Nifty Spot Weekly Profile (20th to 24th Sep 2021)
17853 [ 17947 / 17326 ]
Previous week’s report ended with this ‘Nifty returned to form an imbalance for the week making higher highs on all 5 days leaving a Trend Up Weekly profile but closed with a Neutral Extreme Down Day on Friday indicating massive profit booking coming in at the new ATH of 17793. The weekly Value was completely higher at 17360-17624-17660.’
Nifty opened the week with a big gap down on Monday giving a rare follow up to a NeuX (Neutral Extreme) profile but was swiftly rejected after making a low of 17425 and gave a trending move higher first in the Initial Balance as it left a long buying tail after which it went on to make multiple REs (Range Extension) till the ‘E’ period making a high of 17623 stalling just below previous week’s POC of 17624. This rejection not only stopped the upside OTF (One Time Frame) probe but reversed the direction also resulting in a trending move lower for the rest of the day as the auction went on to spike lower to 17361 into the close stopping right at the weekly VAL to leave a second successive NeuX Day Down. Tuesday saw Nifty making new lows for the week at 17326 post IB but it left a responsive buying tail at lows to get back into the weekly Value triggering a big short covering move to 17578 with the help of an extension handle at 17504 leaving a rare hat-trick of NeuX profiles on the daily but this one was to the upside. The 2 big daily ranges of 261 & 252 points then led to a narrow range balance being formed on Wednesday as the auction remained mostly in the narrow IB range of just 79 points all day and couple of attempts to move away on either side got rejected in the D & E periods leaving a Gaussian profile on the daily with a prominent POC at 17578 looking ready for the next imbalance to begin which came in form of a gap up plus an Open Drive start on Thursday as Nifty recorded the third Trend Day Up in the last 4 weeks and went on to get past previous week’s high to tag 17844 into the close and continued this imbalance with the fourth consecutive gap up open on the daily timeframe as it hit 17947 but settled down into an OAOR (Open Auction Out of Range) and formed a relatively narrow range balanced day to close the week at 17853.
The weekly profile is a Neutral Extreme one which also looks like a DD (Double Distribution) profile with Value overlapping to lower at 17326-17580-17688 and has singles from 17682 to 17623 which will be the support zone for the coming week(s).
Click here to view this week’s auction in Nifty with respect to the previous week on MPLite
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 17881 for a probe to 17950 / 18024 / 18091 / 18150 / 18180 / 18225 / 18275
B) Accepting below 17827 could lead to a test of 17768 / 17700 / 17623 / 17577 / 17524 / 17481 / 17434
NF (Weekly Profile) – 17853 [ 17935 / 17335 ]
NF opened the week just the way it had closed the previous one which is with a Neutral Extreme Day Down as it got rejected from just above last Friday’s POC of 17602 in the first half on Monday which led to a big downside move of 263 points in the second half with the auction breaking below the 15th Sep Trend Day VWAP of 17477 & the HVN of 17400 while making a low of 17355. Tuesday open saw acceptance in the Neutral Extreme zone and even made couple of attempts to push lower but could only make marginal new lows at 17335 indicating exhaustion of supply and this led to a good short covering move of 234 points into the close as NF formed a hat-trick of Neutral Extreme profiles on the daily timeframe which was followed by a narrow range Gaussian profile on Wednesday as the auction formed a prominent TPO POC at 17575 along with matching Monday’s high of 17618. Balance leads to imbalance and this could once again be seen on Thursday open as NF not only made a higher open but continued to drive up all day not only scaling above the 17th Sep NeuX VWAP of 17675 but going on to hit new ATH of 17845 into the close forming a picture perfect Trend Day and continued this imbalance with another higher open on Friday but formed similar highs of 17935 in the A, C & D periods signalling the end of the upmove and the return to balance as the auction made a slow drift lower to 17820 before closing just above the dPOC of 17845. The weekly profile is once again an elongated one of 600 points with overlapping to lower Value at 17336-17577-17706 and has 2 zone of buying singles with the first one from 17680 to 17618 and the second one from 17775 to 17815 which will be the important references on the downside for the coming week along with 23rd Sep Trend Day VWAP of 17757 & 22nd Sep’s prominent POC of 17575.
