Nifty Spot Weekly Profile (22nd to 26th Nov 2021)
17026 [ 17805 / 16986 ]
Previous week’s report ended with this ‘The weekly profile is a Trending One to the downside with overlapping Value at 17889-18105-18171 and has left 2 daily VPOCs at 17961 & 18061 which will be the important references on the upside for the coming week whereas Nifty remains weak below 17765 for a test of the swing low of 17613 & the 01st Oct VPOC of 17518 in the days to come’
Nifty opened the week with an Open Drive Down on Monday and left a big selling tail in the Initial Balance from 17686 to 17805 giving an initiative move away from previous Value and broke below the swing low of 17613 with an extension handle at 17611 to indicate more downside coming as it not only tagged the 01st Oct VPOC of 17518 but went on to form a Trend Day Down dropping by another 238 points to 17280 and continued this imbalance with new lows of 17218 in the A period on Tuesday. However, the new low was swiftly rejected with a late Open Rejection Reverse start as the auction left an initiative buying tail from 17337 to 17216 and gave a rise back to 17600 on Wednesday where it marked similar highs showing exhaustion and the fact that this came just below Monday’s extension handle of 17611 meant that the sellers were defending this zone and they triggered a huge move lower to 17354 into the close forming a Neutral Extreme (NeuX) Day Down. As happens with most NeuX days, there was no follow up to this one too as Nifty retraced the previous day’s fall on Thursday as it got back to the SOC (Scene Of Crime) of 17555 but stalled just below the prominent POC of 17569 conveying that the sellers were pushing their line of defence lower. Friday saw a big gap down of more than 200 points as the auction not only negated the initiative buying tail of 17337 to 17216 but went on to leave a selling extension handle at 17217 and trended lower first to tag the weekly VPOC of 17112 (30th Aug to 03rd Sep) after which it gave 2 PBHs at 17210 & 17159 before giving the second extension handle of the day at 17069 which led to new lows of 16985 for the week forming the second Trend Day Down.
The weekly profile is a Trend Down one with an initiative tail at top from 17686 to 17805 and a balanced Value Area at 17310-17490-17598 from where it gave a late move away on Friday resulting in a fresh extension handle at 17216 and a spike close from 17069 to 16985 which will be the immediate reference for the coming session(s) staying below which Nifty could continue probing further lower in the auction zone from 12th to 31st Aug (click here for the MPLite chart).
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 17069 for a probe to 17157 / 17217 / 17272 / 17332 / 17434 / 17511 / 17569
B) Accepting below 16962 could lead to a test of 16862 / 16768 / 16722 / 16669 / 16597 / 16534 / 16472
NF (Weekly Profile) – 17052 [ 17860 / 17015 ]
NF opened the week with an OH (Open=High) start at 17860 Trend Day Down on Monday and continued the imbalance at open on Tuesday where it made a low of 17301 but left an initiative buying tail in the IB till 17400 which gave a short covering bounce to 17640 on Wednesday where it left similar highs right at the selling extension handle of 17632 from Monday and this triggered a probe lower as the auction made a low of 17390 and left similar lows of 17387 & 17382 in the IB on Thursday indicating buyers defending this zone as they formed a DD (Double Distribution) Trend Day Up getting back to 17619 and closing around the prominent POC at 17581 and moved away from here on Friday with a big gap as well an an Open Drive Down which not only negated the buying singles of Tuesday but ended up forming a Trend Day Down with a huge range of 413 points while making a low of 17015. The weekly Value was completely lower at 17376-17547-17664 with the RO (Roll Over) Point for the new series at 17600 with the immediate levels to watch on the upside being the extension handles of 17091 & 17301.
BankNifty Spot Weekly Profile (22nd to 26th Nov 2021)
36025 [ 38021 / 35904 ]
Previous week’s report ended with this ‘The weekly profile is a trending one to the downside with completely lower Value at 37812-38436-38505 with HVNs at 37884 / 38190 & 38708 and looks good for more downside in the coming days with the lows not looking secure’
BankNifty opened the week with a freak tick of 38241 but continued the imbalance to the downside with an Open Drive Down plus a Trend Day matching entire previous week’s range in a single day on Monday as it fell by 1366 points making a low of 36655 but left a responsive buying tail which was followed by an initiative one on Tuesday where the auction confirmed an Open Rejection Reverse start after making new lows of 36647 as it took support just above the monthly VPOC of 36633 leading to a bounce back to previous week’s HVN of 37884 as it made a high of 37892 on Wednesday but showed signs of rejection indicating return of supply in the selling tail from Monday which set off a One Time Frame move lower till the C period on Thursday where it stopped just above Tuesday’s POC of 37116 and confirmed a FA (Failed Auction) at 37118 but ended the day with a Neutral Centre Profile. BankNifty then ended the week just as it had started with another Open Drive Down and a Trend Day after a big gap down on Friday where it not only negated the FA but almost completed the 2 ATR objective of 35902 to the downside before closing the week at 36025.
The weekly profile once again is a trending one to the downside with a selling tail at top from 37844 to 38021 and completely lower Value at 36852-37320-37764 and an extension handle at 36647 with a close around lows and looks set to enter the zone from 28th Jul to 27th Aug (click here for the MPLite chart) with the weekly VPOC of 35588 being the immediate objective in the coming week if stays below 35904.
Weekly Hypos for Bank Nifty (Spot):
A)BankNifty needs a drive from 36102 for a rise to 36323 / 36499 / 36666 / 36778 / 37071 / 37321 / 37476
B) Accepting below 35868, the auction could test 35725 / 35588 / 35416 / 35263 / 35080 / 34849 / 34566
BNF (Weekly Profile) – 36158 [ 38214 / 36025 ]
BNF also opened the week with an OH start at 38368 a Trend Day Down making a humongous range of 1528 points on Monday where it made a low of 36840 after which it filled up the elongated profile over the next 3 days giving a bounce back to the initiative selling singles of 38027 to 38368 as it made a high of 38030 on Wednesday and reversed the probe to the downside forming a very narrow 412 point range Neutral Centre profile on Thursday with a prominent POC at 37497 and followed it up with a big gap down of almost 500 points on Friday where the auction formed the second Trend Day Down for the week dropping by another 1000+ points while making a low of 36025. The weekly profile is also an elongated trending one with completely lower Value at 37016-37400-37928 with and extension handle at 36840.