Nifty Spot Weekly Profile (21st to 25th Jun 2021)
15860 [ 15896 / 15505 ]
Previous week’s report ended with this ‘The weekly profile is a Neutral Centre one with the range as well as Value extending on both sides forming an outside bar with almost overlapping POC at 15717 with Value at 15609-15717-15825. The daily VPOCs of 15792 & 15885 will be the upside references above 15729 in the coming sessions whereas on the downside, Nifty would remain weak below 15676 with the PBL of 15617 being the important support below which the buying tail of 15528 to 15450 could come into play’
Nifty opened lower by more than 150 points on Monday right in previous week’s buying tail of 15528 to 15450 and got rejected from 15505 as it left a fresh initiative tail in the IB from 15546 to 15505 after which it got back into the weekly Value and trended higher in the second half of the day leaving an extension handle at 15634 while tagging the weekly POC of 15717 & spiking higher into the close to 15765 after which it continued this imbalance with a gap up open on Tuesday well above the daily VPOC of 15792 and tagged the next higher VPOC of 15885 in the IB. The auction then made the dreaded C side extension in a repeat of last week’s play and got swiftly rejected from marginal new highs of 15896 as the PLR (Path of Least Resistance) turned to the downside as Nifty not only confirmed a FA (Failed Auction) on the daily timeframe but almost tagged the 1 ATR objective of 15747 with a spike lower into the close leaving a Neutral Extreme Day Down. Wednesday saw another big gap up of 90 points but formed an OH at 15863 and confirmed an Open Drive Down as it left a big initiative selling tail from 15810 to 15863 and went on to probe below Tuesday’s low forming a ‘b’ shape profile for most part of the day before giving a spike lower in to the close as it made a low of 15674. Nifty rejected the spike close with a higher open and left a small buying tail in the IB from 15728 to 15703 as it remained in previous day’s range and tested the selling singles forming a nice 2-day composite with Value at 15730-15744-15794 and made the fourth consecutive gap up open on Friday as it made a high of 15844 in the ‘A’ period but once again got stalled in Wednesday’s selling tail and probed lower getting inside the previous Value but made similar lows of 15772 & 15774 in the ‘B’ & ‘D’ periods suggesting exhaustion to the downside and this triggered a short covering move in the afternoon as the auction made multiple REs to the upside completely negating the selling tail while hitting 15871 before closing the day at the dPOC of 15858.
The weekly profile has formed an inside bar in terms of the range with slightly overlapping to higher Value at 15729-15753-15867 with the daily FA of 15896 being the reference on the upside for the coming week which needs to be taken out for the auction to give a move away from the 3 week balance it has been forming.
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 15871 for a probe to 15927 / 15975 / 16008 / 16044 / 16081 / 16130 / 16175
B) Accepting below 15842 could lead to a test of 15807 / 15772 / 15729 / 15688 / 15634 / 15599 / 15546
NF (Weekly Profile) – 15888 [ 15919 / 15557 ]
Previous week’s report ended with this ‘The weekly profile is a Neutral Centre one with a FA at top and a buying tail at bottom with this week’s Value forming an outside bar and the auction could continue to remain in this range for the coming expiry week with a slight bullish bias’
NF opened with a big gap down on Monday but took support in the responsive tail of last Friday as it complimented the same with an initiative tail in the IB confirming presence of good demand after which it built volumes at 15657 for the first half of the day before giving an One Time Frame probe higher in the second half after leaving an extension handle at 15692. The auction then scaled above previous day’s highs hitting 15807 and continued this imbalance with not just a higher open on Tuesday but left yet another buying tail in the IB as it tagged 15909 but then made the dreaded C side extension forming marginal new highs of 15919 and getting rejected which signalled the end of the upmove and also a reversal leading to a probe lower which culminated in a spike lower on Wednesday to 15725. This spike however got rejected on Thursday morning as NF left another initiative tail in the IB and remained in previous day’s range forming a ‘p’ shape profile with overlapping Value and continued to build on this balance on Friday as it closed the week with a Normal Day with the most narrow range of the week along with one of the lowest daily volumes indicating poor trade facilitation. The weekly profile itself was also a balance as it remained completely inside previous week with slightly overlapping to higher Value at 15768-15825-15895 and would need initiative volumes to start a fresh imbalance in the coming sessions with the daily VPOC of 15932 being the reference on the upside whereas 15825 being the level to watch on the downside.
