Nifty Spot Weekly Profile (21st to 25th Mar 2022)
17153 [ 17442 / 17006 ]
Previous week’s report ended with this ‘The weekly profile is once again a Neutral Extreme one with overlapping to higher Value at 16644-16872-16932 and has a prominent POC at 16872 which will be the reference on the downside for the week(s) to come. The immediate level to watch would be the closing HVN of 17299 along with the previous prominent weekly HVN of 17322 (14th to 18th Feb) staying below which Nifty could fill up the low volume zone of this week between 17299 & 16872 before giving a move away’
Nifty opened the week with a small gap up and made a look up above previous week’s high of 17344 but could not sustain giving an ORR (Open Rejection Reverse) start leaving an initiative selling tail from 17287 to 17353 which set up a Double Distribution Trend Day Down as the auction gave an extension handle at 17209 & went on to make a low of 17096. This imbalance continued in the first half on Tuesday as Nifty made new lows for the week at 17006 with the help of 2 mini REs (Range Extension) but held above the daily extension handle of 16988 indicating that the demand was coming back and this triggered a big short covering move in the second half of the day as the auction left a SOC (Scene Of Crime) at 17086 along with an extension handle at 17155 and went on to negate Monday’s selling singles while making a high of 17334 leaving a Neutral Extreme (NeuX) Day.
Wednesday open saw a rare follow up to a NeuX profile as Nifty opened higher and went on to match the 17th Feb Selling Tail high of 17442 but saw supply coming back in this zone as it left a fresh selling tail in the IB marking the end of the upside for the week & reversed the probe lower forming a long liquidation profile for the day with lows of 17199 and continued the fall with a big gap down on Thursday where it made a low of 17091 stopping right above the Tuesday’s NeuX SOC of 17086 completing this particular leg lower and gave a bounce back to 17291 forming a ‘p’ shape profile for the day with a close at the prominent POC of 17228.
Friday saw a repeat of Monday’s open as the auction made a look up above Thursday’s high but got rejected giving another ORR start to give a slow trending move lower till the J period where it tested that SOC of 17086 while making a low of 17076 but left a small responsive buying tail which led to a short covering bounce to 17197 into the close. This week saw dual way action and as expected, Nifty has has formed a balance right in previous week’s low volume zone of 16872 to 17299 and the Value of this week’s Neutral Profile is at 17112-17244-17280 with a good chance of this balance leading to an imbalance in the coming week.
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 17188 for a probe to 17244 / 17291 / 17359 / 17408 / 17464 / 17541
B) Accepting below 17141 could lead to a test of 17095 / 17037 / 16988 / 16908 / 16848 / 16770
C) Above 17541, can expect higher levels of 17615 / 17669 / 17706 / 17757 / 17815 / 17885
D) Below 16770, the auction could fall to 16708 / 16644 / 16598 / 16555 / 16482 / 16444
NF (Weekly Profile) – 17194 [ 17464 / 17051 ]
NF has formed a narrow 413 point range balanced Neutral profile on the weekly with completely higher Value at 17140-17260-17316 and a good chance of turning into an imbalance in the coming week.
BankNifty Spot Weekly Profile (21st to 25th Mar 2022)
35410 [ 36827 / 35203 ]
Previous week’s report ended with this ‘The weekly profile is a Trend Up one with overlapping to higher Value at 34896-35628-35712 and has a big zone of singles from 36354 to 35802 which will be the immediate reference on the downside along with this week’s prominent POC of 35628 whereas on the upside, the auction will need to sustain above the closing HVN of 36485 and take out the weekly singles of 36668 to 36987 for a probe towards the weekly VPOC of 37620 in the coming week’
BankNifty opened the week with an ORR (Open Rejection Reverse) start to the downside on Monday forming a long liquidation ‘b’ shape profile for the day filling up last week’s singles zone while making a low of 35900 and continued this imbalance to the downside in the first half on Tuesday as it tagged the weekly POC of 35628 & went on to make a low of 35385 in the G period but could not sustain leading to a FA (Failed Auction) being confirmed as the auction left an extension handle at 36012 & went on to complete the 1 ATR objective of 36231 while making a high of 36469 into the close leaving a Neutral Extreme (NeuX) Day.
Wednesday saw a rare follow up to a NeuX profile as BankNifty not only opened higher but got into the weekly singles of 36668 to 36987 as it made a high of 36827 but this supply zone once again rejected the upmove as could be seen in the fresh initiative selling tail from 36687 to 36827 after which it formed another ‘b’ shape profile for the day with a prominent POC at 36201 and a close around the lows of 36064. The auction continued this downside probe with a gap down open on Thursday breaking below the NeuX extension handle of 36012 and the attempt to probe higher in the E period resulted in another FA being confirmed at 35957 making the PLR (Path of Least Resistance) clearly to the downside though it could only manage similar lows of 35428 & 35421 leaving a narrow 536 points range Neutral Centre Day and followed it up with another 514 point 3-1-3 profile on Friday as it left small tails at both ends while making new lows for the week at 35203 before closing around the prominent POC of 35406.
The weekly profile is a Neutral Centre one with overlapping to higher Value at 35340-35532-36156 with the daily FA of 35957 & the HVN of 36201 being the important references on the upside in the coming week whereas on the downside, staying below this week’s prominent POC of 35532 BankNifty could go for a test of the lower weekly VPOC of 34548.
Click here to view this week’s auction in BankNifty with respect to previous week’s profile on MPLite
Weekly Hypos for BankNifty (Spot):
A)BankNifty needs a drive from 35448 for a rise to 35598 / 35717 / 35957 / 36201 / 36379 / 36555
B) Accepting below 35406, the auction could test 35243 / 35093 / 34848 / 34706 / 34548 / 34320
C) Above 36555, can expect higher levels of 36688 / 36827 / 36987 / 37129 / 37272 / 37461
D) Below 34320, the auction could fall to 34218 / 33901 / 33744 / 33632 / 33481 / 33313
BNF (Weekly Profile) – 35559 [ 36858 / 35259 ]
BNF has formed a Neutral Centre profile on the weekly timeframe with overlapping to higher Value at 35368-35624-36248 and the 2-week overlapping POC around 35630 will be the important reference for the coming week and unless there is a move away on initiative volumes from here, it could continue to act as a magnet whereas on the upside the HVN of 36291 would be a level to watch.