Nifty Spot Weekly Profile (19th to 23rd Dec 2022)
17806 [ 18431 / 17779 ]
‘Previous week’s profile was a Neutral Extreme Down one with overlapping to lower Value at 18298-18492-18588 which moved away from the 2-week balance closing in am imbalance near the lows indicating that the PLR (Path of Least Resistance) was to the downside.’
- Monday – Nifty opened the week with a look down below previous lows but was swiftly rejected leaving an A period buying tail and forming a short covering ‘p’ shape profile for most part of the day building the dPOC at 18343 and closing in a spike higher from 18400 to 18431
- Tuesday – The spike close was however rejected with not just a lower open but a drive down from 18343 in the IB as the auction made new lows for the week at 18210 and made a RE attempt in the D period which was immediately rejected triggering another short covering squeeze for the rest of the day resulting in a FA (Failed Auction) being confirmed at 18202 and a Neutral Extreme (NeuX) Day Up
- Wednesday – saw a rare follow up to a NeuX profile with a higher open and new highs for the week at 18473 in the A period but stopped just short of previous week’s prominent POC of 18492 and left a long selling tail till 18415 in the IB signalling that the OTF (Other Time Frame) sellers are back which got more confirmation as it left a mid-profile tail from 18339 to 18308 and went on to form a Trend Day Down of 311 points engulfing the last 2 days range & tagging the weekly VPOC of 18174 while making new lows of 18162
- Thursday – Nifty opened higher & went on to test the Trend Day mid-profile singles but could only manage to tag 18318 where it was swiftly rejected confriming yet another A period selling tail till 18258 displaying sellers gaining back control as they managed to make multiple REs lower to break below the 21st Nov Swing Low plus weekly FA of 18133 & hit 18068 forming a ‘b’ shape profile for the day with completely lower Value & closing around the prominent POC of 18112
- Friday – continued the imbalance with a gap down open of 150 points but gave a small bouce higher to 18050 where it stopped just short of the Gap Mid-point of 18053 implying that the sellers are still not done as they managed to make it a hat-trick of A period selling tail & made an OTF (One Time Frame) probe lower for most part of the day leaving couple of PBHs at 17933 & 17883 forming the second Trend Day Down for the week getting back into the October range and tagging the 28th Oct VPOC of 17793 while making a low of 17779 but left a small responsive buying tail at lows
The weekly profile obviously is a Trending One to the Downside with an elongated range of 652 points & overlapping to lower Value at 18109-18271-18403 with the close once again in an imbalance holding just above the weekly VPOC of 17754 (24th to 28th Oct) which if taken out could see continuation of the probe lower towards the VPOCs of 17478 & 17028 in the coming week(s) whereas on the upside the 2 PBHs of 17883 & 17933 would be the levels which need to be sustained for a probe towards the daily VPOC of 18112 & this week’s POC of 18271
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 17830 for a probe to 17906 / 17960 / 18026 / 18068 / 18112 / 18162 / 18202 / 18271 / 18339
B) Accepting below 17796 could lead to a test of 17754 / 17695 / 17637 / 17568 / 17478 / 17422 / 17375 / 17304 / 17260
NF (Weekly Profile) – 17864 [ 18519 / 17831 ]
NF formed a Trend Down weekly profile after giving similar highs of 18519 & 18514 over the first 2 days and made a big drop of 688 points as it made a low of 17831 on Friday closing in an imbalance with completely lower Value at 18164-18268-18460 with an extension handle at 18112 which will be the important upside reference for the coming week.
BankNifty Spot Weekly Profile (19th to 23rd Dec 2022)
41668 [ 43614 / 41597 ]
‘Previous week’s profile was a Neutral Extreme one to the downside after BankNifty made new ATH of 44151 and saw some big profit booking coming in as it formed a prominent TPO POC at 44082 on 14th Dec which followed by initiative selling on the 15th where it left a late extension handle at 43804 and a mid-profile tail till 43668 along with a spike close from 43617 to 43379 resulting in a further drop to 43080 on Friday, the 16th Dec before it closed around the dPOC of 43243 well below this week’s Value which was completely higher at 43440-43884-44130’
- Monday – BankNifty started the week giving a pause to the big imbalance with an inside day & a ‘p’ shape profile filling up last Friday’s low volume zone forming a prominent POC at 43369 and making it a perfect 2-day composite ‘b’ shape profile
- Tuesday – The auction gave a strong move away from the balance leaving an A period selling tail and making couple of REs lower in the E & F periods where it made a low of 42955 leaving a responsive buying tail right above the 07th Dec Swing Low & Weekly FA of 42948 signalling the return of demand resulting in a Neutral Extreme Day Up
- Wednesday – saw a rare follow up to a NeuX profile in form of a higher open and new highs for the week at 43614 in the opening TPO but stalled just below previous week’s extension handle of 43617 confirming those big sellers were still active in this zone and just got more aggressive as they carved out the biggest range over last 3 months of 1251 points starting with an initiative tail till 43523 along with an extension handle at 43398 after which it swiped through the weekly FA of 42948 with another extension handle at 42953 and in the process confirmed a fresh one at 43614 and almost went on to tag the 1 ATR objective of 42357 as it made a low of 42363 into the close leaving a humoungous Trend Day Down though the profile showed a good responsive buying tail till 42551
- Thursday – The huge imbalance needed a breather which came in form of a gap up and a probe to 42933 in the A period as the earlier swing reference of 42948 was now showing change of polarity resulting in the second successive A period selling tail after which it formed a ‘b’ shape profile for the day with a prominent POC at 42444 and similar lows near 42231
- Friday – opened with a big gap down of 457 points but made an almost OL (Open=Low) start at 41951-41932 which saw some good profit booking as well as short covering causing a bounce higher to 42226 as it stalled just below PDL as the sellers came back in full force to leave a big initiative selling tail till 42056 & a slow probe lower all day as BankNifty negated the November monthly extension handles of 41948 & 41779 and went on to make a low of 41597 before closing at 41668
The weekly profile is an elongated one of 2017 points & once again a Neutral Extreme to the downside with mostly lower Value at 42432-43344-43524 with a close around the lowest point hinting that this imbalance could extend in the coming session(s) with Friday’s POC of 41889 & Thursday’s VPOC of 42418 being the important levels to hold on the upside whereas on the downside, the auction remains weak below 41650 for a probable move towards the weekly VPOCs of 41472 & 41292.
Weekly Hypos for BankNifty (Spot):
A) BankNifty needs a drive from 41715 for a rise to 41889 / 42056 / 42231 / 42418 / 42638 / 42733 / 42953 / 43141 / 43256
B) Accepting below 41650, the auction could test 41472 / 41318 / 41169 / 41051 / 40936 / 40715 / 40507 / 40344 / 40168
BNF (Weekly Profile) – 41735 [ 43687 / 41657 ]
BNF has formed an elongated 2031 points Neutral Extreme weekly profile to the downside as it stopped just short of the 15th Dec extension handle of 43710 while making a high of 43687 confirming a weekly FA there which triggered a massive liquidation drop down to 41657 into the close with Value also mostly lower at 42464-43208-43520.
