Nifty Spot Weekly Profile (13th to 17th Dec 2021)
16985 [ 17639 / 16966 ]
Previous week’s report ended with this ‘The weekly profile is a Neutral Extreme one with a FA (Failed Auction) at 16892 and also represents a DD (Double Distribution) with the mid-profile singles at 17353 to 17243 with overlapping to higher Value at 17172-17469-17543. The weekly FA has completed the 1 ATR objective of 17397 and staying above it can probe towards the 2 ATR target of 17902 in the coming sessions but has immediate supply points at the daily VPOC of 17569, November series VWAP at 17635 & the monthly extension handle of 17688’
Nifty opened the week with a gap up of 100+ points on Monday opening above the first hurdle of 17569 but stalled at the second one of 17635 as it settled down into an OAOR (Open Auction Out Of Range) making similar highs in a very narrow range of just 39 points in the Initial Balance which indicated exhaustion in the upmove and prompted the sellers to strike back in full force as the auction not only made multiple Range Extensions to the downside but got back into previous week’s range with an extension handle at 17533 and swiped through previous week’s upper balance leaving a mid-profile tail till 17459 and made a low of 17355 stopping right at the weekly DD singles of 17353 to 17243. The auction continued this imbalance to the downside with a gap down on Tuesday and made a low of 17243 in the IB but got rejected in the attempt to extend lower resulting in a Neutral Centre Day and the start of a balance which continiued till Thursday where Nifty made a higher open but made a strong Open Rejection Reverse start as it left an initiative tail from 17308 to 17379 forming an outside bar along with a ‘b’ shape profile which overlapped previous 2 sessions. Friday open saw another initiative move in the IB as the auction moved away from this 3-day balance with a long selling tail from 17153 to 17298 starting a fresh probe lower which continued till 16992 in the ‘F’ period after which it gave a pull back to 17108 before making new lows of 16966 into the close leaving yet another ‘b’ shape profile on the daily.
The weekly profile is a trending one to the downside with a big range of 673 points although the Value was completely inside at 17193-17265-17415. The PBH (Pull Back High) of 17108 & the daily extension handle at 17185 would be the immediate references on the upside for the coming week whereas on the downside the initiative buying tail from 16971 to 16782 from 29th Nov would be the zone to watch with the weekly FA of 17892 as an important level within it.
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 17000 for a probe to 17054 / 17108 / 17185 / 17261 / 17308 / 17363 / 17415
B) Accepting below 16971 could lead to a test of 16892 / 16832 / 16768 / 16722 / 16669 / 16597 / 16534
NF (Weekly Profile) – 17023 [ 17688 / 17000 ]
NF gave a rare follow up to a Neutral Extreme profile as it made a gap up open above previous week’s high of 17590 as well as the November series VWAP of 17635 and went on to hit 17688 in the opening minutes but could not take out the 22nd Nov Extension Handle of 17690 which marked the return of initiative sellers back into the auction and this first led to a Double Distriubtion Trend Day Down on Monday with an extension handle right at the weekly VAH of 17580 after which it swiped through the 3-day composite staying below the HVN of 17496 in the second half and bring the dPOC also lower to 17461 into the close while making a low of 17404. NF then remained below the lows of Monday forming another 3-day balance from Tuesday to Thursday with the composite Value at 17260-17304-17349 and gave an initiative move away from here with an Open Drive Down on Friday as it left a long selling tail from 17178 to 17310 in the IB along with an important PBH at 17128 before making a low of 17000 forming a ‘b’ shape profile for the day with the dPOC shifting lower to 17033. The weekly profile is a Trending One to the downside the first set of extension handle along with singles at 17580 to 17503 with completely inside Value at 17230-17294-17478 but the close has been around the lows so the PLR for the coming week remains to the downside with lower set of singles from 17124 to 17217 being the immediate zone to watch on the upside.
