Nifty Spot Weekly Profile (20th to 24th Feb 2023)
17465 [ 18004 / 17421 ]
Previous week’s report ended with this ‘The weekly profile is a Normal Variation one to the upside which tagged the higher timeframe VPOC of 18120 and formed overlapping to higher Value to 17772-17928-18012 and has closed right in the middle of the profile right near the prominent POC of 17928 with 17860 being the immediate reference on the downside below which the daily VPOC of 17765 could come into play whereas on the upside, the last 2 daily POCs of 17989 & 18096 would be the levels on watch’
- Monday – Nifty opened the week with a probe above last Friday’s POC of 17989 as it made a high of 18004 in the IB (Initial Balance) but left an important selling tail from 17983 to 18004 confirming rejection and change of the PLR (Path of Least Resistance) to the downside which was further confirmed by an extension handle near the prominent weekly POC of 17928 as it went on to make a low of 17818 leaving an DD (Double Distribution) Trend Day Down with the dPOC remaining higher at 17960
- Tuesday – saw an OAIR (Open Auction In Range) start in the IB as the auction filled up the lower part of Monday’s DD profile in the IB after which it made a C sidfe extension higher to 17925 stalling just below the extension handle & previous week’s POC of 17928 triggering a fresh probe lower into the close resulting in new lows for the week at 17800 and a NeuX (Neutral Extreme) Day Down with a prominent POC at 17873
- Wednesday – gave a rare follow through to a NeuX profile with not just a lower tagging the daily VPOC of 17765 but a Drive Down as Nifty established a long A period selling tail from 17716 to 17772 and continued the OTF (One Time Frame) probe lower for most part of the day negating the weekly FA of 17652 with an extension handle at 17646 and tagging the weekly VPOC of 17616 where it gave another extension handle at 17606 & left a Trend Day Down after hitting the daily VPOC of 17577 from 02nd Feb while making a low of 17529
- Thursday – The imbalance to the downside continued in the A period as the auction made new lows of 17455 but the B period turned into a rebel not only engulfing the A TPO but went on to tag the lower extension handle of 17606 from Wednesday but made the dreaded C side extension to 17620 unable to get above the first extension handle of 17646 after which it remained in a narrow range forming a Normal Day and a well balanced profile with completely lower Value and a prominent POC at 17578
- Friday – started with a gap up of 80 points but showed rejection in the attempt to probe above previous Value as it left an initiative selling tail from 17599 to 17565 after which it made multiple REs (Range Extension) to the downside & even confirmed an extension handle at 17495 and made similar lows once again at 17421 which it had established last on 20th Oct 2022 holding the gap zone from 17th Oct highs and saw the dPOC shift lower to 17441 into the close showing profit booking by the shorts
Click here to view this week’s MarketProfile charts in Nifty with respect to the previous week on MPLite
The weekly profile is a trending one to the downside making lower highs & lower lows on all 5 days but profile wise resembles a DD (Double Distribution) with mostly lower Value at 17422-17565-17838 with a zone of singles from 17684 to 17816 and has left 4 daily VPOCs at 17578 / 17670 / 17873 & 17960 which will be the levels to watch on the upside in the coming week if Nifty manages to stay above 17441 whereas on the downside, the 17th to 21st Oct weekly zone of singles from 17421 to 17328 would be the immediate reference below which it could go for the weekly VPOC of 17028.
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 17495 for a probe to 17565 / 17609 / 17670 / 17717 / 17754 / 17816 / 17873 / 17917 / 17960
B) Accepting below 17441 could lead to a test of 17405 / 17350 / 17304 / 17260 / 17201 / 17136 / 17068 / 17028 / 16960
NF (Weekly Profile) – 17559 [ 18112 / 17510 ]
NF has formed an elongated 602 point trending profile to the downside with mostly lower Value at 17510-17664-17956 and as in spot resembles a DD with a zone of singles from 17728 to 17910 which will be the reference on the upside if it manages to sustain above this week’s POC of 17665 in the coming week with this week’s VWAP of 17724 also being an important supply point on watch whereas on the downside, the auction remains weak below 17557 and could continue the imbalance lower.