BankNifty Spot Weekly Profile (20th to 24th Sep 2021)
37830 [ 38112 / 36526 ]
Previous week’s report ended with this ‘The weekly profile is a trending one to the upside which stalled with the confirmation of a daily FA at 38112 on Friday with overlapping weekly POC around 36650 and the Value at 36330-36666-37534′
BankNifty opened the week with a big gap down of 423 points well below last Friday’s low of 37396 as it hit 37318 but was quickly rejected back into previous day’s range & value confirming an ORR (Open Rejection Reverse) start which led to a trending move higher to 37803 as the auction almost closed the gap but began to show signs of exhaustion not only stopping the OTF (One Time Frame) probe to the upside but triggering a huge long liquidation fall for the rest of the day as it dropped to 37068 into the close leaving a Neutral Extreme Down Day and continued this imbalance in the first half on Tuesday as it left an initiative selling tail in the IB (Initial Balance) and formed multiple REs (Range Extension) lower till the ‘E’ period breaking below the weekly POC of 36666 while making a low of 36526. However, the confirmation of a responsive buying tail saw BankNifty climb back above the overlapping weekly POC and the subsequent PBL (Pull Back Low) it left at 36669 in the ‘G’ period signalled that the demand was well & truly back leading a rise back into the morning singles where it once again met with supply. Wednesday open saw these sellers make an attempt to push the auction lower as they formed another selling tail in the IB but could only form a narrow range ‘b’ shape profile for the day with both range & value forming inside bar along with the POC also which was overlapping at 37014 and the higher open on Thursday forced all the shorts to cover as BankNifty left a long initiative buying tail from 37407 to 37216 and went on form a ‘p’ shape profile for the day as hit new highs for the week at 37831 and this led to another big gap up open on Friday where the auction made a quick swipe up to revist last Friday’s FA of 38112 but once again saw supply hitting back along with profit booking of the longs resulting in another narrow range ‘b’ shape profile for the day with a close around the prominent POC of 37807.
The weekly profile was completely inside last week’s elongated one with a similar selling tail at top and looks like a Double Distribution profile with 2 prominent HVNS at 37764 & 37115 in the upper & lower distriubtions respectively. Value for the week was at 37080-37764-37908.
Click here to view this week’s auction in BankNifty with respect to previous week’s profile on MPLite
Weekly Hypos for Bank Nifty (Spot):
A) BankNifty needs a drive from 37831 for a rise to 37976 / 38113 / 38225 / 38350 / 38482 / 38610 / 38809
B) Accepting below 37764, the auction could test 37630 / 37529 / 37407 / 37221 / 37093 / 36907 / 36800
Extended Weekly Hypos
C) Above 38809, can expect higher levels of 38910 / 39051 / 39201 / 39333 / 39464 / 39601 / 39781 / 39903
D) Below 36800, the auction could fall to 36669 / 36504 / 36390 / 36188 / 36048 / 35966 / 35868 / 35725
BNF (Weekly Profile) – 37854 [ 38175 / 36609 ]
BNF opened with a big gap down on Monday and even broke below the 16th Sep Trend Day VWAP of 37423 as it made a low of 37378 but was swiftly rejected triggering a huge short covering bounce of over 500 points as it went on to make multiple REs till the ‘E’ period and even got above last Friday’s NeuX VWAP of 37831 while making a high of 37885 but could not sustain as the supply returned in an aggressive manner to run down the auction by 740 points making a low of 37145 into the close forming a Neutal Extreme Day Down. The downside continued on Tuesday after an Open Auction start in the Neutral Extreme zone of 37378 to 37145 as BNF formed a relatively large IB range of 478 points and made multiple REs breaking below the weekly POC of 36770 period but left a small responsive buying tail from 36680 to 36609 in the E period along with a PBL (Pull Back Low) at 36757 which was the last 2 week’s overlapping POC indicating that the PLR (Path of Least Resistance) has changed to the upside. The auction then made a trending move higher for the rest of the day giving a Neutral Extreme Up profile and followed it up with an inside day and a balanced profile on Wednesday with an overlapping POC at 37135 and moved away from here with an Open Drive Up on Thursday as it left an extension handle at 37529 and went on to make new highs for the week at 37910 stalling just below the 17th Sep VPOC of 37937. Friday saw another higher open as BNF got into previous week’s selling singles of 38120 to 38225 but got rejected leaving a fresh initiative selling tail from 38032 to 38175 but remained in the IB all day to form another narrow range ‘b’ shape profile with a prominent TPO POC at 37848. The weekly profile is a Neutral Centre one with small tails at both ends and overlapping to higher Value at 37152-37818-37998 and can expect a move away from 37848 in the coming week with the NeuX VWAP of 37673 being the immediate reference on the downside.