Nifty Spot Weekly Profile (25th to 29th Apr 2022)
17102 [ 17377 / 16888 ]
Nifty opened the week with a big gap down and tested the spike zone of 19th Apr but formed similar lows of 16889 which marked the end of the downside after which the auction got back into previous week’s Value on Tuesday with another big gap leaving a Neutral Extreme (NeuX) Up profile which as expected did not give any follow through as Wednesday saw a hat-trick of big gap open and this time again to the downside as Nifty formed a well balanced 3-1-3 profile with a prominent POC at 17047.
The affair with gaps continued on Thursday which saw another higher open and the attempt to get back into Wednesday’s Value was rejected with a FA (Failed Auction) being confirmed at 17071 which inturn led to another NeuX Up day as Nifty completed the 1 ATR objective of 17262 while making a high of 17322 and continued this imbalance to the upside on Friday where it made new highs for the week at 17377 but just like had happened at the lows, formed similar highs to indicate exhaustion & triggered a big liquidation move of more than 300 points as it re-visted the FA of 17071 while making a low of 17053 before closing the week at 17102.
The weekly profile is completely inside previous week with overlapping to lower Value at 16938-17142-17202 with the daily VPOC of 17047 being the immediate reference on the downside for the coming week along with 16888 and has a good chance of moving away from this 2-week balance.
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 17189 / 17263 / 17350 / 17393 / 17430 / 17508
B) Accepting below 17047 could lead to a test of 16978 / 16904 / 16825 / 16770 / 16708 / 16644
C) Above 17508, can expect higher levels of 17585 / 17633 / 17708 / 17741 / 17790
D) Below 16644, the auction could fall to 16598 / 16555 / 16482 / 16444 / 16418
NF (Weekly Profile) – 17135 [ 17399 / 16912 ]
NF has formed an inside bar on the weekly range wise with lower to overlapping Value at 16976-17120-17232 and has a good probability of starting a fresh imbalance from this 2-week range.
BankNifty Spot Weekly Profile (25th to 29th Apr 2022)
36088 [ 36718 / 35511 ]
BankNifty opened the week with a big gap down on Monday & a further fall to 35511 in the A period but got swiftly rejected from the March Month’s POC of 35648 as it left an initiative buying tail from 35813 to 35511 and went on to make a high of 36230 in the IB and formed a Normal Day with a ‘p’ shape profile along with a prominent TPO POC at 36090. The auction then opened with an even bigger gap of 432 points on Tuesday but this time to the upside as it made a high of 36581 in the IB but settled down into an OAOR (Open Auction Out of Range) staying in a very narrow range of 146 points till the E period after which it made an attempt to extend higher in the F TPO which was swiftly rejected resulting in a liquidation move to 36265 and a Neutral Extreme Day down with a FA (Failed Auction) at 36604.
Wednesday open saw a rare follow up to a NeuX profile as BankNifty made it a hat-trick of opening with a big gap and completed the 1 ATR objective of 35980 & continued to extend lower as it tested the Initiative Singles of Monday while making a low of 35747 and saw a swift rejection leaving a responsive buying tail at the lows indicating that the buyers were defending this zone. There was further confirmation of this when the auction confirmed a FA on Thursday at 35951 and went on to hit 36501 leaving a NeuX Day Up & completed the 1 ATR objective of 36531 on Friday where it even revisited Tuesday’s FA of 36604 in the IB & made couple of REs higher but could only tag 36718 triggering a late liquidation move into the close resulting in a drop to 35979 and the third NeuX Day of the week.
The weekly profile looks like a Double Distribution one with the upper balance filling up previous week’s low volume zone between the HVNs of 36385 & 36780 and the lower distriubtion forming an ultra prominent POC at 36060 which acted as a magnet all week & could continue to do so unless it gives a move away from here on initiative volumes. Value for the week was overlapping to lower at 35880-36060-36420.
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 36102 for a rise to 36225 / 36420 / 36555 / 36694 / 36914 / 37143
B) Accepting below 36060, the auction could test 35951 / 35798 / 35654 / 35511 / 35264 / 35108
C) Above 37143, can expect higher levels of 37301 / 37430 / 37588 / 37728 / 37923 / 38070
D) Below 35108, the auction could fall to 34837 / 34706 / 34548 / 34411 / 34320 / 34218
BNF (Weekly Profile) – 36144 [ 36770 / 35505 ]
BNF has formed overlapping to lower Value for the week at 35920-36128-36472 and has a low volume zone between this week’s prominent POC of 36128 & the HVN at 36492 which will be the reference on the upside whereas on the downside has a buying tail from 35786 to 35505 which could act as support in the coming week.