Nifty Spot Weekly Profile (26th to 30th Sep 2022)
17094 [ 17196 / 16747 ]
Previous week’s report ended with this ‘The weekly profile is once again a Neutral Extreme one to the downside with completely lower Value at 17538-17622-17850 along with a close in imbalance and has the higher time frame buying singles of 17267 to 17166 as the zone to watch in the coming session(s) which if taken out opens up more downside’
- Monday – Nifty continued the imbalance to the downside with a gap down open of 171 points as it negated the higher time frame buying singles of 17166 to 17267 and replaced it with an A period selling tail from 17167 to 17196 and made an OTF move down till the D period as it made a low of 16978 but settled down into a balance for the rest of the day forming a ‘b’ shape profile
- Tuesday – The auction once again left an initiative selling tail forming a similar profile as previous session with the singles at top from 17095 to 17176 and new lows of 16942 in the D period forming a nice 2-day balance with the composite Value at 17010-17038-17106
- Wednesday – saw another lower open of 137 points but for the first time in the week there was an A period buying tail from 16888 to 16820 which changed the shorter term PLR (Path of Least Resistance) to the upside triggering the 80% Rule in the 2-day Value as Nifty made a high of 17037 getting rejected right below the POC of 17038 resulting in complete retracement of the day’s upmove & marginal new lows of 16820 into the close
- Thursday – started with a 135 point gap up open but once again the entry into the 2-day composite Value got rejected at 17026 leading to a Double Distribution Trend Day Down as the auction left an extension handle at 16922 & went on to form new lows of the week at 16788 but also saw the dPOC shifting in the lower part to 16824 indicating profit booking by the sellers
- Friday – Nifty made a move away from the yPOC of 16824 to the downside in the A period to hit 16747 as it tested July’s higher extension handle of 16752 & gave a booming 439 point range to the upside with the help of 2 extension handles at 16851 & 17005 as it not only completed the 80% Rule in the 2-day composite but went on to make a high of 17187 testing this week’s initiative selling tail bringing some profit booking and a close around the dPOC of 17087
The weekly profile is a well balanced one inside a narrow range of 449 points with completely lower Value at 16920-17016-17124 with a bit of filling needed in the zone of 16854 to 17087 which it could complete in the coming session(s) before starting a fresh imbalance.
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 17124 for a probe to 17187 / 17242 / 17291 / 17384 / 17429 / 17473 / 17532 / 17569 / 17622
B) Accepting below 17087 could lead to a test of 17016 / 16976 / 16907 / 16836 / 16752 / 16708 / 16653 / 16602 / 16556
NF (Weekly Profile) – 17103 [ 17305 / 16764 ]
NF opened the week with an OH (Open=High) start at 17305 & left an initiative selling tail till 17232 and made a slow trending move lower making lower lows on all 5 days of the week as it hit 16764 at open on Friday but for the first time in the week the buyers managed to leave an extension handle at 16872 and formed a big Trend Day Up of 445 points making a high of 17209 stalling just below the Monday singles and leaving a well balanced weekly profile with completely lower Value at 16948-17004-17180 and a HVN at 17124.
BankNifty Spot Weekly Profile (26th to 30th Sep 2022)
38362 [ 39929 / 37386 ]
Previous week’s report ended with this ‘The weekly profile is a Neutral Extreme one to the downside with a gigantic range of 2265 points which remained in previous week’s range for the first 4 days forming a nice balance before moving away with the help of an extension handle at 40360 to complete the 80% Rule in the weekly balance of 05th to 09th Sep and has closed in an imbalance indicating that it could continue lower in the coming week. The Value for this week was overlapping on both sides at 40488-41016-41544’
- Monday – BankNifty continued previous week’s imbalance with a big gap down of 518 points after which it even left an initiative selling tail from 38989 to 39229 forming a ‘b’ shape long liquidation profile for the day with a close near the prominent dPOC of 38677 after making a low of 38492
- Tuesday – The auction made a higher open but got rejected from Monday’s selling tail as it left yet another A period singles from 38923 to 39050 and formed a Normal Variation Day Down hitting new lows for the week at 38185 but left a small responsive buying tail till 38265 giving a short covering bounce to 38526 into the close
- Wednesday – Sellers were back in complete control as they negated Tuesday’s buying singles with a gap down open and went on to make new lows of 37825 in the A period but could not extend taking support at the weekly buying singles of 37897 and made couple of attempts to get back into previous range & value as it even made a RE to the upside in the F period to tag 38368 but got rejected from just below the VAL of 38409 triggering a fresh imbalance to the downside resulting in a Neutral Extreme (NeuX) Day Down and a spike down from 37825 to 37626
- Thursday – NeuX days are known for not giving any follow through and it was no different this time too as there was a gap up open of 333 points and a test of Wednesday’s IBH of 38258 where BankNifty left an A period selling tail and resumed the downmove with a Double Distribution Trend Day Down as it went on to complete the weekly 2 IB objective if 37755 and made a low of 37536 but saw profit booking by the sellers as the dPOC shifted lower to 37609
- Friday – started with a quick probe below PDL (Previous Day Low) as the auction recorded a low of 37386 testing the July month’s spike low of 37414 but was swiftly rejected back into previous day’s range & value as it left a long initiative buying tail till 37541 and followed it up with three extension handles at 37784, 37847 & 38470 to form a massive 1425 point range Trend Day Up to make a high of 38811 before closing around the dPOC of 38651 suggesting profit booking by the longs
The weekly profile would have been a Trend One down if not for Friday’s move which turned it to a balanced profile with completely lower Value at 37992-38652-38868 and a close right at the prominent weekly POC of 38652 which could act as a magnet in the coming session(s) as the auction continues to remain in a balance before giving an initiative move away from here with a strong open.
Weekly Hypos for BankNifty (Spot):
A) BankNifty needs a drive from 38652 for a rise to 38868 / 39050 / 39298 / 39540 / 39758 / 39910 / 40150 / 40360 / 40528 / 40645
B) Accepting below 38470, the auction could test 38283 / 38150 / 37998 / 37847 / 37541 / 37386 / 37249 / 37011 / 36823 / 36655
BNF (Weekly Profile) – 38807 [ 39536 / 37580 ]
BNF started the week with an initiative selling tail from 39220 to 39536 and made a trending move lower falling by 1956 points till the open on Friday where it made a low of 37580 and left an A period buying tail as it not only got back into previous day’s range but went on to form a big Trend Day Up of 1408 points turning the Trend Down weekly profile to a more balanced one with completely lower Value at 38216-38840-39104
