Nifty Spot Weekly Profile (20th May to 24th May)
Nifty made new life time highs of 12041 this week leaving an elongated 3-1-3 weekly profile as it left a big buying tail at lows (in the form of a Gap Up on Monday) from 11614 to 11426 along with a selling tail at top of a similar range from 11884 to 12041 making a nice balance in between with the weekly Value at 11680-11738-11840. On the Monthly time frame, Nifty has made a Neutral profile with the developing POC around 11700 so will need to see if the month closes as a Neutral Extreme or Neutral Centre. For a Neutral Extreme to play out, Nifty will need to stay above 11840 and probe higher for a probable move to 12148 & 12225 by Friday. Inability to sustain above 11840 could see Nifty testing lower levels of 11738-700 and 11658-656 which would be the important reference to watch and if broken can move lower to 11570-562.
Weekly Hypos for Nifty (Spot):
A) Nifty needs to sustain above 11845-860 for a move to 11884-898 / 11920 / 11950-969
B) Immediate support is at 11827 below which Nifty can test 11789-773 & 11738-719
C) Above 11970, Nifty can probe higher to 12005 & 12041-50
D) Below 11719, lower levels of 11680-656 & 11611 could be tagged
E) If 12050 is taken out & sustained, Nifty can have a fresh leg up to 12101 / 12148-156 & 12201-225
F) Break of 11611 could bring lower levels of 11576-556 / 11505 & 11449-426
NF (Weekly Profile)
NF gave a gap up of 225 points on Monday moving away from previous week’s Neutral Extreme profile as it left a buying tail from 11425 to 11643 and went on to make new all time highs of 11895 on Tuesday but remained in a range making a balance for the first 3 days after which if gave a big move up to 12070 on Thursday as the election results were favorable. The auction however saw some good profit booking at these new highs as it got rejected swiftly to retrace the entire move up of the week & tested the buying tail as it took support at 11640. Friday saw fresh inventory coming in which pushed the auction higher as it almost tagged the pull back high of 11900 to complete the week with a bullish close around the weekly VAH of the well balanced weekly profile. NF needs to stay above the 11875-900 zone to move away from this weekly Value of 11697-11757-11874.
BankNifty Spot Weekly Profile (20th May to 24th May)
BankNifty opened the week with a huge gap up of 750 points leaving an effective buying tail from 29450 to 30111 to make higher Value for the week along with a long excess at top from 31275 to 31705 to leave a an elongated 3-1-3 profile with 2 distributions in the middle with HVNs at 30670 & 30420 which will be the levels to watch in case of a dip below 30950 in the coming week. On the upside, BankNifty needs to make Value above 31275 for a probable move up to 31595 & 32040. The weekly Value is 30290-30670-30950.
Weekly Hypos for BankNifty (Spot):
A) BankNifty needs to stay above 31258-275 for a move to 31330 / 30415-430 / 31500
B) Immediate support is in the zone of 31180-153 below which could test 31065 / 30977-950 / 30889-858
C) Above 31500, the auction can probe higher to 31575-595 / 31661-685 / 31775
D) Below 30858, BankNifty can probe lower to 30801 / 30750-713 / 30670-625
E) If 31775 is taken out, higher levels of 31850-865 / 31950 & 32025-040 could come into play
F) Break of 30625 could trigger a move lower to 30538-515 / 30450-420 & 30364-350
BNF (Weekly Profile)
BNF gave a huge gap of 700 points up this week making a 3-1-3 profile with higher Value and a bullish close well above this week’s VAH. However BNF will need to sustain above 31315 to continue making higher Value in the coming week with immediate support around the 31000 zone. The weekly Value is 30352-30768-31040
