Nifty Spot Weekly Profile (16th to 20th Jan 2023)
18027 [ 18183 / 17853 ]
Previous week’s report ended with this ‘The weekly profile resembles a relatively narrow 380 point range composite ‘b’ shape one with completely lower Value at 17790-17910-17970 but for the fourth consecutive week held the VPOC of 17754 which continues to be the lower reference for the coming week below this week’s prominent POC of 17910 whereas on the upside, Monday’s POC of 18085 will be the immediate level to watch if Nifty manages to stay above this week’s Value along with the higher weekly VPOC of 18168′
- Monday – Nifty opened the week with a gap up but confirmed an Open Rejection Reverse leaving an initiative sellong tail from 18049 to 17991 as it got back into the previous week’s Value extending the One Time Frame probe lower till the J period not only tagging the weekly POC of 17910 but making a low of 17853 stopping just above the last 2-day’s overlapping POC near 17825 leaving similar lows & closing as a ‘b’ shape profile
- Tuesday – saw some late shorts Monday being forced out as the auction left a small buying tail in the A period from 17951 to 17886 and got into the selling tail but made a typical C side extension to 18029 which stalled the upmove resulting in a narrow range ‘p’ shape profile as it tested the moring tail leaving a PBL at 17926 before giving a spike to 18072 into the close
- Wednesday – Tuesday’s spike saw continuation with another A period buying tail from 18089 to 18032 after which Nifty even left an extension handle at 18139 as it went on to tag the weekly VPOC of 18168 but could only manage similar highs in the 18180 zone indicating exhaustion to the upside leaving another ‘p’ shape profile closing right at the prominent POC of 18167
- Thursday – The auction opened lower and filled up previous day’s low volume zone as it made a low of 18063 in the Initial Balance and made couple of attempts to extend the range to the upside but once again left similar highs at 18155 & 18152 unable to tag the prominent yPOC of 18167 indicating limited upside as it formed another Normal Day & an Inside Bar
- Friday – started with another Open Auction In Range and for the third day in succession the RE (Range Extension) to the upside was greeted with poor highs this time in the zone of 18145 triggering a big liquidation break down to 18016 into the close leaving a Neutral Extreme Day Down moving away from the balance of last 3 days
The weekly profile was a narrow 330 point Normal Variation one to the upside as it tagged the immediate higher VPOC of 18168 forming completely higher Value at 17976-18108-18168 but on the larger timeframe continued the bracket it has been within for the last 4 weeks forming Value between the 2 VPOCs of 17754 & 18348 and has close right in the middle of both so remains to be seen which of the 2 gets tagged in the coming couple of weeks.
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 18042 for a probe to 18095 / 18167 / 18231 / 18271 / 18348 / 18387 / 18451
B) Accepting below 18013 could lead to a test of 17978 / 17926 / 17858 / 17822 / 17754 / 17695 / 17637
NF (Weekly Profile) – 18055 [ 18224 / 17887 ]
NF has formed a narrow 338 point range Normal Variation Week to the upside as it stalled just below the Weekly VPOC of 18248 and has formed overlapping to higher Value at 17988-18132-18164 though range wise it remained inside previous week’s range hinting at a move away from this 2-week balance in the coming days.
BankNifty Spot Weekly Profile (16th to 20th Jan 2023)
42506 [ 42715 / 41861 ]
Previous week’s report ended with this ‘The weekly profile in BankNifty also resembles a composite ‘b’ shape one with completely lower Value at 41880-41964-42324 but the close has been around the VAH indicating that the downside has got exhausted and the auction could probe higher towards the daily references of 42534 / 42831 / 42969 and the main weekly VPOC of 43260 to find fresh initiative selling in the coming session(s) if manages to stay above 42324 whereas on the downside, it would need to negate the immediate extension handle of 42202 & get initiative selling at this week’s POC of 41964 for a move lower towards the weekly VPOC of 41478′
- Monday – BankNifty opened higher and almost matched previous week’s high of 42716 stalling once again just below 05th Jan’s Selling Extension Handle of 42730 as the supply came back strongly first leaving an initiative tail till 42622 and then making a trending move lower for most part of the day as it hit 42066 in the L period before closing just below the dPOC of 42193
- Tuesday – saw the continuation of the imbalance to the downside as the auction probed below the weekly Value while making a lower low of 41861 but saw a swift rejection as it left a responsive buying tail till 41940 marking the end of the downside for the week giving a close higher at the dPOC of 42248 with mostly overlapping Value
- Wednesday – The return of responsive buying was followed by an initiative tail from 42119 to 42334 and a probe to 42496 in the IB (Initial Balance) but could only manage a range extension to 42555 and ended up forming a ‘p’ shape profile with a prominent POC at 42455
- Thursday – formed a narrow range inside day which was also a Neutral Centre Profile indicating both buyer & sellers being evenly matched on the shorter timeframe as it formed yet another prominent POC at 42319 along with lower Value for the day completing a nice 4-day balance with the composite Value at 42194-42392-42500
- Friday – BankNifty opened higher and confirmed an initiative buying tail from 42544 to 42366 as it got into Monday’s Selling singles making a high of 42674 in the IB but made the dreaded C side extension to 42709 which marked the end of the upside for the day resulting in a probe back lower to 42471 into the close forming a ‘p’ shape profile for the day with completely higher Value & a prominent POC at 42590
The weekly profile is a well balanced one as it remained in the range of the first 2 days which was marked by an initiative selling tail at the top on Monday followed by a responsive buying one on Tuesday forming overlapping to higher Value at 42186-42294-42570 and looks good for a fresh imbalance to start in the coming week(s) with the first probable targets being the weekly VPOC of 43260 on the upside with 42730 along with 42858 being the immediate levels that need to be taken out above Friday’s POC of 42590 whereas on the downside, buying singles of 42471 & the daily VPOC of 42319 are the immediate references below which the buying tail from 41940 to 41861 will be the final zone of support which if broken could go for the lower weekly VPOC of 41478
Weekly Hypos for BankNifty (Spot):
A) BankNifty needs a drive at 42590 for a rise to 42730 / 42858 / 42969 / 43128 / 43260 / 43375 / 43482
B) Accepting below 42471, the auction could test 42319 / 42186 / 41940 / 41861 / 41729 / 41650 / 41472
BNF (Weekly Profile) – 42542 [ 42805 / 41972 ]
BNF has formed a narrow 832 point range 3-1-3 profile on the weekly with a well balanced Value Area at 42304-42384-42600 in between the initiative selling tail of Monday from 42726 to 42805 and the responsive buying one the next day from 42062 to 41972 and looks good to move away from here provided it gets initiative volumes in the coming week.