BankNifty Spot Weekly Profile (13th to 17th Dec 2021)
35619 [ 37581 / 35535 ]
Previous week’s report ended with this ‘The weekly profile looks like a Triple Distribution to the upside with mostly higher Value at 36396-37080-37356 and a close around the HVN of the top most distribution staying above which the PLR (Path of Least Resistance) for the coming week would remain to the upside for a probe towards the monthly HVN of 37440 and the weekly selling tail of 37844 to 38241 whereas on the downside the HVNs of the lower 2 distributions at 36606 & 36098 would be the important references to watch’
BankNifty opened higher just above previous week’s VAH of 37356 on Monday & scaled above the monthly HVN of 37440 as it made a high of 37581 in the IB but could not extend any further forming a narrow range balance for the first half of the day with a new HVN at 37480 before making a move away in the second half where it got back into the weekly Value with an extension handle at 37286 and probed below the weekly POC of 37080 while making a low of 36862. The auction continued this imbalance with a gap down on Tuesday along with a C side extension but made similar lows of 36545 signalling an end to the probe lower and made multiple attempts over 3 days to get back above 37080 but first left couple of PBHs at 37039 & 37065 and finally when it did scale above it with a gap up open on Thursday left an initiative selling tail from 36811 to 37159 & probed lower all day to leave the second DD (Double Distribution) Day down of the week hitting new lows of 36385 stopping right at the weekly VAL of 36396. Friday saw the continuation of the downside probe with a Drive Open as BankNifty left another long selling tail in the IB from 36132 to 36492 and made an OTF (One Time Frame) move lower till the G period where it made a low of 35735 and gave the solitary pull back of the day to 35955 before recording new monthly lows of 35535 into the close.
The weekly profile is a trending one to the downside with a prominent POC at 36912 with overlapping to lower Value at 36372-36912-37236 with immediate extension handles at 35835 & 36078 which will be the levels to watch on the upside in the coming week. On the downside, the buying singles from 35526 along with the daily & weekly swing low 35328 would be the zone to be taken out.
Weekly Hypos for Bank Nifty (Spot):
A)BankNifty needs a drive from 35735 for a rise to 35955 / 36132 / 36385 / 36563 / 36680 / 36791 / 36912
B) Accepting below 35526, the auction could test 35328 / 35159 / 34979 / 34849 / 34690 / 34566 / 34348
BNF (Weekly Profile) – 35749 [ 37717 / 35642 ]
BNF opened with a gap up on Monday and sustained above the RO (Roll Over) point of 37555 as it hit 37717 completing the 1 ATR objective of 37694 from the daily FA of 36927 but could not extend any further marking the end of the upside for the week after which it got back into previous week’s Value and left an extension handle at 37385 with singles till 37339 forming a Double Distribution Trend Day Down recording a low of 37025 and continued this imbalance for the first half on Tuesday as it made a low of 36649 with a dreaded C side extension trapping some of the late shorts which triggered a bounce back to 37200 forming a Neutral Centre Day with a close right at the dPOC of 37044 and made another attempt to get above the weekly POC of 37232 on Wednesday but left a daily FA at 37218 as it formed a narrow range Gaussian Curve with an almost overlapping dPOC at 37066 along with a close around the lows of 36905. This coiling of the auction on the first 3 days of the week then led to a big range expansion starting from Thursday where it opened with a gap up above 37232 but made an ORR (Open Rejection Reverse) start to form the second Double Distribution Trend Day Down for the week as it left an important extension handle at 36924 and made new lows of 36545 before closing near the dPOC of 36736 and followed it up with a Drive Down on Friday where it broke below the weekly VAL with an initiative selling tail from 36245 to 36680 and continued to probe lower all day leaving couple of extension handles at 36198 & 35835 along with an important PBH at 36067 while making a low of 35642 stopping right at the buying singles of the weekly profile from 29th Nov to 3rd Dec and giving a small bounce to close at 35749. The weekly profile is a Triple Distribution Trending one to the downside which has extended the range on both sides but with completely inside Value at 36520-37048-37408 but has moved away from this Value with a daily extension handle at 36545 and the immediate reference on the upside would be the HVN of 35998 staying below which the PLR for the coming week would remain down.
