Nifty Spot Weekly Profile (25th to 29th January 2021)
Spot Weekly – 13635 [ 14491 / 13597 ]
Previous week’s report ended with this ‘The weekly profile is a Neutral One which extended previous week’s range on both sides forrming an outside bar both in terms of range and Value which was overlapping at 14346-14604-14628 with a close near the VAL so the PLR for the coming week would be to the downside towards the daily VPOC of 14312 & the weekly POC of 14193. On the upside, Nifty would need to sustain above 14432 for a probable test of 14486 & 14537′
Nifty opened on Monday with a big gap and tagged the higher reference of 14486 but got swiftly rejected from 14491 confirming an Open Rejection Reverse on the weekly timeframe and gave a Trending move lower as it fell by 894 points and in the process made new lows for the month and closed in a spike from 13728 to 13597 which would be the opening reference for the coming week. Value for the week was completely lower at 13705-13825-14225.
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 13670 for a probe to 13728 / 13771 / 13823 / 13870 / 13929 / 13985 & 14016
B) Accepting below 13630 could lead to a test of 13575 / 13528 / 13493 / 13449 / 13396 / 13356 & 13282
NF (Weekly Profile)
13709 [ 14522 / 13666 ]
NF has formed a trending week lower forming lower lows on all 4 days of the week giving a huge 856 point range with tails at both ends as it closed in a spike from 13744 to 13666 which would be the zone to watch in the next session. Value for the week was completely lower at 13748-13844-14244.
BankNifty Spot Weekly Profile (25th to 29th January 2021)
Spot Weekly – 30679 [ 31760 / 29752 ]
Previous week’s report ended with this ‘On the weekly timeframe, BankNifty has formed a large outside bar with almost overlapping Value at 31800-32060-32600 with a Neutral Extreme Down profile and the Neutral Extreme zone for the coming week would be from 31120 to 31520‘
BankNifty opened higher on Monday and made a probe above previous week’s Neutral Extreme zone of 31120 to 31520 but thr dreaded C side extension where it made new highs for the day at 31697 signalled the return of aggressive supply as the auction made a trending move lower of 2010 points over the next 3 sessions as it made a low of 29687 on Thursday where it confirmed a daily FA triggering a bounce back as it completed the 2 ATR objective of 30858 the next day after yet another failed C side extension this time to the downside and was on track to leave the second successive Neutral Extreme profile but the K period extension got rejected resulting in a Neutral Centre close not just for the day but also the week. Value was completely lower at 31490-30489-30250 and the weekly POC of 30489 would be the immediate reference on the downside for the coming week below which the daily VPOC of 29980 & the FA of 29687 would be the levels to watch while on the upside, BankNify would need to negate the selling tail of 30912 to 31112 for a probe higher towards the daily VPOC of 31518.
Weekly Hypos for Bank Nifty (Spot):
A) BankNifty sustaining above 30625 could rise to 30730 / 30801 / 30912 / 31112 / 31330 / 31425 & 31518
B) Accepting below 30535, the auction could test 30450 / 30320 / 30172 / 29980 / 29880 / 29750 & 29688
BNF (Weekly Profile)
30679 [ 31760 / 29752 ]
BNF has formed a Neutral Centre weekly profile with completely lower Value at 30316-30550-31525.