Nifty Spot Weekly Profile (13th to 17th Mar 2023)
17100 [ 17529 / 16850 ]
Previous week’s report ended with this ‘The weekly profile is a Double Distribution One to the Downside though Value was completely higher at 17617-17708-17794 as it began with last week’s buyers booking profit at 17761 on Monday after which it formed a 2-day composite POC at 17700 and made a move down leaving a zone of singles from 17602 to 17435 before closing around the lower HVN of 17411 which will be the immediate reference for the coming week and staying below which the PLR (Path of Least Resistance) would be to the downside’
- Monday – Nifty opened above 17411 & got into the singles zone of 17435 to 17602 as it made a high of 17529 in the A period but left a long selling tail till 17482 along with a buying one from 17432 to 17387 indicating demand matching the supply in the IB. However, sellers took control there onwards first negating the buying tail & then breaking below previous week’s low forming an One Time Frame probe lower till the K period hitting a low of 17113 leaving a large 416 point range Trend Day Down
- Tuesday – saw the continuation of the downside imbalance after the auction opened with a probe higher but left another A period selling tail 17191 to 17224 breaking below the 28th Feb weekly FA of 17255 and went on to tag the weekly VPOC of 17028 while making new lows for the week at 16987 forming a ‘b’ shape long liquidation profile with completely lower Value and a prominent POC at 17054
- Wednesday – opened with a gap up of 123 points as it tested previous day’s initiative selling tail but for the third time in 3 sessions left an A period selling tail from 17171 to 17211 confirming that the sellers were fully active which led to the second Trend Day Down of the week and a spike close from 17017 to 16939
- Thursday – This spike down gave an continuation with an Open Drive Down as Nifty formed yet another A period Selling Tail and a big one from 16893 to 16995 and went on to tag the 03rd Oct 2022 weekly FA of 16855 which was an important swing reference while making a low of 16850 but for the first time in the week failed to extend lower which trapped the laggard shorts triggering a short covering move higher to 17062 leaving a well balanced profile for the day with a close near the prominent POC of 16976
- Friday – made the second gap up open for the week of 126 points but as had happened on Wednesday, the auction got sold into leaving yet another A period selling tail from 17100 to 17145 after getting rejection from the VPOC of 17140 as it made a low of 17049 which was exaclty at the gap mid-point. This support however got broken as the auction made a RE to the downside in the D period and followed it with a trending move lower till the H where it tagged the yPOC of 16976 while making a low of 16958 marking the end of the downmove triggering a short covering move back to 17126 into the close completing a nice 4-day composite with Value at 16961-17034-17120 (Click here to view the 4-day composite on Vtrender Charts)
View the daily Nifty MarketProfile charts of previous week below only on Vtrender Charts
The weekly profile which started with a huge Trend Day Down is an elongated 680 point range one to the downside with completely lower Value at 16956-17052-17160 but represents a composite ‘b’ shape thanks to the 4-day balance it has formed and will need to give an early indication in the coming session(s) of a fresh imbalance moving away from here either towards the extension handles of 17257 / 17306 & 17369 along with the selling tail of 17482 from 13th Mar on the upside or dropping to the composite VAL of 16961, 16th Mar swing low of 16850 and weekly swing low of 16747 (26th to 30th Sep 2022) on the downside.
