Nifty Spot Weekly Profile (21st to 25th Feb 2022)
16658 [ 17351 / 16203 ]
Previous week’s report ended with this ‘The weekly profile is a Double Distribution (DD) one with overlapping value at 17058-17322-17490 which includes a 100 points DD zone from 17219 to 17118 which will be the zone to watch on the downside along with the daily VPOC of 17057 & this week’s FA of 16809 whereas on the upside, Nifty will need to give an initiative move away from this week’s prominent POC of 17322 and take out the daily VPOC of 17386 for a probe towards the higher one of 17615 from 10th Feb’
Nifty opened lower on Monday breaking into previous week’s singles of 17219 to 17118 as it made a low of 17071 in the IB (Initial Balance) stopping just above the daily VPOC of 17057 & left a small buying tail at lows getting back into the fast zone swiping through the DD zone once more but this time to the upside & triggered an OTF (One Time Frame) probe higher till the I period where it tagged the prominent weekly POC of 17322 but left similar highs of 17349 & 17351 indicating exhaustion to the upside. The auction then not only made a retracement back to 17184 for the day but continued this imbalance to the downside with a big gap down open on Tuesday where it made new lows for the week at 16844 but for the second day running left a small initiative buying tail in the IB turning the PLR (Path of Least Resistance) to the upside with a slow probe for the first half of the day & a fresh imbalance from the J period onwards where it left an extension handle at 17024 and got back into previous week’s Value while making a high of 17149 into the close.
Wednesday saw the first gap up open of the week at Nifty completed the closure of the gap singles making a high of 17221 but left a selling tail in the A period signalling rejection from this zone reversing the probe back to the downside as it formed a narrow range balance for most part of the day before getting into action in the L period where it first left a PBH at 17165 and then proceeds to confirm an extension handle at 17101 to spike lower to 17028 into the close and continued this imbalance with a huge gap down of 514 points on Thursday where it not only negated the weekly FA of 16806 but went on tag the August Monthly VPOC of 16255 & completed the 1 ATR objective of 16205 to the dot with the help of yet another spike close from 16363 to 16203. The completion of such a big objective in quick time the saw a good bounce back first with the help of a big gap up of 267 points and then made couple of REs to the upside in the C & D periods but could only manage similar highs of 16740 and 16749 and settled down to form a Normal Day leaving a ‘p’ shape profile with a close around the prominent POC of 16661.
The weekly profile is a Trending One to the downside with a huge range of 1148 points and overlapping to lower Value at 16644-17136-17346 and has a zone of singles right above from 16740 to 16860 which would be the immediate reference on the upside where as the buying singles of Friday from 16596 to 16478 the zone to watch on the downside.
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 16661 for a probe to 16740 / 16809 / 16860 / 16906 / 16950 / 17023 / 17100 / 17152
B) Accepting below 16644 could lead to a test of 16596 / 16537 / 16478 / 16422 / 16363 / 16278 / 16220 / 16171
Extended Hypos:
C) Above 17152, can expect higher levels of 17200 / 17245 / 17295 / 17346 / 17386 / 17417 / 17464
D) Below 16171, the auction could fall to 16130 / 16085 / 16035 / 16000 / 15970 / 15936 / 15877
NF (Weekly Profile) – 16656 [ 17400 / 16226 ]
NF opened the news driven week with a rejection of previous week’s prominent POC of 17376 on Monday after which it gave a big gap down on Tuesday but made similar lows of 16907 & 16904 in the IB confirming exhaustion to the downside which triggered a short covering squeeze to 17189 along with a higher open on Wednesday which got rejected right at Monday’s VPOC of 17255 marking the end of the upside as it left an initiative selling tail & closed the day with a spike lower to 17090.
The auction then made a huge gap down of 473 points on Thursday and went on to fall by a further 400+ points with another spike lower into the close to 16226 but saw the dPOC shift down to 16252 suggesting that the shorts were booking out which got further confirmation with a gap up open on Friday as NF gave an Open Drive Up from Thursday’s VWAP of 16497 and tested the selling singles while making a high of 16764 forming a ‘p’ shape profile along with an inside day.
The weekly profile resembles a Double Distribution Trending one to the downside over a massive range of 1174 points and mostly lower Value at 16224-16640-17152 and has closed right at the POC. This week’s VWAP of 16725 along with the mid-profile singles from 16783 to 16904 would be the immediate references on the upside for the coming week whereas on the downside, Friday’s buying singles from 16610 to 16497 would be the zone to watch.
