Nifty Spot Weekly Profile (25th to 29th Oct 2021)
17671 [ 18342 / 17613 ]
Previous week’s report ended with this ‘The weekly profile is a Neutral Extreme Down One also looking like a Triple Distribution Trend Down though Value was completely higher at 18219-18501-18591 with a close way below the value which means that the PLR (Path of Least Resistance) would be to the downside if it stays below 18042 towards the weekly VPOCs of 17931 & 17694 with the immediate upside references for the coming week being at 18156 / 18219 & 18275’
Nifty opened the week with a gap up of 115 points but confirmed an ORR (Open Rejection Reverse) start as it got back below previous week’s Value as well as range giving a big 273 point drop in the IB (Initial Balance) making a low of 17968 but could not extend any further as it formed a Normal Day indicating that the sellers were booking out as the day’s profile consisted of a small tail at lows from 17992 along with a PBL (Pull Back Low) at 18063. The auction made another attempt to get above the weekly Value in the IB on Tuesday where it made new highs for the week at 18265 but stalled just below the 22nd Oct VPOC of 18275 triggering a fresh move to the downside as it even made couple of small REs tagging new lows for the day at 18099 but stopped the OTF (One Time Frame) first turning into a balance till mid-day before starting a fresh move higher into the close as it got above 18275 and hit new highs for the week at 18310 forming a Neutral Extreme (NeuX) Up Day. Wednesday saw an OAOR (Open Auction Out of Range) start as Nifty formed an IB of just 72 points getting accepted in the NeuX zone after which it made an attempt to probe higher but got rejected from 18342 confirming a FA there and this set up a trending move lower not just for the day as it moved away from the prominent dPOC of 18311 almost completing the 1 ATR objective of 18147 on the same day and followed it up with an Open Drive Down on Thursday as it formed a Trend Day not just completing the 2 ATR target of 17952 and the weekly VPOC of 17931 but left an extension handle at 17928 to expediate the fall to the 7th Oct VPOC of 17806 while making a low of 17799 for the day and continued this imbalance at open on Friday where it tagged the next weekly VPOC of 17694 and matched the 6th Oct low of 17613 in the A period but was swiftly rejected as it left a massive buying tail in the IB from 17767 to 17613 and went on to make higher highs till the D period where it made a high of 17916 stopping just short of previous day’s extension handle indicating that the sellers were still present and this triggered an OTF move lower till the K period where the auction once again matched the morning low of 17613 before closing the week at 17671.
The weekly profile is an elongated one of 729 points range & for the second successive time is a Neutral Extreme Down one with mostly lower Value at 17901-18159-18339 which has left daily VPOCs at 18023 & 18311 which will be the important references on the upside with the immediate levels being the PBH of 17765 & the extension handle of 17928 whereas on the downside, the start of the monthly buying tail at 17581 and the 01st Oct VPOC of 17518 will be the markers below which the monthly VPOC of 17365 could come into play.
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 17718 for a probe to 17765 / 17824 / 17865 / 17928 / 17968 / 18023 / 18086
B) Accepting below 17634 could lead to a test of 17574 / 17518 / 17481 / 17434 / 17394 / 17345 / 17303 / 17259
NF (Weekly Profile) – 17715 [ 18388 / 17659 ]
NF has formed a Neutral Extreme Down profile on the weekly as the attempt to probe higher was rejected leaving a HVN at 18348 leading to the trending move lower for the rest of the week as it went on to make a low of 17659 with Value at 17865-18204-18375.
BankNifty Spot Weekly Profile (25th to 29th Oct 2021)
39115 [ 41829 / 38426 ]
Previous week’s report ended with this ‘The weekly profile is a Neutral Extreme to the upside & resembles a DD (Double Distribution) structure with the first 4 days of the week leaving a well balanced profile with a late move away to the upside and has a buying tail from 40011 to 40149 seperating the 2 distributions which will be the first zone of demand on the downside in the coming week. Value was completely higher at 39456-39686-39888 and this could be a very good candidate for the 80% Rule to play out if the auction comes down to test it whereas on the upside, BankNifty will need to get fresh demand above 40318 to continue the probe higher’
BankNifty started the week with a big gap up & a buying tail forming a large IB range of 517 points scaling above the peak of 41000 for the first time ever and made huge REs to the upside in the C, E & F periods where it made a high of 41829 completing a huge 1322 point range in just half a day but also marked the end of the OTF (One Time Frame) probe higher with a responsive selling tail from 41699 to 41829 being confirmed at the completion of the G period which inturn led to a liquidation move back to 41030 into the close of the day. BankNifty then formed a balance over the next 2 days building a prominent POC around 41180 and gave a late move away from here as it spiked lower into the close on 27th Oct which signalled that the imbalance this time could be to the downside which got confirmed with a strong Open Drive Down on 28th Oct and the first meaningful initiative selling tail of the month which meant that the sellers were back in full force resulting in a Trend Day Down over a huge range of 1581 points as the auction went on to make a low of 39350 and continued this probe with another big fall of 1000 points at open on 29th Oct where it went on to test the daily extension handle of 38495 while making a low of 38426 where it was swiftly rejected from the extension handle of 12th Oct leading to some good profit booking and a bounce back to 39775 where it stopped right at previous day’s extension handle from where the auction reversed to the downside for the day to leave a PBL (Pull Back Low) at 38788 before closing the week at 39115.
The weekly profile is an elongated and trending one lower of 3403 points as BankNifty was brought back to ground zero from the state of Euphoria and though it has formed higher Value at 39624-41172-41664, the close has been around the lower HVN of 39264 as the downside for the week stalled just above the weekly VPOC of 38316 which will be the level to watch in the coming week.
Weekly Hypos for Bank Nifty (Spot):
A)BankNifty needs a drive from 39188 for a rise to 39368 / 39558 / 39701 / 39832 / 40029 / 40244 / 40417
B) Accepting below 39006, the auction could test 38788 / 38607 / 38426 / 38316 / 38208 / 38080 / 37875 / 37750
BNF (Weekly Profile) – 39314 [ 41935 / 38607 ]
BNF opened the week with a big blast away to new ATH of 41935 on Monday but left a responsive selling tail from 41789 to 41925 marking the end of the upmove after which it built volumes at 41340 over the next 3 days before giving a move away to the downside late on Wednesday which kept trending lower till it made a low of 38607 in the A period on Friday leaving a huge 3328 point weekly profile with overlapping to higher Value at 39760-41340-41820.