BankNifty Spot Weekly Profile (20th to 24th Feb 2023)
39909 [ 41292 / 39600 ]
Previous week’s report ended with this ‘The weekly profile once again is a Neutral One forming an outside bar both in terms of range & value which was at 41220-41292-41712 but the close at the lower end gives a slight advantage to the sellers to take it down to the weekly VPOC of 40356 in the coming week provided they are able to sustain below the daily POC of 40998 whereas on the upside, the auction would need to get above this week’s POC of 41292 for a probe towards the daily VPOC of 41849 in the coming sessions’
- Monday – BankNifty opened higher but settled down into an OAIR as it formed a narrow range A period of just 175 points and went on to make new highs of 41292 in the B TPO but stropped right at previous week’s POC giving a very clear indication that the upside was limited as could be seen in the small tail if left at the top and went on to form a Trend Day Down leaving couple of extension handles at 41066 & 40844 probing below previous week’s lows hitting a low of 40580 but also left a responsive buying tail till 40640 and closed at 40701 signalling profit booking
- Tuesday – saw a higher open but the auction immediately reversed making a look down below previous lows as it hit 40508 in the A period but saw the B going in the opposite direction as it went on to make marginal new highs of 40803 and followed it up with a rare C side extension handle but the new RE it made in the E could only manage 40946 stalling at Monday’s POC of 40925 marking the end of the upside and triggered a probe back lower to 40584 forming a balanced profile with completely lower Value and a close near the prominent POC of 40660
- Wednesday – The imbalance to the downside returned with an ORR (Open Rejection Reverse) start as BankNifty tagged the weekly VPOC of 40356 in the IB leaving an initiative selling tail from 40400 to 40529 and continued the downmove with the help of an extension handle at 40253 ending up making a low of 39899 in the K period which saw some profit booking and a small bounce back to 40134 leaving a ‘b’ shape elongated profile with completely lower Value
- Thursday – experienced 2 opposite forces acting in the IB as the A period started with a probe lower breaking below the important Oct 2022 VWAP of 39750 and was even followed by the B making new lows for the week at 39600 which was also the completion of the weekly 3 IB objective which saw some aggressive demand coming back resulting in a buying tail till 39698 and new highs for the day at 40112 at the close of the IB. The auction then made a typical C side extension to 40147 capping the upside for the day & settled down into a balance forming a ‘p’ shape Normal profile with overlapping Value
- Friday – BankNifty made an unexpected gap up open of 258 points & a probe higher but could only manage to hit 40348 exhausting just below the 40356 reference for this week showing change of polarity as it confirmed an A period selling tail and returned back to the 2-day overlapping Value forming yet another ‘b’ shape profile on the daily completing a nice 3-day balance & a 3-1-3 profile with Value at 39879-39996-40122 and looks good to give a move away from here in the coming session(s).
The weekly profile is a DD (Double Distribution) Trend one to the downside with completely lower Value at 39600-40020-40668 with the POC shifting in the lower half and would be the immediate reference on the upside staying above which BankNifty could fill up the DD zone from 40226 to 40600 with the daily VPOCs of 40660 & 40925 being the other upside objectives whereas on the downside, it would remain weak below 39880 with this week’s buying tail from 39699 to 39600 being the lower support zone break of which could trigger a fresh downmove in the coming week(s).
Click here to view this week’s MarketProfile charts in BankNifty with respect to the previous week on MPLite
Weekly Hypos for BankNifty (Spot):
A) BankNifty needs a drive from 39963 for a rise to 40122 / 40254 / 40400 / 40542 / 40660 / 40783 / 40925 / 41066 / 41292
B) Accepting below 39879, the auction could test 39750 / 39599 / 39490 / 39374 / 39146 / 38950 / 38836 / 38660 / 38546
BNF (Weekly Profile) – 40172 [ 41540 / 39870 ]
BNF stalled just below previous week’s POC of 41598 as it left similar highs in the IB on Monday and made a trending move lower till the IB got completed on Thursday where it made a low of 39870 but left a buying tail till 39975 marking the end of the imbalance and formed a nice 3-day balance to close the week leaving a DD profile with completely lower Value at 40104-40302-40950 and the auction would need to sustain above 40302 & take out this week’s VWAP of 40460 to fill up the DD zone whereas on the downside 40060 & 39975 would be the important levels which will need to hold.