Nifty Spot Weekly Profile (18th to 22nd Jul 2022)
16719 [ 16752 / 16142 ]
Previous week’s report ended with this, ‘With the filling up of previous week’s profile looking to be complete, there is a good chance for Nifty to get into imbalance mode once again in the coming week towards the higher weekly VPOC of 16374 provided it stays above this week’s prominent POC of 15972 and takes out the higher HVN of 16146’
- Nifty gave the confirmation of last week’s balance turning into an imbalance with a higher open on Monday where it left an initiative buying tail at the HVN of 16146 and made a slow probe higher all day before closing in a Spike from 16238 to 16288.
- This Spike got rejected as the auction opened with a gap down on Tuesday but made an OL (Open=Low) start at 16187 once again leaving an initiative buying tail which got defended with a PBL at 16255 in the F period leading to new highs of 16359.
- Wednesday open saw the weekly VPOC of 16374 being taken out with a big gap up of 222 points but Nifty settled into an OAOR forming a narrow IB range of just 64 points & indicated poor trade facilitation as it failed to tag the 1.5 IB objective on the upside inspite of 3 REs and ended up as a Neutral Day giving new lows of 16490 into the close.
- The auction made a lower low of 16489 at open on Thursday but was swiftly rejected giving the third initiative buying tail of the week as it found demand coming back resulting in an outside day being formed with the higher weekly VPOC of 16626 being tagged with another spike into the close.
- Nifty continued this spike with a higher open on Friday where it hit 16704 in the A period but saw some profit booking coming in which triggered a probed lower for the rest of the IB as it closed the gap & made a low of 16623 and made the dreaded C side extension to 16611 which was swiftly rejected as the buyers once again gained control by confirming a daily FA at lows & went on to make multiple extensions higher tagging the 03rd Jun VPOC of 16731 & made a high of 16752 leaving a Neutral Extreme Day Up.
The weekly profile is a Trend Up one with completely higher Value at 16302-16654-16752 and a range of 610 points closing around the highs but looks set to return to a balance mode in the coming week with the prominent POC of 16654 being the immediate reference on the downside apart from the daily VPOCs of 16568 & 16303 being the major support levels.
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 16724 for a probe to 16764 / 16835 / 16897 / 16945 / 17016 / 17065 / 17100 / 17145 / 17190 / 17264
B) Accepting below 16705 could lead to a test of 16654 / 16611 / 16568 / 16517 / 16452 / 16374 / 16303 / 16255 / 16217 / 16160
NF (Weekly Profile) – 16722 [ 16757 / 16170 ]
NF opened the week with a gap up & remained above 16120 to form a Trend Up week with completely higher Value at 16304-16556-16752.
BankNifty Spot Weekly Profile (18th to 22nd Jul 2022)
36739 [ 36823 / 34804 ]
Previous week’s report ended with this, ‘The weekly profile is a Neutral Extreme one to the downside after starting the week with a 2-day balance forming a prominent overlapping POC at 35280 from where it made a move to the downside over the next 3 days after leaving an extension handle at 35161 on Wednesday. However, BankNifty has formed completely higher Weekly Value at 34752-35280-35496 so the bigger timeframe PLR remains to the upside but will need some fresh demand to first negate Friday’s selling tail till 34900 before it can test 35161 & 35280 and continue higher in the coming week’
- BankNifty rejected previous week’s NeuX close with a gap up open on Monday as it settled down into an OAOR forming a very narrow 150 point range IB and made the dreaded C side extension lower to 34804 triggering a trending move higher for the rest of the day not only confirming a daily FA at lows but also went on to tag the 1 ATR target of 35244 along with the ultra prominent weekly POC of 35280 while making a high of 35382 leaving a NeuX Day Up.
- Once again there was no follow up to a NeuX profile as the auction opened with a 245 point gap down on Tuesday but got swiftly rejected giving a big 357 point rise in the IB and continued to probe higher forming a ‘p’ shape profile & completed the 2 ATR objective of 35684 with a spike close from 35635 to 35761.
- Wednesday saw the continuation of this imbalance with a gap up open as BankNifty formed a narrow 306 point range Neutral Day with a prominent POC at 36100 and a mini spike lower into the close from 35915 to 35887.
- This spike down was rejected on Thursday as the auction not only opened higher but left an initiative buying tail in the IB to confirm that the PLR was still to the upside and went on to form another ‘p’ shape profile as it hit new highs for the week at 36331.
- Friday started with an Open Drive Up from previous day’s VAH as BankNifty left the third A period buying tail for the week getting above the monthly VPOC of 36386 & formed a Double Distribution Trend Day Up after leaving an extension handle at 36534 as it went on to tag the weekly HVNs of 36490 & 36750 along with the daily VPOC of 36592 from 21st Apr while making a high of 36823.
The weekly profile is a Trend Up one with completely higher Value at 35532-36108-36816 and once again has an ultra-prominent POC at 36108 with a close near the highs indicating that the imbalance may continue at the next open but the imbalance of 2019 points of this week may also lead to a balance being formed in the coming week.
Weekly Hypos for BankNifty (Spot):
A) BankNifty needs a drive from 36738 for a rise to 36914 / 37090 / 37214 / 37360 / 37522 / 37620 / 37728 / 37923 / 38070 / 38313
B) Accepting below 36688, the auction could test 36534 / 36409 / 36141 / 36058 / 35915 / 35741 / 35580 / 35418 / 35280 / 35110
BNF (Weekly Profile) – 36719 [ 36829 / 34887 ]
BNF also started the week with a daily FA at 34887 after which it trended higher forming higher highs on all days as it hit 36829 on Friday before closing at 36719 leaving a Trend Up profile with completely higher Value at 35544-36120-36824.