Nifty Spot Weekly Profile (20th to 24th Mar 2023)
16945 [ 17207 / 16828 ]
Previous week’s report ended with this ‘The weekly profile which started with a huge Trend Day Down is an elongated 680 point range one to the downside with completely lower Value at 16956-17052-17160 but represents a composite ‘b’ shape thanks to the 4-day balance it has formed and will need to give an early indication in the coming session(s) of a fresh imbalance moving away from here either towards the extension handles of 17257 / 17306 & 17369 along with the selling tail of 17482 from 13th Mar on the upside or dropping to the composite VAL of 16961, 16th Mar swing low of 16850 and weekly swing low of 16747 (26th to 30th Sep 2022) on the downside’
- Monday – Nifty made an Open Drive Down start moving away from previous week’s Value as it broke below 16961 in the A period itself and made multiple REs (Range Extension) giving a look down below the Swing Low of 16850 as it made new lows for the month at 16828 in the H TPO. However, it left a small responsive buying tail marking the end of the downside triggering a short covering move into the close getting back into the weekly Value and the A period selling tail leaving a ‘b’ shape profile for the day with the dPOC at 16939
- Tuesday – saw a higher open which was sustained as it formed a very narrow 67 point range IB and formed a balance in this range for most part of the day before giving a late RE in the H period and followed it up with new highs for the week at 17127 forming higher Value on the daily timeframe4
- Wednesday – The auction once again opened higher & made an attempt to get above the weekly Value but left an important A period selling tail indicating that the supply was coming back in this zone as it formed yet another very narrow 99 point range Normal Day and a ‘b’ shape profile with a prominent POC at 17138
- Thursday – opened lower and went on to tag Tuesday’s VPOC of 17072 while making a low of 17045 in the A period but left an initiative buying tail getting back into previous day’s range & value as it tagged the prominent yPOC of 17138 after which it made yet another attempt to move out of previous week’s Value but could only manage to tag 17205 triggering a big liquidation drop in the second half negating the morning buying tail and leaving a 2-day composite with Value at 17113-17137-17175
- Friday – Nifty made another Open Auction start and remained below the 2-day Value as it completed the 80% rule in previous week’s balance with a spike lower into the close even tagging Monday’s VPOC of 16939 while making a low of 16917 leaving a prominent POC at 17049
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The weekly profile is a relatively narrow range balance with slightly overlapping to higher Value at 17016-17052-17184 but the close below Value means the PLR for the coming week would be on the downside towards the weekly weekly swing low of 16747 (26th to 30th Sep 2022) and the VPOC of 16602 whereas on the upside, Friday’s extension handle of 16966 will be the immediate hurdle along with the 2-week matching POC of 17052 which if taken out can go for the other prominent VPOC of 17138 along with the extension handle of 17257
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Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 16966 for a probe to 17010 / 17052 / 17097 / 17138 / 17175 / 17211 / 17257 / 17306 / 17369 / 17432
B) Accepting below 16950 could lead to a test of 16901 / 16842 / 16802 / 16747 / 16708 / 16653 / 16602 / 16556 / 16512 / 16438
BankNifty Spot Weekly Profile (20th to 24th Mar 2023)
39395 [ 40201 / 38942 ]
Previous week’s report ended with this ‘The weekly profile is a Trend One Down which started with a huge 1235 point fall on the first day and followed it up with lower lows for the next 3 days but with overlapping Value thus forming a nice 4-day balance which has given a composite ‘b’ shape with completely lower Value at 38988-39246-39684 with the 4-day composite Value also being almost similar at 38967-39259-39529 with a selling tail at top from 39772 to 39914 which will be the immediate zone to be taken out on the upside for a further probe towards Monday’s Trend Day VPOC of 40470 whereas on the downside, break of 39529 & sustaining could trigger the 80% Rule down to 39259 & 38967 along with a test of the 16th Mar PBL of 38755′
- Monday – BankNifty opened the week below 39529 with an OH (Open=High) start at 39512 and promptly completed the 80% Rule down to 38967 as expected as it made a low of 38942 not only forming a nice Gaussian Curve on the daily but completing a nice 5-day balance with updated Value at 38972-39258-39458
- Tuesday – The auction made a gap up open hitting new hihgs for the week at 39614 but settled down into an Open Auction remaninig in a narrow 248 point range for most part of the day as it filled up the upper part of the 5-day composite before giving an initiative move to the upside with couple of extension handles at 39614 & 39756 negating the composite selling tail from 39772 to 39914 while making a high of 39971 leaving a Double Distribution (DD) Trend Day Up
- Wednesday – saw the continuation of the imbalance with a higher open and a tag of 40085 but stalled in the mid-profile Trend day singles from 13th Mar and for the second day in succession formed a very narrow 248 point range IB & this time remained in this range for the rest of the day leaving a perfect Bell Shape Profile with an ultra prominent POC at 39944
- Thursday – Unable to find fresh demand on the upside in the previous session, the auction opened lower in search of buyers testing the upper extension handle of 39756 from Tuesday’s DD profile as it made a low of 39729 and was swiftly rejected leaving an A period buying tail triggering a move back into the previous day’s range & value and continued the probe further into that 13th Mar’s elongated profile as it made new highs for the week at 40201 where once again the old supply came back strongly resulting in a huge liquidation drop of 649 points into the close as BankNifty formed a Neutral Extreme Day down leaving a spike from 39729 to 39552
- Friday – The closing imbalance of previous session then led to a balance being formed for the first couple of hours as the auction remained below the NeuX Zone high of 39729 giving another narrow 240 point range IB and made couple of REs to the upside in the F & G periods tagging the NeuX zone high of 39729 but left similar highs at 39767 to trigger a fresh probe lower for the rest of the day resulting in another NeuX Day Down as it made a low of 39273
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The weekly profile is a Normal Variation one to the upside with overlapping to higher Value at 39420-39948-40116 as BankNifty remained inside previous week’s range filling up the low volume zone of 39772 to 40329 forming a prominent POC at 39948 but the back to back NeuX Days to the downside saw it closing below Value and could fill up the zone between Friday’s POC of 39575 to Monday’s VPOC of 39174 in the coming session(s) before giving a definite move away on either side.
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Weekly Hypos for BankNifty (Spot): A)BankNifty needs a drive from 39459 for a rise to 39575 / 39729 / 39865 / 39966 / 40072 / 40191 / 40329 / 40470 / 40595 / 40690 B) Accepting below 39403, the auction could test 39258 / 39174 / 38972 / 38895 / 38755 / 38649 / 38546 / 38438 / 38233 / 38067
