Nifty Spot Weekly Profile (25th to 29th Jul 2022)
17158 [ 17173 / 16438 ]
Previous week’s report ended with this, ‘The weekly profile is a Trend Up one with completely higher Value at 16302-16654-16752 and a range of 610 points closing around the highs but looks set to return to a balance mode in the coming week with the prominent POC of 16654 being the immediate reference on the downside apart from the daily VPOCs of 16568 & 16303 being the major support levels’
- Monday – Nifty did not give any follow up to last Friday’s NeuX profile as it opened lower and broke below 16654 forming a ‘b’ shape long liquidation profile taking support at the first downside reference of 16568 while making a low of 16564 and formed a prominent POC at 16606
- Tuesday – The auction gave an initiative move away from Mpnday’s Value with an initiative tail in the IB but ended up forming another ‘b’ shape profile with the POC at 16520 & a mini-spike from 16495 to 16463 into the close
- Wednesday – The third lower open of the week saw Nifty testing the Gap Mid-point of 16452 from 20th Jul where it left an A period buying tail signalling the end of the balance & change of PLR to the upside and formed a Trend Day Up as it formed an Outside Bar with a close around the highs of 16653
- Thursday – The imbalance continued with a gap up of 133 points where it scaled above the 03rd Jun Daily Swing High of 16793 & formed another Trend Day Up tagging the 05th May VPOC of 16835 & revisting that day’s FA of 16945 into the close
- Friday – Nifty opened with another bigger gap up of 149 points getting into the 04th May profile where the higher timeframe imbalance had started and left another daily FA at 17018 to hit the higher weekly VPOCs of 16998 & 17142 into the close
The weekly profile is a Neutral Extreme One to the upside with a huge range of 734 points forming overlapping Value at 16434-16602-16890 as the first 3 days built a balance in previous week’s Upper Distribution and signalled a move into imbalance over the next 2 days leaving couple of extension handles at 16684 & 16943 and has closed in an imbalance which could continue towards the weekly VPOCs of 17516 & 18004 in the coming weeks.
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 17190 for a probe to 17264 / 17302 / 17350 / 17393 / 17449 / 17489 / 17516 / 17563 / 17633 / 17694 / 17761
B) Accepting below 17141 could lead to a test of 17093 / 17018 / 16963 / 16914 / 16869 / 16812 / 16752 / 16708 / 16653 / 16600 / 16556
NF (Weekly Profile) – 17202 [ 17223 / 16453 ]
NF has formed a Neutral Extreme Up profile on the weekly with Value at 16460-16620-16932 & has a HVN formed at 16960 and has closed in a spike from 17173 to 17223.
BankNifty Spot Weekly Profile (25th to 29th Jul 2022)
37491 [ 37754 / 36428 ]
Previous week’s report ended with this, ‘The weekly profile is a Trend Up one with completely higher Value at 35532-36108-36816 and once again has an ultra-prominent POC at 36108 with a close near the highs indicating that the imbalance may continue at the next open but the imbalance of 2019 points of this week may also lead to a balance being formed in the coming week’
- Monday – BankNifty continued previous week’s imbalance with a higher open & tagged 37011 but left an initiative selling tail in the IB and got back into previous week’s Value and filled up the low volume zone of last Friday’s DD profile while making a low of 36464
- Tuesday – The auction for the second day running left an initiative tail in the IB from 36547 to 36695 but struggled to extend lower as it made marginal new lows of 36342 & 36334 in the C & M TPOs forming a ‘b’ shape profile taking support in the Initiative Buying tail from last Friday
- Wednesday – started with a look down below the lows of the DD day but was swiftly rejected as the demand came back in shape of a small buying tail after which it left an extension handle at 36425 to start a trending probe higher for the rest of the day to tag 36808 into the close
- Thursday – BankNifty continued the upside imbalance with a big 318 point gap up after which it made multiple REs higher to 37414 forming a ‘p’ shape profile for the day with a prominent POC at 37287
- Friday – The auction opened higher yet again and this time with a gap of 339 points tagging the weekly VPOC of 37728 while making new highs of 37754 but could not sustain above it leaving an A period selling tail till 37589 indicating lack of fresh demand which led to a long liquidation ‘b’ shape profile for the day after it made a big C side extension down to 37221 & closed the day around the dPOC of 37498
The weekly profile resembles a Double Distribution Trend One Up with overlapping to higher Value at 36250-36552-37284 with the DD zone being from 36888 to 37112 which will be the immediate downside reference below the upper distribution HVN of 37498 whereas on the upside, BankNifty will need to negate this week’s responsive selling tail of 37589 to 37754 to scale above 13th Apr’s Swing High of 37988 & make an attempt to tag the 05th Apr VPOC of 38324 which was also a weekly HVN
Weekly Hypos for BankNifty (Spot):
A) BankNifty needs a drive from 37498 for a rise to 37588 / 37804 / 37923 / 38070 / 38324 / 38484 / 38631 / 38790 / 38900 / 39095 / 39251
B) Accepting below 37414, the auction could test 37263 / 37112 / 37011 / 36888 / 36736 / 36552 / 36425 / 36250 / 36108 / 35915 / 35741
BNF (Weekly Profile) – 37567 [ 37800 / 36313 ]
BNF has also formed a Neutral Extreme Week up with Value at 37051-37357-37184 & has a HVN at 36576. The auction has confirmed a weekly FA at 36313 and even completed the 1 ATR objective of 37670 and will need to sustain above this to contiue higher as it has left a responsive selling tail from 37667 to 37800.
