Nifty Spot Weekly Profile (13th to 17th Feb 2023)
17944 [ 18134 / 17719 ]
Previous week’s report ended with this ‘The weekly profile is a Neutral Centre one of a very narrow range of just 264 points with completely higher Value at 17748-17844-17892 and also resembles a DD (Double Distribution) up with HVNs at 17741 & 17844 confirming a weekly FA at 17652 so needs initiative volumes above 17844 in the coming session(s) for a probe towards the 1 ATR objective of 18081 & the higher weekly VPOC of 18120 whereas staying below 17844, it could fill up this week’s profile converting the DD shape to a Normal Bell Curve though will get weaker below 17741 for a probable tag of the lower weekly VPOC of 17616’
- Monday – Nifty opened with a move away from previous week’s prominent POC of 17844 to the downside as it left an A period selling tail from 17831 to 17880 and tagged the lower reference of 17741 while making a low of 17735 in the IB (Initial Balance) and failed in the attempt to extend lower in the G TPO where it made marginal new lows of 17719 and ended up forming a ‘b’ shape profile for the day with a close around the prominent dPOC of 17765
- Tuesday – saw a higher open and acceptence of the auction in the selling tail of Monday as it made similar lows at 17800 in the IB indicating limited downside and after forming a narrow range balance for the first part of the day proceeded to leave an extension handle at 17860 in the E period forming a Double Distribution (DD) Trend Day Up scaling above previous week’s high to tag 17954 but saw the dPOC shift higher to 17939 into the close suggesting profit booking by the buyers
- Wednesday – started with a fill up of the DD zone in the IB after a lower open as Nifty took support at the extension handle of 17860 showing that the buyers were defending this level and proceeded to form a balance around the yPOC of 17939 for most part of the day forming a ‘p’ shape profile before giving a spike into the close from 17968 to 18034
- Thursday – The closing imbalance continued with a higher open as the auction not only completed the first objective of 18081 but also tagged the weekly VPOC of 18120 but left similar highs at 18134 in the IB stalling right at January’s POC & just below 24th Jan’s VPOC of 18139 signalling exhaustion on the upside after which it remained largely in the narrow IB range of 74 points for the better part of the day forming a Gaussian Curve but the lack of demand got the sellers to strike into the close as it made a small spike from 18052 to 18000
- Friday – Nifty gave a follow up to the spike close by not only opening lower but tagging the prominent overlapping POC of Tuesday & Wednesday as it made a low of 17927 but saw a swift bounce back upto 18034 in the B period where it stalled just below the Spike high leaving a selling tail which meant that the supply was still in play and this triggered a fresh probe lower till the J period where it made a low of 17884 holding above that 17860 and this gave a bounce back to 17953 into the close
The weekly profile is a Normal Variation one to the upside which tagged the higher timeframe VPOC of 18120 and formed overlapping to higher Value to 17772-17928-18012 and has closed right in the middle of the profile right near the prominent POC of 17928 with 17860 being the immediate reference on the downside below which the daily VPOC of 17765 could come into play whereas on the upside, the last 2 daily POCs of 17989 & 18096 would be the levels on watch.
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 17953 for a probe to 17989 / 18052 / 18096 / 18139 / 18173 / 18231 / 18271 / 18348
B) Accepting below 17928 could lead to a test of 17860 / 17801 / 17765 / 17698 / 17652 / 17616 / 17577 / 17494
NF (Weekly Profile) – 17951 [ 18150 / 17745 ]
NF has formed an elongated 405 point range Normal Variation weekly profile to the upside with overlapping Value at 17788-17948-18020 and has closed right in the middle & at the prominent weekly POC of 17948 with the 2 daily VPOCs of 17801 & 18117 on either side as the references for the coming week.
BankNifty Spot Weekly Profile (13th to 17th Feb 2023)
41131 [ 41979 / 40882 ]
Previous week’s report ended with this ‘The weekly profile is a Neutral Centre one with completely higher Value at 41364-41532-41592 and has left one of the most narrow range of just 697 points (3rd lowest since 2021 & 4th since 2020) with the close near the ultra prominent POC of 41532 and needs an initiative move away from here for a move to one of the weekly VPOCs of either 42792 or 40356 in the coming week(s)’
- Monday – BankNifty made an Open Rejection Reverse start after the probe above previous week’s Value was swiftly rejected with an initiative selling tail from 41662 to 41491 along with an extension handle at 41426 as it fell by 431 points in the IB making a low of 41231 after which it made a G period RE that could only manage marginal new lows of 41158 leaving a ‘b’ shape profile for the day with a prominent POC at 41294
- Tuesday – The auction continued to form a balance around 41294 staying in a very narrow range of 215 points till the G period after which it not only negated the extension handle of 41426 but went on to form a late DD (Double Distribution) Trend Day to the upside leaving a zone of singles from 41488 to 41599 hitting new highs for the week at 41718
- Wednesday – saw a return of balance with the filling up of the DD zone happening for most part of the day before a late attempt made in the K period to probe lower got rejected resulting in a FA at 41455 & a Neutral Extreme (NeuX) Day up leaving new highs of 41795 into the close
- Thursday – started with an almost 200 point gap up open as the NeuX gave a rare follow through with BankNifty looking good to go for the 1 ATR target of 42285 but left an A period selling tail from 41957 to 41979 stalling at January 2023 series VWAP of 41965 which marked the end of the upside and a probe lower to 41522 into the close as it left a small spike from 41626 leaving a 3-1-3 profile for the day
- Friday – The imbalance continued in form of a lower open along with the negation of the FA at 41455 and more confirmation of the PLR (Path of Least Resistance) staying to the downside came in form of similar highs in the IB after which the auction made a trending move lower leaving an extension handle at 41209 as it went on to tag the 03rd Feb’s VPOC of 40902 while making a low of 40882 marking the end of the downside and gave a bounce back to 41177 into the close
The weekly profile once again is a Neutral One forming an outside bar both in terms of range & value which was at 41220-41292-41712 but the close at the lower end gives a slight advantage to the sellers to take it down to the weekly VPOC of 40356 in the coming week provided they are able to sustain below the daily POC of 40998 whereas on the upside, the auction would need to get above this week’s POC of 41292 for a probe towards the daily VPOC of 41849 in the coming sessions.
Weekly Hypos for BankNifty (Spot):
A) BankNifty needs a drive from 41177 for a rise to 41292 / 41455 / 41626 / 41849 / 41965 / 42104 / 42320
B) Accepting below 41100, the auction could test 40998 / 40725 / 40513 / 40356 / 40224 / 40065 / 39913
BNF (Weekly Profile) – 41205 [ 42036 / 40950 ]
BNF started the week with a probe below previous lows but got rejected leading to a trending probe higher above last week’s high as it hit 42036 but even this probe got rejected resulting in a big trending move down of 1087 points into the J period of Friday where it made a low of 40950 before giving a pull back to 41257 into the close leaving a Neutral Weekly profile forming an Outside Bar both in terms of range & value which was at 41310-41508-41805
