Nifty Spot Weekly Profile (25th Feb to 1st Mar)
Nifty Spot has made a nice balance on the weekly with higher Value and rejections at both ends. The auction opened the week above the week high of 10809 and probed lower taking support at 10788 and started to make a balance before giving a spike higher into the close on Monday. Nifty opened with a huge gap down of more than 100 points on Tuesday making lows of 10729 in the first hour but left a tail at lows from 10747 to get back above the weekly VAH indicating that PLR is to the upside after which it kept trending higher to match the Monday highs of 10888 before closing at the dPOC of 10835. Wednesday saw another gap but this time it was to the upside after which Nifty drove higher making a high of 10921 in the IB and went on to extend the range further by making a new high of 10940 where the auction was again rejected as it entered the Value area of the week ending 15th Feb. This rejection triggered a quick & big move to the downside as Nifty broke the morning lows leaving an extension handle at 10875 and went on to make a low of 10751 where again the auction took support at previous week’s VAH of 10754 and started to make a balance between 10850 & 10785 till Thursday close which was also the Monthly close for Feb. Friday saw another gap up of 50 points in Nifty but the auction was not able to take out the extension handle of 10875 and started probing lower as it broke below IB to make poor lows for 3 consecutive TPOs at 10823 after which it have a bounce to tag the other end of the day’s auction making new highs of 10878 tagging the extension handle but got swiftly rejected to close at 10863 leaving a probable multi-day FA at highs. The weekly Value area is 10788-10838-10852 and has made a nice distribution with a good chance to move away from this balance either side to tag one of the weekly vPOCs of 11004 on the upside or 10676 on the downside. Immediate levels to watch would be 10878 & 10940 on the upside if the auctions stays above weekly VAH of 10852 and on the downside, support levels are seen at 10838 & 10785.
NF (Weekly Profile)
NF has made a nice balanced weekly distribution which is also a 3-1-3 profile with rejections at both ends and a prominent POC at 10875 from where the auction looks set to give a trending move away in the coming week and could tag one of the weekly vPOCs of 11049 or 10734. The weekly Value Area is 10842-10875-10908. We also have a weekly FA at 10833 this week and if NF stays above 10895 then the 1 ATR on weekly timeframe comes to 11144 and in case the weekly FA is broken & sustained, the 1 ATR move down would come to 10522.
BankNifty Spot Weekly Profile (25th Feb to 1st Mar)
BankNifty began the week with a trending move to the upside as it opened with a gap up which was also an OL start at 26932 and seemed to move away from previous week’s Value making a high of 27197 as it closed in a spike on Monday. This spike was rejected as BankNifty opened with a huge 300 point gap down on Tuesday as the auction got back into previous week’s Value & stayed below the POC of 26885 and continued to probed lower making a low of 26736 in the IB where it seemed to have got support just above the weekly VAL of 26720 as the auction reversed from there. BankNifty then got back above the weekly POC and then the VAH of 26940 to probe higher getting into the previous day’s spike making a high of 27127 but got rejected from the spike zone to close around the weekly VAH on Tuesday. BankNifty opened with a 125 point gap up on Wednesday and drove higher to match the Monday highs as it tagged 27189 in IB leaving a buying tail from 27127 to 26952 as it seemed to be making a ‘p’ profile after the first couple of hours. The inability to extend the range on the upside led the auction to probe lower to check for demand but it was met with a big liquidation break instead as it got into the tail and it not only traversed the entire tail leaving couple of extension handles at 27056 and 26954 but went on to make new lows for the week as it hit 26731. BankNifty then made a balance in the lower part to convert the ‘p’ to a DD (Double Distribution down) profile as it made a new low of 26719 which was also the weekly VAL and the auction continued this balance the next day as it stayed below the weekly POC of 26885 and left a prominent daily POC at 26868. The auction displaying typical bracket behavior gave another gap opening on Friday as it gave a similar open as Monday with an almost OL start around the extension handle of 26954 to probe higher and tagged the other extension handle of 27056 while making a balanced profile for the day. The weekly profile has 2 nice distributions with HVNs at 26868 & 27005 and has made overlapping to higher Value with a close at 27043 so the PLR for now till it remains above the HVN of 27005 would be to the upside with a possible move to the weekly vPOC of 27230. Sustaining below 27005 could bring 26868 and lower. The weekly Value is 26820-27005-27060
BNF (Weekly Profile)
The weekly profile in BNF made overlapping to higher Value and remained stuck in a relatively small range of 445 points as it left a FA at 27288 on 27th Feb which will be the level to be taken out on the upside and has immediate support at the HVN & weekly POC of 27130 below which there is a low volume zone till 26960. The weekly profile also has poor lows at 26850 which could be repaired if the auction stays below 26950. This week’s Value is 26952-27130-27200
