Nifty Spot Weekly Profile (24th to 28th Jan 2022)
17102 [ 17599 / 16836 ]
Previous week’s report ended with this ‘The weekly profile is a Neutral Extreme one to the downside with a huge range of 865 points and has formed outside Value at 17757-18285-18345 with a FA at top at 18351 which is now a positional reference along with the couple of extension handles it has left at 18186 & 18085. The immediate levels to watch on the upside would be the FA of 17707 & the daily VPOC of 17784 whereas on the downside, the buying tail from 17461 to 17354 would be the zone to watch below which Nifty could get back to that prominent weekly VPOC of 17229 which will also be the 2 ATR objective from the weekly FA of 18351’
Nifty gave a huge follow up to previous week’s Neutral Extreme profile by opening this week with a Drive Down & falling by a huge 602 points on Monday which started with an initiative selling tail from 17516 to 17599 and couple of extension handles at 17367 & 17210 as it broke below the weekly VPOC of 17229 and went on to make a low of 16998. The auction continued this imbalance on Tuesday where it tagged the next lower weekly VPOC of 16872 (from 20th to 24th Dec) and tested the 27th Dec buying tail of 16902 to 16833 making a low of 16836 but confirmed an Open Rejection Reverse to the upside as it left a long buying tail from 17005 to 16836 forming a ‘p’ shape profile with a spike from 17250 to 17309 into the close.
This spike close in the mid-profile singles of Monday was not just rejected but gave a complete reversal opening with a gap down of 200+ points and got accepted in Tuesday’s buying singles even making couple of Range Extensions to the downside in the F & G periods as it made a low of 16866 where once again that weekly VPOC of 16872 stalled the downside triggering a short covering move for the rest of the day to hit 17182 resulting in a Neutral Extreme Day Up & continued this momentum with a gap up at 17208 plus an Open Drive on Friday where it made a high of 17360 in the Initial Balance and made an attempt to extend the range to the upside in the G period tagging Monday’s extension handle of 17367 but saw supply being persistent here triggering a big liquidation move from the J period onwards confirming a daily FA at 17373 and promptly completing the 1 ATR objective of 17141 while making a low of 17077 into the close leaving a Neutral Extreme Down Day.
This week’s profile is an elongated one to the downside with a range of 763 points and completely lower Value at 16926-17112-17244 with a long selling tail at top (17516 to 17599) & a small buying one at the lows (16866 to 16836) closing right at the POC which will be the immediate reference for the next week which has a big event in form of the Annual Budget. The levels to watch on the downside would be Thursday’s PBL of 17044 & the VPOC of 17010 along with the 2 ATR target of 16909 whereas on the upside, 17208 would be the first hurdle along with Friday’s Scene Of Crime at 17275 & the FA of 17373.
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 17112 for a probe to 17169 / 17208 / 17274 / 17347 / 17400 / 17472 / 17516
B) Accepting below 17044 could lead to a test of 16982 / 16926 / 16866 / 16819 / 16771 / 16742 / 16688
C) Above 17516, can expect higher levels of 17566 / 17604 / 17655 / 17707 / 17784 / 17835 / 17885
D) Below 16688, the auction could fall to 16635 / 16550 / 16489 / 16444 / 16375 / 16348 / 16308
NF (Weekly Profile) – 17125 [ 17648 / 16879 ]
NF has formed a ‘b’ shape profile on the weekly within a big range of 769 points and completely lower Value at 17048-17160-17372 and has left a daiy FA at 17395 which will be the important reference on the upside in the coming week.
BankNifty Spot Weekly Profile (24th to 28th Jan 2022)
37689 [ 38421 / 36375 ]
Previous week’s report ended with this ‘The weekly profile has made an outside bar with a range of 1631 points & Value also is overlapping at 37632-37992-38496 with a close in the High Volume Zone between 37540 to 37575 with Friday’s similar highs of 37740 being the immediate reference on the upside along with the daily VPOC of 37955 from 20th Jan whereas on the downside, the 6th Jan VPOC of 37215 will be the first level on watch along with the 5th Jan initiative buying singles from 37106 to 36756′
BankNifty opened the week with a huge 1319 points range on Monday forming a Double Distribution Trend Day Down as it not only negated the 5th Jan initiative singles of 37106 to 36756 but went on to tag the 4th Jan buying singles from 36518 to 36374 to the dot but once again signalled rejection from the 3rd Jan VPOC of 36397 as the auction confirmed an Open Rejection Reverse to the upside on Tuesday and left a long initiative tail from 36928 to 36415 after which it made a trending move higher in the second half of the day making new highs of 37788 for the week.
The mid-week holiday made this momentum to the upside disappear as there was a huge 650 point gap down on Thursday after which BankNifty formed a nice balance filling up Monday’s DD zone for the first half of the day but the attempt to probe lower in the G period resulted in a FA being confirmed at 37012 with the help of the first extension handle at 37420 & then another one right at previous week’s VAH of 37632 triggering the 80% Rule and a run up to the weekly POC of 37992 forming a Neutral Extreme profile for the day. Friday saw the contiunation of this imbalance at open as the auction completed the 2 ATR objective of 38354 which was incidentally also the VPOC of 18th Jan while making new highs of 38421 for the week but settled into an OAOR (Open Auction Out of Range) marking the end of the upside and formed another Double Distribution Trend Day Down leaving an extension handle at 38023 and almost falling back to previous week’s close of 37574 but left a responsive tail from 37649 to 37581.
The weekly profile is once again an elongated one of 2046 points with mostly lower Value at 36720-37320-37872 and has closed around the middle and has a prominent POC at 37320 staying above which it could fill up the zone till 38216 in the coming sessions before giving a move away.
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 37746 for a rise to 37958 / 38094 / 38216 / 38356 / 38496 / 38613 / 38745
B) Accepting below 37649, the auction could test 37514 / 37420 / 37274 / 37012 / 36887 / 36720 / 36600
C) Above 38745, can expect higher levels of 38855 / 39060 / 39244 / 39424 / 39562 / 39661 / 39780
D) Below 36600, the auction could fall to 36495 / 36333 / 36206 / 36001 / 35856 / 35710 / 35596
BNF (Weekly Profile) – 37824 [ 38550 / 36554 ]
BNF has made an elongated profile of 1996 points on the weekly with overlapping to lower Value at 36936-37408-38064 and has a HVN at 38424 along with a daily FA at 38550 which will be the references on the upside for the coming week.