Weekly Charts (19th to 23rd April 2021) and Market Profile Analysis

Nifty Spot Weekly Profile (19th to 23rd Apr 2021)

Spot Weekly – 14341 [ 14527 / 14151 ]

Previous week’s report ended with this ‘On the weekly, we have a kind of a DD (Double Distribution) profile with completely lower Value at 14301-14433-14511 with Nifty closing well above the same. The immediate reference for the coming week would be 14655 on the upside above which the auction could probe higher towards the weekly VPOC of 14853 & the daily VPOC of 14937 with 14740 being a minor hurdle in the path where on the downside, Nifty would remain weak below 14630 and a break below 14559 could bring in a test of the lower VPOCs of 14433 & 14328′

Nifty opened the week with a big gap down of 310 points and remained below previous week’s Value and went on to make new lows for the month at 14191 as it tested the Budget Day (1st Feb) extension handle of 14214 in the IB (Initial Balance) marking the end of the downside and made a slow probe higher for the rest of the day as it got back into the weekly Value and made a gap up open on Tuesday but was also an OH (Open=High) start at 14527 as the auction got rejected from above the weekly VAH of 14511 and completed the 80% Rule as it trended lower all day leaving a selling extension handle at 14437 and making a low of 14207 after which it continued this imbalance with a gap down on Thursday as it hit new lows for the week at 14151 but left a big buying tail in the IB till 14223 which started a fresh upside probe not just for the day which turned out to be a Trend Day but continued the upmove into the first half of Friday as it negated Tuesday’s extension handle of 14437 and made a high of 14461 but could not sustain leading to a big liquidation move in the second half of the day as Nifty went on to make a late RE to the downside in the ‘K’ & ‘L’ periods hitting a low of 14273 before closing at 14341 leaving a Neutral Day. The weekly profile represents a perfect Gaussian Curve with overlapping to lower Value at 14265-14319-14409 and the auction has a very good chance to turn into an imbalance in the coming week.

Click here to view this week’s auction in Nifty with respect to the previous week on MPLite

Weekly Hypos for Nifty (Spot):

A) Nifty needs a drive above 14341 for a probe to 14399 / 14461 / 14530 / 14573 / 14618 / 14655 & 14700
B) Accepting below 14319 could lead to a test of 14252 / 14223 / 14151 / 14110 / 14060 / 14018 & 13984

Extended Weekly Hypos

C) Above 14700, can expect higher levels of 14740 / 14809 / 14853 / 14895 / 14937 / 14986 & 15052
D) Below 13984, the auction could fall to 13906 / 13824 / 13778 / 13743 / 13668 / 13630 & 13575

NF (Weekly Profile)

14338 [ 14535 / 14155 ]

NF made a hat-trick of a weekly gap down on Monday as it opened lower by almost 250 points way below the HVN of 14595 and made new lows of the series at 14213 in the IB but could not extend further suggesting exhaustion in the downside as it closed as a Normal Day and more confirmation of this came on Tuesday open as the auction made a big gap up open at 14502 and made a high of 14535 in the ‘A’ period but could not get above the weekly VAH of 14546 as it left a small but important selling tail and went on to make an OTF probe lower all day as it left extension handles at 14457 & 14352 not only closing the gap but almost tagging the previous low as it hit 14225 leaving a Trend Day Down. This imbalance to the downside continued at open on Thursday as NF made the third OAOR start in 3 days and made new lows of 14155 in the ‘A’ period and this time left a buying tail in the IB and replicated Tuesday’s auction to the reverse as it probed higher all day scaling above the first extension handle of 14352 and then the Trend Day VWAP of 14393 as it made a high of 14434 which was the weekly POC to leave a Trend Day Up but with the dPOC shifting higher to 14404 into the close which suggested booking of the longs. Friday finally saw an OAIR start as the auction started with a narrow IB range of just 74 points as it took support just above the latest Trend Day VWAP of 14314 and went on to make an OTF probe to the upside till the ‘E’ period as it tagged the higher extension handle of 14457 almost completing the 2 IB objective of the day at 14470 which was another profit booking level for the longs as this not only stopped the upside probe but triggered a new leg lower for the rest of the day resulting in a RE to the downside also in the ‘K’ period followed by new lows of 14263 in the ‘L’ before NF gave a bounce into the close to the dPOC of 14339 leaving a Neutral Centre profile not just on the daily but also on the weekly which has formed a nice 3-1-3 balanced profile with small tails at both ends and overlapping to lower Value at 14273-14378-14399 and looks set to give a move away from here in the expiry week.


