172 in the F period itself and continued to probe higher to hit 41627 before closing the day at 41405
- Thursday – The auction continued the upside imbalance as it got into the 28th Oct 2021 selling singles of 41699 to 41829 and even made new ATH (All Time High) of 41840 but as it did on that day left an A period selling tail till 41742 giving the signal that the PLR had turned to the downside after which it formed a ‘b’ shape long liquidation profile while making a low of 41153 & forming a prominent POC at 41287
- Friday – opened lower and got rejected in the attempt to get into Thursday’s range and continued the probe lower as it left an extension handle at 40818 & went on to test the A period singles of Wednesday taking support exactly at the mid-point of 40502 where it found some demand coming back triggering a pull back to 40872 into the close
The weekly profile is an elongated one of 1551 points but a Neutral Centre one with completely higher Value at 40512-40776-41316 with a FA at the lows of 40289 which has completed the 1 ATR objective of 41634 and may continue to fill up this zone between 41287 to 40289 in the coming week with the VPOC of 39804 being the reference on the downside if 40289 is taken out where as on the upside, 41521 & 41742 would be the levels to watch out for above 41287.
Weekly Hypos for BankNifty (Spot):
A) BankNifty needs a drive from 40872 for a rise to 41044 / 41153 / 41287 / 41521 / 41627 / 41742 / 41873 / 42025 / 42164
B) Accepting below 40776, the auction could test 40559 / 40401 / 40289 / 40076 / 39931 / 39804 / 39655 / 39506 / 39384
BNF (Weekly Profile) – 40837 [ 41855 / 40370 ]
BNF opened the week with an initiative move away from 40565 in form of a buying tail from 40605 to 40459 and made higher highs of 40770 & 40986 on the first 2 days of this week after which it opened with a huge gap down on Wednesday where it made new lows for the week but was swiftly rejected leaving an ORR start and a huge Trend Day Up as it went on to tag the October 2021 daily VPOCs of 41253 & 41388 while making a high of 41680 & continued this imbalance by making new ATH of 41855 on Thursday but left a selling tail in the A period marking the end of the upside for the week forming a ‘b’ shape long liquidation profile and ended the week taking support right back at that 40565 zone as it made a low of 40567 on Friday before closing at 40837 leaving a Neutral Centre Week with completely higher Value at 40560-40848-41392
