Weekly charts (1st July to 5th July) and Market Profile Analysis

Nifty Spot Weekly Profile (1st July to 5th July)
11811 [ 11982 / 11797 ]

Last week’s report read ‘Nifty needs to remain above 11775 and scale above 11812-825 to continue higher in the coming week for a probe to 11916 & the earlier weekly FA of 12000’

Nifty opened with a gap up of 50 points staying comfortably above that 11775 level as well as the 11812-825 zone as it probed higher making a high of 11885 on Monday and opened just above these highs on Tuesday but was rejected as it gave an ORR (Open Rejection Reverse) start to negate the previous day’s rise as it made new lows of 11814 and took support just above the previous week’s POC of 11812 making a balance there before trending higher into the close tagging the first weekly objective of 11916 as it made a high of 11917 which also confirmed a weekly FA at lows. (Click here to view the daily profile chart for better understanding) The auction continued to move higher making higher highs of 11945 & 11969 on Wednesday & Thursday looking set to tag the next weekly objective of the earlier weekly FA of 12000 but the range kept contracting as Nifty stayed in a range of just 46 points on Thursday which was the second lowest of this year indicating poor trade facilitation. Friday saw yet another new high in Nifty as it opened higher to complete the sequence of making higher highs all days of the week as it hit 11982 but gave a late ORR as it got back not just into the previous day’s range but also broke the PDL (Previous Day Low) leading to a huge liquidation move as it engulfled the entire week’s upmove making new lows for the week at 11797 negating that weekly FA of 11814 to give a Neutral Extreme profile. The weekly Value was overlapping to higher at 11828-11862-11924 but the immediate reference for the coming week would be 11797 to 11828 and failure to get above this would mean the PLR (Path of Least Resistance) would be to the downside in the coming week with 11775 again being the level to watch below which it could go for a test of 11706 & 11651.

N Weekly Weekly Charts (1St July To 5Th July) And Market Profile Analysis Banknifty Futures, Charts, Day Trading, Intraday Trading, Intraday Trading Strategies, Market Profile, Market Profile Trading Strategies, Nifty Futures, Order Flow Analysis, Support And Resistance, Technical Analysis, Trading Strategies, Volume Profile Trading

Weekly Hypos for Nifty (Spot):

A) Nifty needs to get above 11824-828 for a move to 11865-882 & 11904
B) Below 11797, the auction can continue lower to 11775-773 / 11748-736 & 11712-706
C) Above 11904, Nifty can probe higher to 11924-944 / 11976 & 12000
D) Below 11706, lower levels of 11682 / 11665-651 & 11614-611 could be tagged
E) If 12000 is taken out & sustained, Nifty can have a fresh leg up to 12018-25 / 12042-46 & 12070-77
F) Break of 11611 could bring lower levels of 11576-553 / 11530-526 & 11503

NF (Weekly Profile)
11820 [ 11999 / 11808 ]

Last week’s report ended with this ‘NF needs to get above 11862 for a probe of 11913 and above it repair those poor highs along with a chance of tagging the weekly vPOC of 12102

NF opened higher on Monday taking support at 11863 and continued to probe on the upside as it tagged the weekly POC of 11913 making a high of 11925. On tuesday, the auction could not get above the PDH so dropped lower breaking below 11863 as it made a low of 11840 but was swiftly rejected back above 11863 to leave a FA (Failed Auction) on both daily as well as weekly timeframe(s). This triggered a trending move to the upside as NF tagged the 1 ATR (daily TF) of 11961 on Wednesday repairing the poor highs of the previous week and continued the probe higher on Thursday as it made a high of 11999 but the range of these 2 days was among the lowest in last 2 months which indicated that auction is facing poor trade facilitation. On Friday, NF made a similar high of 11999 at open & was unable to make new highs for the week which led to a huge move down erasing the entire upmove of the week as the auction went on to make new lows negating that FA of 11840 as it made a low of 11808 to give a Neutral Extreme profile for the week with overlapping to higher Value. The Neutral Extreme reference for the coming week would be 11863 to 11808 with immediate resistance at 11840 staying below which the PLR (Path of Least Resistance) would be down. This week’s Value is 11880-11907-11976

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BankNifty Spot Weekly ProfileĀ (1st July to 5th July)
31475 [ 31661 / 31105 ]

BankNifty opened with a gap up of 150+ points on Monday and probed higher leaving a buying tail from 31281 to 31105 as it probed higher to tag the previous week’s VAH (Value Area High) of 31435 as it made a high of 31450 where it showed some resistance. Tuesday then gave a drive down as the auction got into previous day’s buying tail closing tohe gap to the exact point as it made a low of 31105 where it took support and reversed the auction to get above the weekly POC of 31150 and went on to make an OTF (One Time Frame) move higher to make new weekly highs of 31608 on Thursday where it made a balance above the weekly VAH of 31435. (Click here to view the daily profile chart for better understanding) Friday saw BankNifty making an outside bar on daily as it attempted to break away in both directions leaving a low of 31323 & a high of 31661 which will be the immediate levels to watch in the coming week. On the weekly we have a relatively narrow and a balanced profile with overlapping to higher Value at 31290-31350-31550 so the PLR remains to the upside till the auction stays above 31350.

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Weekly Hypos for BankNifty (Spot):

A) BankNifty needs to stay above 31503-508 for a move to 31576-596 / 31661-685 & 31753-785
B) Immediate support is at 31423-418 below which the auction can test 31350-323 31240 & 31170-153
C) Above 31785, BankNifty can probe higher to 31853-865 & 31950
D) Below 31153, lower levels of 31105 / 31065-60 & 30977-965 could come into play
E) If 31950 is taken out, BankNifty could rise to 32025-40 / 32092 & 32125-137
F) Break of 30965 could trigger a move lower to 30889-881 / 30800 & 30755-718

BNF (Weekly Profile)
31503 [31727 / 31176]

Last week’s report mentioned ‘The Path of Least Resistance will be to the upside in the coming week as long as BNF stays above 31200’ and this week BNF opened with a gap up of 130+ points and scaled above previous week’s high making a high of 31560 on Monday but was not able to sustain these higher levels on Tuesday and got rejected back into previous week’s range & value making a quick move down to the weekly POC of 31264 in the first hour. The auction went on to make a range extension down making new lows of 31176 but this was firmly rejected leaving a small buying tail from 31221 to 31176 and this triggered a trending move up over the next 2 days as BNF made new weekly highs of 31690 on Thursday but the upmove seemed exhausted indicated by the poor highs in the profile which got repaired on Friday as BNF made new highs for the week at 31727 but left a small tail at top to get back into the narrow developing weekly Value it was forming to close around the weekly POC leaving a Neutral Centre profile looking set to give a move away from here. The weekly Value is 31416-31464-31640.

Bnf F Weekly Charts (1St July To 5Th July) And Market Profile Analysis Banknifty Futures, Charts, Day Trading, Intraday Trading, Intraday Trading Strategies, Market Profile, Market Profile Trading Strategies, Nifty Futures, Order Flow Analysis, Support And Resistance, Technical Analysis, Trading Strategies, Volume Profile Trading