Nifty Spot Weekly Profile (17th to 21st Oct 2022)
17576 [ 17670 / 17098 ]
Previous week’s report ended with this ‘The weekly profile is a Neutral Centre one with completely inside range and has formed Value at 16992-17028-17208 right in the middle of last week’s profile filling up the low volume zone & looks set to give a move away in the coming week with the PLR (Path of Least Resistance) being to the downside courtesy the daily FA of 17348 which has the 1 ATR objective of 17121 below which Nifty can go for the daily VPOC of 17015 and the 2 ATR target of 16893’
- Monday – Nifty opened the week with a probe lower completing the 1 ATR objective of 17121 while making a low of 17098 in the A period but left an initiative buying tail to mark the reversal of the probe to the upside which was further confirmed with an extension handle at 17201 very close to the weekly VAH as it went on to make multiple REs higher to 17328 forming a ‘p’ shape profile for the day with a close around the dPOC of 17304
- Tuesday – The short covering profile led to a gap up open of 127 points with the FA of 17348 being negated as the auction capped the upside with a C side extension to 17527 leaving a narrow 94 point range Normal Day with an ultra prominent POC at 17480
- Wednesday – saw another higher open & an attempt made to move away from 17480 as Nifty completed the 1 ATR move of 17576 from the negated FA of 17348 in the Initial Balance (IB) but for the second day in succession made the dreaded C side extension to 17607 triggering a big liquidation drop back to that prominent POC where it left a small responsive buying tail from 17472 to 17492 leaving a Neutral profile with completely higher Value
- Thursday – The auction made a lower open and remained below 17480 in the IB but made similar lows of 17422 indicating downside being exhausted and this first led to a nice balance being formed with the POC at 17480 followed by a short covering move later in the day from the K period onwards starting from 17524 & ending with a spike from 17549 to 17584 into the close
- Friday – started with a follow up to the spike with an open right at the weekly VPOC of 17622 after which Nifty remained above it & even made couple of REs in the E & F TPOs but could only manage marginal & matching new highs of 17670 & 17669 signalling that the upside was now tired and this triggered a big liquidation move from the I period onwards where it broke below 17622 & left an extension handle at 17599 confirming a FA at highs after which it went on to hit 17520 stopping right at Thursday’s Value & the zone from where it had started the imbalance to the upside giving a bounce back to 17596 into the close
The weekly profile had all 5 days opening with an OAOR (Open Auction Out of Range) & is a Double Distribution Trend one up with completely higher Value at 17442-17478-17646 with a zone of singles from 17421 to 17328 and can continue higher as long as it remains above Thursday’s VPOC of 17480 but will need to get back above 17599 & the FA of 17670 in the coming week.
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 17599 for a probe to 17670 / 17722 / 17765 / 17807 / 17866 / 17940 / 18014 / 18049 / 18114
B) Accepting below 17568 could lead to a test of 17480 / 17422 / 17375 / 17304 / 17256 / 17201 / 17136 / 17068 / 17015
NF (Weekly Profile) – 17564 [ 17665 / 17100 ]
NF has formed a ‘p’ shaped composite on the weekly timeframe with completely higher Value at 17440-17504-17648 stalling just below the earlier HVN of 17688 (19th to 23rd Sep) which will be the immediate reference on the upside in the coming week along with the higher VPOC of 17780 whereas on the downside, this week’s prominent POC of 17495 will be the immediate level on watch below which we have the zone of singles from 17394 to 17318.
BankNifty Spot Weekly Profile (17th to 21st Oct 2022)
40784 [ 41032 / 39146 ]
Previous week’s report ended with this ‘The weekly profile is also a Neutral one with completely inside range & mostly lower Value at 38604-38928-39144 thanks to the 4-day balance it formed this week before moving away from it with that gap up on Friday. The FA of 39175 which got negated would be the immediate reference on the downside and staying below it BankNifty would remain weak for a probe to this week’s prominent POC of 38928 & Thursday’s VPOC of 38660 whereas on the upside it would need to sustain above 39315 and take out the FA of 39570 to make new highs for the month’
- Monday – BankNifty opened the week with an ORR (Open Rejection Reverse) to the upside as it tested the negated FA of 39175 & was swiftly rejected from just above the weekly VAL of 39144 first forming a large IB range of 492 points where it scaled above the last 2 highs of 39570 & 39608 and made multiple REs forming a ‘p’ shape profile for the day forming the POC at 39717 before closing in a spike from 39884 to 39974
- Tuesday – saw continuation of the imbalance with a higher open but settled down into an OAOR leaving a small buying tail in the A period from 40199 to 40139 forming a nice balanced profile for the day with new highs at 40435 & closed right at the prominent POC of 40317
- Wednesday – The auction made another gap up open of 237 points and once again settled down into an OAOR as it formed a narrow 195 point range IB and failed to find fresh demand triggering a probe lower back into Tuesday’s Gaussian Curve as it completed the 80% Rule while making a low of 40195 taking support exactly in the A period tail and closing the day around the POC of 40364 forming completely overlapping Value
- Thursday – BankNifty made a hat-trick of opening with a more than 200 points gap but this time it was to the downside as it seemed to move away from the 2-day Value but once again settled down to form a narrow 360 point range Normal Day & a nice balance (3-1-3 profile) with another prominent POC at 39970 as it made a low of 39848 testing Monday’s Spike Low but left a small buying tail there indicating demand coming back
- Friday – not only opened with yet another big gap up of 271 points but also confirmed an Open Test Drive Up from Wednesday’s POC of 40364 as it left an extension handle at 40596 in the IB itself & gave a trending move higher till the H period where it first tagged the September monthly POC of 40790 & then the weekly VPOC of 41016 (19th to 23rd Sep) while making a high of 41032 marking the end of the upmove and saw good profit booking coming in triggering a pull back to 40611 where the buyers came back again to give a bounce back to 40897 into the close
The weekly profile is a Trending one to the upside giving a move away from the 2-week overlapping Value with an elongated range of 1886 points and has formed completely higher Value at 39948-40344-40968 with Friday’s POC of 40716 being the immediate reference to watch on the downside whereas on the upside, BankNifty will need to get accepted above 41016 for a probable move towards the ATH of 41840 in the coming sessions.
Weekly Hypos for BankNifty (Spot):
A) BankNifty needs a drive from 40897 for a rise to 41011 / 41105 / 41241 / 41413 / 41544 / 41677 / 41840 / 41984 / 42164 / 42414
B) Accepting below 40790, the auction could test 40611 / 40507 / 40337 / 40168 / 39970 / 39848 / 39717 / 39551 / 39374 / 39146
BNF (Weekly Profile) – 40788 [ 41030 / 39223 ]
BNF has moved away from the previous week’s balanced profile leaving a weekly VPOC at 39048 along with an initiative buying tail from 39441 to 39224 forming a Trend Up profile for the week with completely higher Value at 39984-40376-40928 and looks good to continue the probe higher to 41256 & ATH in the coming week.