Nifty Spot Weekly Profile (24th to 28th Oct 2022)
17786 [ 17839 / 17637 ]
Previous week’s report ended with this ‘The weekly profile had all 5 days opening with an OAOR (Open Auction Out of Range) & is a Double Distribution Trend one up with completely higher Value at 17442-17478-17646 with a zone of singles from 17421 to 17328 and can continue higher as long as it remains above Thursday’s VPOC of 17480 but will need to get back above 17599 & the FA of 17670 in the coming week’
- Monday – Diwali Holiday (only Mahurat Trading)
- Tuesday – Nifty opened with a 232 point gap up tagging the 21st Sep VPOC of 17807 but made an almost OH (Open=High) start at 17811 and failed to find fresh demand triggering a long liquidation ‘b’ shape profile for the day with an initiative selling tail from 17773 to 17811 & forming the dPOC at 17700 before closing in a mini spike lower from 17654 to 17637 stopping right at last Friday’s POC
- Wednesday – Holiday
- Thursday – The holiday led to another gap up open of 115 points as the auction made an attempt to enter Tuesday’s A period singles but was rejected at 17784 after which it filled up previous profile turning the ‘b’ shape to a Bell Curve as it formed an inside day with overlapping to higher Value and almost similar POC at 17695
- Friday – began with an attempt to move away from the balance with new highs for the week being tagged in the IB at 17835 after which Nifty made the dreaded C side extension to 17839 and was swiftly rejected triggering a OTF (One Time Frame) move lower till 17723 in the J period which also confirmed a FA at highs. However, the K TPO got back into the IB leading to a short covering bounce back to 17800 into the close as the week ended with a Neutral Centre Day with completely higher Value
The weekly profile is also a Neutral Centre one resembling a nice Gaussian Curve with completely higher Value at 17682-17754-17778 and the PLR (Path of Least Resistance) would remain to the upside towards the higher weekly VPOCs of 17940 & 18285 if it manages to stay above the zone of 17811 to 17839 in the coming month.
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 17811 for a probe to 17866 / 17940 / 17997 / 18049 / 18114 / 18186 / 18245 / 18285 / 18351
B) Accepting below 17778 could lead to a test of 17695 / 17637 / 17568 / 17478 / 17422 / 17375 / 17304 / 17256 / 17201
NF (Weekly Profile) – 17830 [ 17887 / 17642 ]
NF formed higher lows & higher highs on all 3 days of the holiday shortened week with completely higher Value at 17716-17800-17820 and has closed just above the VAH indicating that the PLR remains to the upside.
BankNifty Spot Weekly Profile (24th to 28th Oct 2022)
40990 [ 41530 / 40839 ]
Previous week’s report ended with this ‘The weekly profile is a Trending one to the upside giving a move away from the 2-week overlapping Value with an elongated range of 1886 points and has formed completely higher Value at 39948-40344-40968 with Friday’s POC of 40716 being the immediate reference to watch on the downside whereas on the upside, BankNifty will need to get accepted above 41016 for a probable move towards the ATH of 41840 in the coming sessions’
- Monday – Diwali Holiday (only Mahurat Trading)
- Tuesday – BankNifty opened with a huge gap up of 729 points and made a high of 41530 stalling just below 20th Sep’s SOC (Scene Of Crime) at 41544 which resulted in good profit booking by the longs seen in the ‘b’ shape long liquidation profile for the day with an initiative selling tail from 41398 to 41544 & a mini-spike into the close from 41108 to 41021
- Wednesday – Holiday
- Thursday – The auction opened with another gap up of 318 points not only rejecting Tuesday’s spike but making an attempt to negate that day’s A period singles but could only manage to hit 41511 and the lack of fresh demand triggered another ‘b’ shape profile for the day as it remained inside previous range forming a prominent POC at 41306
- Friday – started with the 80% Rule in Thursday’s Value to the upside in the A period as BankNifty probed higher but for the third time in the week failed to find fresh demand stalling just below the previous day’s B TPO tail which invited the other timeframe sellers to strike which they did by first completing the 80% Rule to the downside in the B period leaving an initiative selling tail from 41369 to 41482 after which they made multiple REs with the help of 2 extension handles at 41198 & 41103 hitting new lows for the week at 40839 stopping just above September’s POC & this week’s first sell-side hypo of 40790. The auction then saw some profit booking by the sellers with the dPOC shifting lower to 40936 & a bounce back to 41045 into the close forming a Double Distribution Trend Day Down with completely lower Value
The weekly profile has formed a nice balance with completely higher Value at 41112-41292-41400 but has closed below it at 40990 so the 80% Rule will be on the cards in the coming session(s) if it manages to get above the extension handles of 41103 & 41198 but will need fresh demand at this week’s prominent POC of 41292 to continue higher towards new ATHs (All Time High).
Weekly Hypos for BankNifty (Spot):
A) BankNifty needs a drive from 41062 for a rise to 41198 / 41370 / 41544 / 41677 / 41840 / 41984 / 42164 / 42414
B) Accepting below 40936, the auction could test 40715 / 40507 / 40337 / 40168 / 39970 / 39848 / 39717 / 39551
BNF (Weekly Profile) – 41149 [ 41660 / 41015 ]
BNF opened with a big gap up this week but could not get above the higher weekly VPOC of 41776 and left initiative selling tails on all 3 days indicating lack of fresh demand forming a long liquidation profile with completely higher Value at 41280-41468-41560 and stopped the downside right above previous week’s POC of 40984 which will be the immediate reference on the downside.
