Nifty Spot Weekly Profile (27th Feb to 03rd Mar 2023)
17594 [ 17644 / 17255 ]
Previous week’s report ended with this ‘The weekly profile is a trending one to the downside making lower highs & lower lows on all 5 days but profile wise resembles a DD (Double Distribution) with mostly lower Value at 17422-17565-17838 with a zone of singles from 17684 to 17816 and has left 4 daily VPOCs at 17578 / 17670 / 17873 & 17960 which will be the levels to watch on the upside in the coming week if Nifty manages to stay above 17441 whereas on the downside, the 17th to 21st Oct weekly zone of singles from 17421 to 17328 would be the immediate reference below which it could go for the weekly VPOC of 17028’
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Nifty remained mostly below 17441 for the first 2 days as it continued previous week’s imbalance to the downside making lower lows of 17299 & 17255 as it tagged the October 2022 VPOC of 17260 and as expected found some demand coming back which marked the end of the downside & the start of a balance over the next 2 days with the auction completing a nice 4-day composite having a prominent POC at 17354 and signalled a move away from here on Friday with an initiative buying tail from 17462 to 17427 after which it went on to tag previous week’s POC of 17565 and made a high of 17644 stalling at the extension handle from 22nd Feb forming the first Trend day Up since 30th Sep 2022.
The weekly profile is a Neutral Extreme One to the upside with completely lower Value at 17313-17354-17411 and has confirmed a weekly FA at 17255 which has the 1 ATR objective at 17709 which will be the upside targets for the coming week along with previous week’s DD zone top of 17816 till the NeuX zone of 17451 to 17644 is sustained whereas on the downside, Nifty would get weak below 17451 for a probe towards the prominent POC of 17354 & 17313 in the coming week.
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Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 17633 for a probe to 17670 / 17717 / 17754 / 17816 / 17873 / 17917 / 17960
B) Accepting below 17579 could lead to a test of 17535 / 17487 / 17411 / 17354 / 17313 / 17255 / 17201
BankNifty Spot Weekly Profile (27th Feb to 03rd Mar 2023)
41251 [ 41390 / 39745 ]
Previous week’s report ended with this ‘The weekly profile is a DD (Double Distribution) Trend one to the downside with completely lower Value at 39600-40020-40668 with the POC shifting in the lower half and would be the immediate reference on the upside staying above which BankNifty could fill up the DD zone from 40226 to 40600 with the daily VPOCs of 40660 & 40925 being the other upside objectives whereas on the downside, it would remain weak below 39880 with this week’s buying tail from 39699 to 39600 being the lower support zone break of which could trigger a fresh downmove in the coming week(s)’
View the daily BankNifty MarketProfile charts of previous week below only on Vtrender Charts
BankNifty opened with a probe lower to 39745 on Monday but left an initiative buying tail till 39845 marking the end of the downside after which it filled up the DD zone of previous week forming couple of 2-day balances with prominent POCs at 40271 & 40627 till Thursday and gave a fresh move away with an A period buying tail from 40800 to 40605 followed by an OTF probe higher for most part of the day as it scaled above the weekly VPOC of 41292 while making a high of 41390 leaving a Trend Day Up for the first time since 26th Dec 2022.
The weekly profile is a Triple Distribution Trend One Up with overlapping to higher Value at 39974-40302-40757 with an extension handle at 40773 and a zone of singles till 41114 which will be the immediate reference zone on the downside for the coming week whereas on the upside, the weekly HVN of 41626 & the 16th Feb VPOC of 41849 could the the initial objectives.
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Weekly Hypos for BankNifty (Spot):
A)BankNifty needs a drive from 41313 for a rise to 41455 / 41626 / 41849 / 41965 / 42104 / 42320 / 42422
B) Accepting below 41205, the auction could test 41114 / 40983 / 40835 / 40627 / 40500 / 40302 / 40077