Click here to view this week’s MarketProfile on Vtrender Charts
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 17120 for a probe to 17171 / 17211 / 17257 / 17306 / 17369 / 17432 / 17482 / 17529 / 17602
B) Accepting below 17068 could lead to a test of 17010 / 16961 / 16910 / 16850 / 16802 / 16747 / 16708 / 16653 / 16602
BankNifty Spot Weekly Profile (13th to 17th Mar 2023)
39598 [ 40690 / 38613 ]
Previous week’s report ended with this ‘The weekly profile is a Double Distribution Trend One Down which has formed completely higher Value at 41213-41305-41642 but has left a zone of singles from 41181 to 40659 which will be the reference on the upside for the coming week with Friday’s POC of 40582 being the immediate level on watch whereas the PLR remains down below 40500 for a test of previous week’s prominent POC & 28th Feb’s VPOC of 40271 and a break below this could trigger a probe into the 4-day composite Value of 40194-39996-39888’
- Monday – BankNifty opened below 40500 but probed higher in the A period scaling above the yPOC of 40582 & tested previous week’s mid-profile singles from 40659 to 41181 where it got rejected from 40690 leaving a fresh selling tail till 40594. The auction then left an extension handle at 40329 which was also co-inciding with the Monthly IBL indicating that the supply was getting more aggressive and they managed to leave a second extension handle at 40152 which triggered the 80% Rule down to 39888 (4-day composite from 22nd to 27th Feb 2023) with the help of couple of more extension handles at 40029 & 39907. The downside continued into the close as the auction negated the 27th Feb buying tail from 39845 and got into 17th October 2022’s profile while making a low of 39454 leaving a humoungous 1235 points Trend Day Down
- Tuesday – The Trend Day imbalance continued for the first couple of hours with a further incision in the 17th Oct 2022’s profile with the help of a small A period selling tail at it went on to tag that day’s Swing Low of 39146 while making a low of 39132 marking the end of the downside for the day leading to a bounce back higher to 39662 forming a ‘b’ shape profile for the day with the close around the prominent POC of 39436
- Wednesday – saw a big 366 point gap up open after which BankNifty even tagged the lower most extension handle of 39907 from Monday but confirmed return of supply as it got rejected from 39914 leaving an A period Selling Tail till 39772 and formed a largely OTF move lower for rest of the day forming the second Trend Day Down for the week as it closed in a spike from 39168 to 38934 and in the process tagging the October 2022’s VPOC of 38950
- Thursday – started with the the imbalance continuing as the auction made an Open Drive Down and tagged the weekly VPOC of 38928 along with 13th Oct 2022’s references of 38836 & 38660 and made a low of 38613 completing the weekly 2 IB objective of 38623 in the IB but could not extend further which triggered a big short covering move back to yPOC of 39329 with the K period making a high of 39381 but left a responsive selling tail till 39265 before closing at 39132
- Friday – BankNifty not only made the second big gap up open for the week of 310 points but continued the probe higher by another 150+ points as it made a high of 39597 in the opening minutes but saw sellers coming back strongly as they first left a long 192 points initiative selling tail till 39405 starting a probe lower while getting back into previous day’s range & value as it went on to tag the yPOC of 38951 where it took support before taking off on the upside for the rest of the day even making marginal new highs of 39705 forming a Neutral Extreme Up Day
View the daily BankNifty MarketProfile charts of previous week below only on Vtrender Charts
The weekly profile is a Trend One Down which started with a huge 1235 point fall on the first day and followed it up with lower lows for the next 3 days but with overlapping Value thus forming a nice 4-day balance (https://charts.vtrender.com/market-profile?bookmarkID=c77b5b3fb4f44370a9266d4da0ed5354) which has given a composite ‘b’ shape with completely lower Value at 38988-39246-39684 with the 4-day composite Value also being almost similar at 38967-39259-39529 with a selling tail at top from 39772 to 39914 which will be the immediate zone to be taken out on the upside for a further probe towards Monday’s Trend Day VPOC of 40470 whereas on the downside, break of 39529 & sustaining could trigger the 80% Rule down to 39259 & 38967 along with a test of the 16th Mar PBL of 38755.
Click here to view this week’s MarketProfile on Vtrender Charts
Weekly Hypos for BankNifty (Spot): A)BankNifty needs a drive from 39598 for a rise to 39772 / 39914 / 40029 / 40152 / 40329 / 40470 / 40595 / 40690 / 40835 / 41031 B) Accepting below 39529, the auction could test 39404 / 39259 / 39121 / 38967 / 38895 / 38755 / 38649 / 38546 / 38438 / 38233
