Nifty Spot Weekly Profile (14th to 18th Nov 2022)
18307 [ 18442 / 18209 ]
Previous week’s report ended with this ‘The weekly profile is a Neutral Extreme one to the upside with overlapping to higher Value at 18078-18174-18330 and has closed in an imbalance which could continue further in the coming week towards the weekly VPOC of 18501 & ATH of 18604’
- Monday – Nifty opened above previous week high but displyed poor trade facilitation forming a narrow 88 point range Gaussian Curve with overlapping to higher Value & a prominent POC at 18344
- Tuesday – The failure to find fresh demand led to a probe lower in the IB as the auction made a low of 18283 in the IB and confrimed a FA both on daily as well as weekly as the D period RE could only manage to tag 18282 triggering a short covering move into the close to 18428 leaving a Neutral Extreme Day Up & almost overlapping POC at 18331
- Wednesday – saw acceptance of the NeuX zone of Tuesday with another narrow 63 point range IB which was followed by couple of REs higher till the E period but Nifty could manage only 18442 showing that the other time frame buyer was still absent. This eventually triggered a liquidation drop late in the day to 18344 with the day closing as a perfect Neutral Centre right at the prominent POC of 18415
- Thursday – The auction opened lower but got back into previous Value tagging the prominent yPOC of 18415 but displayed rejection as it left a small selling tail in the IB which was once again just a 66 point range and the auction remained in it till the K period forming a nice Bell Curve before spiking lower into the close from 18350 to 18313 leaving overlapping to lower Value
- Friday – made a higher open but confirmed an Open Test Down as Nifty got rejected from the yPOC of 18385 & left a long initiative selling tail from 18328 to 18417 to give a trending move down to 18221 in the D period but saw some profit booking by the sellers as the auction turned into a balance forming a ‘b’ shape profile for the day after a late attempt to make new lows in the J TPO was swiftly rejected from 18209 triggering a short covering bounce back to the A period singles into the close
The weekly profile is a well balanced Neutral one with mostly higher Value at 18306-18366-18414 within a narrow range of just 232 points & is looking for some initiative player to step in for a fresh round of imbalance in the coming session(s) with the 2 weekly VPOCs on either side at 18501 & 18174 being the immediate objectives.
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 18328 for a probe to 18385 / 18437 / 18501 / 18577 / 18618 / 18658 / 18701 / 18769 / 18837
B) Accepting below 18306 could lead to a test of 18243 / 18174 / 18101 / 18061 / 18000 / 17956 / 17910 / 17861 / 17793
NF (Weekly Profile) – 18355 [ 18493 / 18256 ]
NF has formed yet another Neutral profile on the weekly inside a very narrow range of just 236 points as it failed to get fresh demand above previous high of 18440 forming a 4-day balance with an overlapping POC at 18410 and made a move away from there on Friday with a ‘b’ shape long liquidation profile with the dPOC at 18343 which will be the immediate reference on the downside. This week’s Value was completely higher at 18356-18410-18460 and the auction would need initiative buying at 18410 to start a fresh upmove.
BankNifty Spot Weekly Profile (14th to 18th Nov 2022)
42437 [ 42622 / 41965 ]]
Previous week’s report ended with this ‘The weekly profile is a Neutral Extreme one to the upside with mostly higher Value at 41328-41472-41916 and looks good for more upside to come in the coming week(s) thanks to the weekly FA at 41318 along with the daily one at 41918 which will be the positional references on the downside for a probable move towards the weekly FA objectives of 42742 & 44165’
- Monday – BankNifty opened the week with an inside day and a Neutral Centre profile within a narrow range of just 266 points where it confirmed a daily FA at 41965 but could not close above the IBH of 42204 but formed Value well above previous week’s VAH of 41916 indicating that the PLR (Path of Least Resistance) stays to the upside
- Tuesday – The auction formed completely higher value & left yet another daily FA at 42079 & formed a Neutral Extreme Day up as it went on to scale above previous week’s high to hit 42450 thereby completing the 1 ATR objective of 42413 from Monday’s FA
- Wednesday – started with the Neux zone getting accepted in the IB after which BankNifty made multiple REs to the upside completing the 1 ATR target of 42515 from Tuesday’s FA but could only manage 42611 in a late attempt in the L period clearly showing lack of demand which triggered a probe down to 42398 before closing the day just above the dPOC of 42509 leaving a ‘p’ shape profile with completely higher Value
- Thursday – saw another very narrow daily range of just 256 points indicating poor trade facilitation at these new highs as for the second day running, the auction made an attempt to spike higher into the close but yet again failed to attract any demand at the new highs of 42622 leaving a very nice 2-day Gaussian Curve with Value at 42440-42512-42539 and a close near the VAL
- Friday – BankNifty continued to build Value in the 2-day composite forming the narrowest IB range for the week of just 168 points after which sellers drove it lower to 42223 stopping just above Tuesday’s VPOC of 42203 triggering a short covering bounce back to 42476 into the close forming a ‘b’ shape profile for the day with mostly lower Value
The weekly profile was a Normal Variation one to the upside in a narrow range of 657 points with completely higher Value at 42198-42438-42582 with a close right at the POC as the imbalance to the upside from 41292 seems to be giving way to a balance being formed which could continue in the coming week.
Weekly Hypos for BankNifty (Spot):
A) to be updated…
B) to be updated…
BNF (Weekly Profile) – 42505 [ 42666 / 42100 ]
BNF made higher highs for the first 3 days of the week as it left couple of FAs at 42100 & 42226 and went on to complete the 1 ATR objectives of 42527 & 42643 respectively as it hit 42666 but left similar highs in this zone indicating exhaustion creeping in which led to a balanced weekly profile with completely higher Value at 42304-42514-42624. The 2 FA’s will be the downside references for the coming week whereas on the upside, the auction would need an OTF player to come in at 42515 to reach the target of 42876 as mentioned in the last report.