Nifty Spot Weekly Profile (13th to 17th Sep 2021)
117585 [ 17793 / 17269 ]
Previous week’s report ended with this ‘Last week’s Trend Up profile of imbalance has led to a well balanced Neutral Centre profile this week with a narrow range of just 182 points along with a close right at the prominent POC of 17368 forming completely higher Value at 17316-17368-17388 and has a very good chance of turning back into imbalance in the coming week provided we get an initiative move away from 17368 on Monday’
Nifty returned to form an imbalance for the week making higher highs on all 5 days leaving a Trend Up Weekly profile but closed with a Neutral Extreme Down Day on Friday indicating massive profit booking coming in at the new ATH of 17793. The weekly Value was completely higher at 17360-17624-17660.
NF (Weekly Profile) – 17603 [ 17800 / 17264 ]
The last week’s narrow Neutral Centre profile led to a Trending move higher but not before NF tested previous week’s low at open on Monday where it hit 17264 but was swiftly rejected after which it went on to form higher lows & higher highs on all 5 days leaving a huge 536 point range for this week along with leaving daily VPOCs at 17361 & 17535 while making a high of 17800 in the ‘D’ period on Friday which marked the end of the upside as a responsive selling tail got confirmed and this led to a big long liquidation break of almost 250 points as the auction made a Range Extension lower for the first time this week ending with a Neutral Extreme (NeuX) Day. The weekly profile has formed completely higher Value at 17404-17532-17776 and the imbalance could lead to a balance in the coming week between the 15th Sep Trend Day VWAP of 17477 & the 17th Sep NeuX VWAP of 17675 with the HVN of 17400 being the lower reference.
BankNifty Spot Weekly Profile (13th to 17th Sep 2021)
37812 [ 38112 / 36327 ]
Previous week’s report ended with this ‘The weekly profile was a Normal Variation one to the downside also forming inside bar in terms of both range as well as value within a narrow range of just 772 points and a close around the ultra-prominent POC at 36650. This week’s Value at 36540-36650-36792 seems to be completing previous week’s profile and could give that expected move away from this balance provided it takes out one of this week’s rejections – either the selling tail from 36857 to 36923 or the FA of 36152 in the coming week with 36725 & 36454 being the immediate levels on either side to watch out for’
BankNifty opened the week with a move away from previous week’s Value to the downside as it formed a ‘b’ shape long liquidation profile but could not extend lower post the Initial Balance suggesting supply getting exhausted. The auction then got back into previous week’s Value on Tuesday forming yet another Normal profile on the daily and continued this balance for most part of the day on Wednesday before it left a buying extension handle at 36780 and gave a trending move to the upside forming a Double Distribution Trend Day Up and followed it up with a huge Trend Day Up on Thursday where it hit new ATH of 37720. BankNifty continued this imbalance with a gap up open on Friday but confirmed a FA (Failed Auction) at 38112 signalling the end of the upmove as it made a retracement to 37680 before closing the week at 37812. The weekly profile is a trending one to the upside with overlapping POC around 36650 and the Value at 36330-36666-37534.
BNF (Weekly Profile) – 37850 [ 38225 / 36412 ]
BNF opened lower on Monday and went on to negate the buying singles from 36628 to 36502 as it made a low of 36412 in the IB (Initial Balance) but could not extend any further indicating lack of fresh selling as it formed a narrow range ‘b’ shape profile with a prominent TPO POC at 36564 and followed it up with one of the narrowest daily range of just 223 points on Tuesday as it formed yet another Normal Day with completely higher Value indicating that an imbalance was in the offing. Wednesday open saw a test below PDL (Previous Day Low) of 36616 as the auction made a low of 36590 but got rejected leaving an initiative tail in the IB leading to a Double Distribution Trend Day Up which was the confirmation of a start of the imbalance as it made a high of 37065 and continued this move higher after leaving similar lows in the IB on Thursday at 36984 & 36995 with the confirmation of not one but three buying extension handles at 37150, 37258 & 37545 and went on to record new All Time Highs of 37855 leaving a monstrous Trend Day Up with a daily range of 872 points which was the highest in almost last 3 months. The auction continued this imbalance to the upside with a big 210 point gap up on Friday and followed it up with a RE (Range Extension) in the ‘D’ period where it hit 38225 but could not sustain leaving a responsive selling tail from 38120 to 38225 which triggered a liquidation break along with the confirmation of a daily FA (Failed Auction) at 38225 marking the end of the upmove which started with the FA of 36251 on 07th Sep. BNF then completed the 1 ATR objective of 37762 and went on to make a low of 37466 as it took support just above the 16th Sep Trend Day VWAP of 37423 and this led to a bounce back to 37951 into the close confirming a Neutral Centre Day. The weekly Value was overlapping to higher at 36400-36770-37640 and has an extension handle at 37249 which will be the important support below 37423 whereas on the upside, the auction would need to negate the selling tail from 38120 to 38225 to continue the probe higher in the coming week.