BankNifty Spot Weekly Profile (21st to 25th Feb 2022)
36430 [ 38054 / 34991 ]
Previous week’s report ended with this ‘The weekly profile is once again a Neutral Centre one with rejection at both ends along with overlapping to lower Value at 37284-37688-38100 with a daily FA at 38462 & the VPOC of 38157 being references on the upside for the coming week where as the daily VPOC of 37299 & this week’s FA of 36652 being the levels to watch on the downside in the coming week’
BankNifty opened lower on Monday and made a low of 37156 in the IB but was swiftly rejected back into previous week’s Value and almost completed the 80% Rule as it made a high of 38054 stalling just below the VAH of 38100 indicating that the upside was capped due to lack of demand as it made a retracement back to the weekly POC of 37688 into the close & opened with a big gap down of 852 points on Tuesday where it made new lows for the week at 36818 but left an initiative buying tail in the IB forming a 3-1-3 profile for the day with an entry back into the weekly Value once again but the 80% Rule getting aborted just below the POC this time as it made a high of 37659.
Wednesday saw a higher open as the auction made multiple attempts to scale above the weekly POC of 37688 which were rejected resulting in a late extension handle at 37461 & spike lower into the close which was followed by a news driven massive 1306 point gap down on Thursday which saw the weekly FA of 36652 getting negated and promptly gave the 1 ATR target of 35006 into the close and in the process also tagged the December 2021 monthly VPOC of 35100 as it made a low of 34991. The 3063 point drop for the week led to a bounce back on Friday with a gap up open at 35902 along with a drive as BankNifty formed a ‘p’ shape Normal Day to end the week right around the prominent daily POC of 36456.
The weekly profile is a trending one to the downside with overlapping to lower Value at 36408-37620-38040 with 2 zone of singles one at the bottom from 35710 to 34991 which could act as support in the coming week and a supply zone at the mid-profile selling singles of 36668 to 36987 which will have to be taken out for any more upside.
Weekly Hypos for Bank Nifty (Spot):
A) BankNifty needs a drive from 36456 for a rise to 36668 / 36850 / 36987 / 37129 / 37272 / 37461 / 37620
B) Accepting below 36383, the auction could test 36227 / 35997 / 35757 / 35565 / 35486 / 35263 / 34991
Extended Hypos:
C) Above 37620, can expect higher levels of 37811 / 38040 / 38157 / 38360 / 38520 / 38665 / 38790 / 38900
D) Below 34991, the auction could fall to 34865 / 34751 / 34629 / 34526 / 34348 / 34225 / 34099 / 33907
BNF (Weekly Profile) – 36422 [ 38190 / 35036 ]
BNF opened the week slightly lower but got back swiftly into previous week’s Value almost completing the 80% Rule as it made a high of 38190 in the G period but retraced the entire upmove marking the end of the upside almost testing the C side extension handle of 37704 into the close and followed it up with another gap down open on Tuesday where it made new lows for the week at 37000 and left an initiative buying tail to signal the close of this particular leg down.
The auction then opened higher on Wednesday and made a high of 37874 but displayed opposite character of previous day leaving a small selling tail in the IB indicating that the PLR (Path of Least Resistance) had once again turned to the downside as it formed a narrow range balance for the day with a mini-spike from 37589 to 37477 and opened with a massive 1044 point gap down and continued the fall to 36005 in the IB and left a PBH at 36400. BNF resumed the downmove with a late RE in the H TPO as it left another PBH at 36117 before clearing the similar lows in the 35770 zone with an extension handle in the L period spiking lower by more than 700 points recording a low of 35036 into the close forming a huge 1806 point range for the day but saw the dPOC shifting lower to 35087 suggesting closure of shorts.
Friday saw a higher open and acceptance above Thusrday’s VWAP confirming that the initiative sellers were no longer present resulting in a long initaitive buying tail and a ‘p’ shape daily profile with the singles from 36222 to 35825 and a close around the dPOC. The weekly profile in BNF also represents a DD with overlapping to lower Value at 36372-37728-38184 & the mid-profile singles from 36730 to 37125 which would be the zone to watch on the upside in the coming week.
