Nifty Spot Weekly Profile (15th to 19th Nov 2021)
17765 [ 18210 / 17688 ]
Previous week’s report ended with this ‘The weekly profile is also a Neutral Extreme one with a narrow range of just 325 points and overlapping to higher Value at 17907-18045-18081. The NeuX zone of 18079 to 1812 would be the immediate reference for the coming week along with the weekly VPOC of 18159 on the upside and the prominent weekly HVN of 17963 on the downside being the levels to watch on either side’
Nifty opened above previous highs of 18123 on Monday and probed above the weekly VPOC of 18159 negating the selling singles from 28th Oct as it made a high of 18210 but stalled at the Extension Handle of 18201 from 27th Oct which was visible in the small selling tail at top it left in the IB (Initial Balance). The auction then made multiple REs (Range Extension) lower getting back into last week’s range forming a ‘b’ shape long liquidation profile for the day with a PBH (Pull Back High) at 18144 & a prominent POC at 18118 indicating that the PLR (Path of Least Resistance) was to the downside and more confirmation of this came with an Open Drive Down on Tuesday where Nifty made new lows for the week at 18033 in the IB and made couple of REs to the downside but could only manage marginal new lows of 18023 indicating a little bit of seller exhaustion and this triggered a 100 point short covering move into the morning singles where it left a PBH at 18124 signalling that the initiative sellers were back and this led to a big fall to 17958 into the close after they left an extension handle at 18023. This imbalance to the downside continued with a gap down open on Wednesday where Nifty made a low of 17906 tagging the weekly VAL and took support there causing a good bounce not just in the IB where it made a high of 17993 but continued it with a C side extension where it hit new highs of 18022 but stalled right below extension handle of 18023 displaying that the supply was coming back forcing the entire retracement of the upmove as the auction formed a nice balanced profile for the dat but gave a move away from here with a mini-spike to 17879 into the close. Thursday open saw a rejection of the spike at first as Nifty made an attempt to get back into previous day’s balance but was swiftly rejected from just below the VAL of 17948 resulting in an ORR (Open Rejection Reverse) start and a fresh imbalance to the downside till the G period which saw the break of previous week’s low as it hit 17688 and left a small responsive buying tail marking the end of the downmove and the start of a balance for the rest of the day with a PBH at 17833 and a close around the prominent POC of 17765.
The weekly profile is a Trending One to the downside with overlapping Value at 17889-18105-18171 and has left 2 daily VPOCs at 17961 & 18061 which will be the important references on the upside for the coming week whereas Nifty remains weak below 17765 for a test of the swing low of 17613 & the 01st Oct VPOC of 17518 in the days to come.
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 17773 for a probe to 17833 / 17876 / 17961 / 18009 / 18061 / 18105 / 18144
B) Accepting below 17763 could lead to a test of 17708 / 17634 / 17574 / 17518 / 17480 / 17434 / 17394
NF (Weekly Profile) – 17793 [ 18230 / 17692 ]
NF opened the week with a big gap up just above the weekly VPOC of 18204 and made a freak high of 18410 but could not sustain above the selling tail of 28th Oct as it remained below 18230 in the IB (Initial Balance) and and made a good C side extension and followed it up with 3 more REs (Range Extension) while making a low of 18082 before closing the day right at the dPOC of 18141 and continued this imbalance to the downside for the rest of the week as it left an initiative selling tail on Tuesday giving an ORR (Open Rejection Reverse) start and made lower lows of 17978, 17894 & 17692 on the remaining 3 days of the week leaving important PBHs at 18139 / 18025 & 17854 giving a Trend Down profile with overlapping Value at both ends at 17892-17976-18216 with a close around the HVN of 17778.
BankNifty Spot Weekly Profile (15th to 19th Nov 2021)
37976 [ 39117 / 37748 ]
Previous week’s report ended with this ‘The weekly profile is a Triple Distribution Trend Down one with couple of daily VPOCs at 39402 & 39020 in the uppermost & middle part of the profile with a close in the lower balance which itself has 2 prominent HVNs at 38723 & 38550. Value for the week was mostly lower at 38760-39408-39552 but the small buying tail it has left just above the weekly VPOC of 38316 suggests that the downside could be limited and the coming week could see a filling up of the low volume zones’
BankNifty opened higher on Monday and made a probe above the daily VPOC of 39020 as it made a high of 39117 but left an initiative tail in the IB and made a trending move lower as it broke below previous week’s Value and showed intentions of staying below leaving important PBHs at 38772 & 38770 while making a low of 38606 and continued this imbalance with an Open Drive Down on Tuesday where the auction left a longer selling tail from 38555 to 38725 and went on to break below the weekly VPOC of 38316 with a spike lower to 38211 in the K period and followed it up with a gap down open on Wednesday where it made a low of 37988 and saw a combination of profit booking by the shorts as well as fresh buying coming in which led to a buying tail being formed till 38205 after which BankNifty went on to tag the previous day’s POC of 38447 with a C side extension but was rejected signalling that the supply was back and this started a fresh leg lower for the day as it made new lows of 37981. Thursday open saw bounce back to the yPOC of 38190 but similar to what happened in the preceding 2 sessions, the auction yet again was rejected leaving the third initiative selling tail of the week from 38143 to 38234 and went on to make new lows for the week with a big C side RE lower to 37781 after which it made couple of more attempts to break lower but took support at the important 3-week overlapping POC of 37750 resulting in a ‘b’ shape profile for the day triggering a late short covering bounce to 38152 in the L period where a PBH was confirmed before it closed the week at 37976.
The weekly profile is a trending one to the downside with completely lower Value at 37812-38436-38505 with HVNs at 37884 / 38190 & 38708 and looks good for more downside in the coming days with the lows not looking secure.
Weekly Hypos for Bank Nifty (Spot):
A)BankNifty needs a drive from 37997 for a rise to 38152 / 38283 / 38436 / 38555 / 38708 / 38852 / 39037 / 39193 / 39402
B) Accepting below 37926, the auction could test 37750 / 37625 / 37452 / 37309 / 37149 / 36987 / 36876 / 36669 / 36504
BNF (Weekly Profile) – 38105 [ 39180 / 37821 ]
BNF opened higher on Monday and made a look up above previous week’s HVN of 39128 but could not sustain as it left a long liquidation profile on the daily with a prominent POC at 38853 and gave an Open Drive Down away from here on Tuesday leaving a long selling tail from 38667 to 38850 as it made a low of 38292 and continued this imbalance with a gap down open on Thursday where it made new lows for the week at 38055 but saw good profit booking and a short covering bounce with the help of a C side extension to 38563 and resumed the higher timeframe probe to the downside breaking below the prominent weekly VPOC of 38000 on Thursday recording new lows for the week at 37821 but gave another short covering bounce to 38241 before closing around the new HVN of 38093 which is also this week’s POC. The weekly profile resembles a ‘b’ shape with completely lower Value at 37888-38096-38624 and has couple of HVNs at 38544 & 38844 and will remain weak if sustain below 38096 in the coming sessions.