BankNifty Spot Weekly Profile (19th to 23rd Apr 2021)
Spot Weekly – 31722 [ 32148 / 30405 ]

Previous week’s report ended with this ‘The weekly profile has formed completely lower Value at 31155-32085-32235 after giving a good bounce from 30520 but still has part of the weekly selling tail from 32448 to 32242 that needs to be taken out for the probe to continue higher towards the weekly VPOC of 32655 in the coming week. On the downside, the auction remains weak below 32055 and could probe lower towards the daily VPOCs of 31775 & 31240 with the extension handle of 31360 as support in between’

BankNifty opened with a huge gap down of almost 1000 points and went on to break below the weekly VPOC of 30480 as it made new lows for the month at 30405 but left poor lows in the IB signalling selling exhaustion and this triggered a trending move higher for the rest of the week as the auction formed higher highs on the daily timeframe culminating in a tag of previous week’s POC of 32085 in the ‘E’ period on Friday as it made a high of 32148 which marked the end of the imbalance to the upside as it closed the week at 31722. The weekly profile was similar to previous week with slightly overlapping to lower Value at 30975-31545-32025.

Click here to view this week’s auction in BankNifty with respect to previous week’s profile on MPLite

Weekly Hypos for Bank Nifty (Spot):

A) BankNifty needs a drive from 31774 for a rise to 31905 / 32045 / 32150 / 32330 / 32428 / 32565 & 32693
B) Accepting below 31685, the auction could test 31545 / 31411 / 31308 / 31216 / 31074 / 30955 & 30786

Extended Weekly Hypos

C) Above 32693, can expect higher levels of 32829 / 32934 / 33035 / 33161 / 33330 / 33490 / 33580 & 33675
D) Below 30786, the auction could fall to 30654 / 30555 / 30450 / 30319 / 30172 / 29980 / 28880 & 29750

BNF (Weekly Profile) 

31710 [ 32170 / 30451 ]

BNF opened with a huge gap down of almost 1000 points on Monday and remained below the weekly VAL of 31230 as it went on to leave a large IB range of 748 points while forming new lows for the series at 30451 where the downside looked stretched as the auction made a slow probe higher remaining largely in the IB range before giving a spike to 31337 into the close and continued this imbalance to the upside with a gap up open on Tuesday as it made highs of 31784 in the ‘A’ period but settled into an OAOR with one of the narrowest IB range of just 282 points and the inability to extend higher led to a trending move in the opposite direction not just for the rest of the day as it made a low of 30917 but continued this imbalance with a gap down on Thursday as it tagged Monday’s VPOC of 30806 but was swiftly rejected indicating demand coming back as it left an initiative buying tail from 30817 to 30589. This marked the reversed of the probe to the upside resulting in a Trend Day Up as BNF left couple of extension handles at 31140 & 31315 and hit new highs for the week at 31823 but saw profit booking coming in as the dPOC shifted higher to 31781 into the close and this resulted in a lower open on Friday as the auction took support above 31315 and left another buying tail in the IB indicating that the upside probe was still not over and went on to make another OTF move higher till the ‘E’ period as it closed htis week’s gap and went on to tag the daily VPOC of 32142 but got stalled just below the weekly POC of 32175 which seemed to be the last objective of this leg up as BNF not only marked the end of the OTF up but started to probe lower for the rest of the day as it made a retracement to 31554 before closing the week at 31710. The weekly profile was a Normal Variation one to the upside with overlapping to lower Value at 30915-31560-31905 as the auction filled up the low volume zone of previous week’s profile and also has a HVN at 31740 which would be the immediate reference on the upside for the coming week.