Nifty Spot Weekly Profile (15th to 19th Aug 2022)
17758 [ 17992 / 17710 ]
Previous week’s report ended with this, ‘The weekly profile resembles a Double Distribution (DD) Trending One to the upside with completely higher Value at 17502-17670-17724 with 2 prominent HVNs at 17515 & 17670 with the DD singles being from 17635 to 17546 which will be the support zone for the coming week whereas on the upside, the auction will need to negate the 11th Apr FA of 17779 & the 08th Apr Swing High of 17843 to continue towards the weekly VPOC of 18006 & above’
- Monday – Holiday
- Tuesday – Nifty opened the week with a gap up above the 11th Apr FA of 17779 but formed a narrow range Normal Day stalling just below the 08th Apr Swing High of 17843 as it made a high of 17839 leaving a Gaussian Profile with a prominent POC at 17806
- Wednesday – The auction then took out the 17843 level with another higher open and a Drive Up as it left a nice A period buying tail from 17880 to 17833 getting into 05th Apr’s profile but stalled at that day’s extension handle of 17961 forming a ‘p’ shape profile for the day after making a high of 17966
- Thursday – saw a lower open and a test of previous day’s buying tail where Nifty took support at 17863 and probed higher for the rest of the IB (Initial Balance) but could only manage 17954 once again stalling at that 17961 level triggering another move to the downside and marginal new lows of 17852 as another swift rejection here triggered an OTF (One Time Frame) rise for the rest of the day resulting in a FA being confirmed at lows spiking to 17968 into the close
- Friday – started with a small follow up to Thursday’s NeuX (Neutral Extreme) profile with new highs for the week at 17992 completing the 3 IB objective of 17989 but the inablity of not being able to tag the weekly VPOC of 18006 coupled with the first A period selling tail of the week as it formed a very narrow IB range of just 59 points meant that the auction was getting tired on the upside. The D period then left an extension handle at 17933 & E followed up with another one at 17857 triggering a huge liquidation drop negating the FA of 17852 and breaking below Tuesday’s VPOC of 17806 & making new lows for the week at 17710 stopping just above 12th Aug’s VPOC of 17707 leaving a ‘b’ shape profile for the day
The weekly profile is a Neutral Extreme one to the downside after the slow Trending move it made for most part got nullified and resembles a Double Distribution with 2 prominent HVNs at 17933 & 17802 with the latter one being the immediate reference on the upside for the coming week whereas on the downside, last week’s prominent POC of 17670 would be the first level to watch out for below which the lower HVN of 17520 could come into play along with the weekly VPOC of 17268. Value for this week was completely higher at 17730-17802-17910
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 17764 for a probe to 17802 / 17857 / 17933 / 18006 / 18055 / 18114 / 18186 / 18261
B) Accepting below 17725 could lead to a test of 17670 / 17635 / 17590 / 17520 / 17476 / 17414 / 17326 / 17263
NF (Weekly Profile) – 17759 [ 18004 / 17712 ]
NF continued previous week’s imbalance to the upside by opening with a gap up but formed a Normal Day with a prominent POC at 17853 on Tuesday before extending the upside with an initiative tail in the IB on Wednesday along with multiple REs as it hit 17992 but left a small responsive selling tail triggering a retracement down to 17858 on Thursday where the auction confirmed a FA giving a NeuX (Neutral Extreme) profile and closing in a spike from 17970 to 18004. However, there was no follow up to the NeuX Day as NF not only opened lower but went on to leave an extension handle at 17940 leading to a big liquidation drop down to 17712 stopping just above previous week’s POC of 17708 before closing the week at 17759. This week’s Value was completely higher at 17816-17960-17976 but the close was around the lows so can expect this fresh imbalance to continue in the next session with 17708 being the immediate reference below which the singles zone of 17651 to 17580 could come into play.
BankNifty Spot Weekly Profile (15th to 19th Aug 2022)
38986 [ 39759 / 38848 ]
Previous week’s report ended with this, ‘The weekly profile is a Double Distribution (DD) Trend Up one with an initiative buying tail from 37912 to 37681 with the lower distribution having the HVN around 38300 above which is the DD singles zone from 38772 to 38388 and the HVN of upper distribution at 38832 with Value being completely higher at 38244-38832-39072’
- Monday -Holiday
- Tuesday – BankNifty opened the week with a gap up of 240+ points scaling above the 10th Feb VPOC of 39095 and tagging the FA of 39424 from 03rd Feb which was also a major Swing High and so was natural to invite some profit booking after it made a high of 39444 in the A period and formed a Normal Variation Day Down hitting a low of 39120 before closing the day at the POC of 39240
- Wednesday – The auction made an OAIR (Open Auction In Range) start and remained in a narrow range forming a nice balance in Tuesday’s profile as it built a prominent POC at 39328 before making an attempt to move away in the L TPO where it made new highs of 39504 but left a small responsive selling tail indicating sellers coming back in this zone
- Thursday – open saw a move away from the yPOC of 39328 in the IB (Initial Balance) with an A period buying tail from 39469 to 39291 as BankNifty made new highs of 39633 getting into the selling singles it left way back on 08th Nov 2021 and gave a quick retracement down to 39307 where it left a PBL in the F TPO before going on to spike higher to 39703 into the close
- Friday – started with another higher open with the auction almost completing the weekly 2 IB target of 39769 as it made a high of 39759 getting into the Trend Day Down profile from 03rd Nov 2021 but stalled right at that day’s 2 IB downside level of 39762 and confirmed an (ORR) Open Rejection Reverse as it left a long initiative selling tail till 39588 in the IB & left an extension handle at 39486 to swipe through the narrow range profiles of this week and getting back into previous week’s range & value almost tagging the weekly POC of 38832 while making a low of 38848 in the G period after which it formed a balance for the rest of the day building a prominent POC at 39015 leaving a ‘b’ shape long liquidation profile
The weekly profile is a Neutral Extreme one to the downside with completely higher Value at 39144-39324-39576 and looks a well balanced one due to the overlapping range & value of all 4 days and has a good chance of testing the singles zone of 38772 to 38388 if stays below 38832 in the coming session(s).
Weekly Hypos for BankNifty (Spot):
A) BankNifty needs a drive from 39015 for a rise to 39191 / 39324 / 39486 / 39588 / 39703 / 39881 / 40041 / 40244
B) Accepting below 38943, the auction could test 38772 / 38580 / 38388 / 38272 / 38160 / 38026 / 37912 / 37681
BNF (Weekly Profile) – 39002 [ 39794 / 38862 ]
BNF continued previous week’s imbalance to the upside with a higher open & even hit higher highs on all days of the week but the Value on the first 3 days was overlapping and there was no clean move away from any of the daily POCs indicating poor trade facilitation & exhaustion creeping in to the upside which resulted in a FA being confirmed at 39330 on Thursday and a short covering move to the 1 ATR objective of 39776 forming a Neutral Extreme Day Up. The auction made new highs of 39794 at open on Friday but got rejected back into previous day’s range leaving a big A period selling tail till 39627 after which it left an extension handle at 39530 in the D period triggering a big drop over the next 3 TPOs breaking below the weekly POC of 38936 while making a low of 38862 in the G period after which it formed a balance for the rest of the day building volumes at 39041. The weekly profile resembles a balance thanks to the overlapping range & the outside bar on Friday which has formed completely higher Value at 39160-39408-39624 but the close has been in an imbalance to the downside so can expect the same to continue in the coming session(s).