BankNifty Spot Weekly Profile (21st to 25th Jun 2021)
35364 [ 35492 / 33937]
Previous week’s report ended with this ‘The weekly profile is once again a trending one lower with rejection at previous supply zone which gave a 1471 point drop as it left a HVN at 35200 and has formed mostly lower Value at 34096-34656-35008 with the close being below this week’s prominent POC which means the PLR continues to remain to the downside for the coming week with the FA of 34882 being the reference on the upside′
BankNifty opened lower by almost 450 points on Monday and tested last Friday’s reponsive buying tail of 34039 to 33909 as it made a low of 33937 and saw demand coming back once again in this zone as it left an initiative buying tail in the IB from 34153 to 33937 signalling that the downside was limited and left couple of buying extension handles at 34393 & 34486 as it trended higher all day even closing in a spike starting from 34714 as it negated the FA of 34882 while making a high of 34927 and continued this imbalance with a higher open on Tuesday as the auction got accepted above the weekly Value and went on to tag the HVN of 35200 in the IB where it made a high of 35271 and even made an attempt to probe higher but typical of a C side extension failure, BankNifty got swiftly rejected from marginal new highs of 35282 which changed the probe to the downside resulting in a move back into the weekly Value and the confirmation of a daily FA as it even completed the 1 ATR objective of 34757 on the same day closing in a spike down to 34644. Neutral Extreme profiles don’t tend to give a follow up most of the times & Wednesday open was no different as the auction rejected the closing spike and opened higher at 34912 but got immediately rejected from previous day’s VAL which resulted in a narrow range ‘b’ shape profile for the day with lows of 34525 and completely lower Value along with a prominent POC at 34753. Thursday saw a hat-trick of gap up opens as the auction left a small initiative buying tail in the IB indicating that the Monday’s extension handle of 34486 was being defended and formed yet another narrow range balance with almost similar range & value as compared to the previous day thus giving a 2-day Gaussian Curve with Value at 34680-34733-34839. BankNifty then gave a move away from this balance on Friday as it made an OL (Open=Low) start at 34916 and probed higher all day after building volumes for the first couple of hours at 35037 leaving couple of extension handles at 35151 & 35285 as it went on to tag the 07th June VPOC of 35472 but formed similar highs at 35492 indicating short term exhaustion which resulted in a quick retracement to 35301 into the close.
The weekly profile has an initiative tail at bottom and overlapping to higher Value at 34544-34752-35136 with a close well above the Value which means the upside probe could continue in the coming week towards the weekly FA of 35546 and recent swing high of 35811 whereas the buying extension handle of 35286 & 35151 would be the levels to watch below which BankNifty could get back to that ultra prominent POC of this week at 34752.
Weekly Hypos for Bank Nifty (Spot):
A) BankNifty needs a drive from 35440 for a rise to 35546 / 35630 / 35775 / 35853 / 35988 / 36133 / 36233
B) Accepting below 35345, the auction could test 35286 / 35151 / 35037 / 34970 / 34752 / 34590 / 34486
Extended Weekly Hypos
C) Above 36233, can expect higher levels of 36381 / 35604 / 36655 / 36756 / 36865 / 36961 / 37059 / 37181
D) Below 34486, the auction could fall to 34393 / 34296 / 34153 / 34039 / 33908 / 33833 / 33685 / 33560
BNF (Weekly Profile) – 35489 [ 35665 / 34083 ]
BNF opened with a big gap down on Monday and continued the fall in the ‘A’ period as it made a small look below previous week’s low of 34084 but was swiftly rejected as it left a long initiative buying tail from 34275 to 34083 and went on trend higher all day leaving couple of buying extension handles at 34527 & 34629 and making a high of 35050 into the close. The auction continued this imbalance on Tuesday with a gap up open and a further rise to 35360 in the IB but the dreaded C side extension halted the upside resulting in a FA (Failed Auction) getting confirmed at 35372 and this triggered a move lower to the 1 ATR objective of 34821 which got completed on Wednesday where BNF spiked lower into the close forming a low of 34669 taking support just above Monday’s higher extension handle of 34629. Thursday open saw a rejection of the spike as the auction not only opened higher but left an initiatve buying tail in the IB and formed a ‘p’ shape profile for the first half of the day before making couple of REs higher as it tagged 35122 leaving a 2-day balance and moved away from here on Friday with an Open Test Drive Up on lower volumes leaving an initiative buying tail in the IB from 35166 to 35050 and tagged the higher VPOCs of 35319 (22nd June) & 34649 (9th June) but made similar highs of 35664 indicating exhaustion on the upside and gave a retracement to 35425 into the close. The weekly profile is once again an elongated one forming an outside bar with overlapping to higher Value at 34734-34902-35294 and has closed way above the VAH which means the PLR (Path of Least Resistance) for the coming week would be to the upside.
