Nifty Spot Weekly Profile (27th Sep to 01st Oct 2021)
17532 [ 17943 / 17453 ]
Previous week’s report ended with this ‘The weekly profile is a Neutral Extreme one which also looks like a DD (Double Distribution) profile with Value overlapping to lower at 17326-17580-17688 and has singles from 17682 to 17623 which will be the support zone for the coming week(s)’
Nifty formed a Triple Distribution Trend Down profile for the week with the range being completely inside previous week’s profile as the auction filled up the low volume zone and left 3 prominent HVNs at 17848, 17643 & 17518 along with a daily FA at 17742 on 30th Sep. This week’s Value was overlapping to higher at 17589-17643-17859.
Click here to view this week’s auction in Nifty with respect to the previous week on MPLite
NF (Weekly Profile) – 17530 [ 17975 / 17433 ]
NF left an initiative selling tail at open on Monday and trended lower all week forming an elongated profile with the bulk of the balance being in previous week’s low volume zone and a daily FA at 17758 on Thursday (Expiry Day) triggered a big gap down on Friday as the auction almost completed the 2 ATR objective of 17426 while making a low of 17433 in the IB but formed a nice balanced profile for the day with a prominent daily POC at 17516. The weekly Value was overlapping to higher at 17604-17691-17904 with a HVN at 17730.
BankNifty Spot Weekly Profile (27th Sep to 01st Oct 2021)
37226 [ 38377 / 36876 ]
Previous week’s report ended with this ‘The weekly profile was completely inside last week’s elongated one with a similar selling tail at top and looks like a Double Distribution profile with 2 prominent HVNS at 37764 & 37115 in the upper & lower distriubtions respectively. Value for the week was at 37080-37764-37908′
BankNifty opened the week with a gap up and contiued to probe higher as it hit new ATH of 38355 in the IB (Initial Balance) on Monday but formed a Normal 3-1-3 profile as the auction left singles at both ends along with a prominent POC at 38213. Tuesday open saw another big gap up resulting in marginal new highs of 38377 but BankNifty confirmed an ORR (Open Rejection Reverse) to the downside and went on to give a huge Trend Day Down falling by 1062 points and remained in this profile for the next 2 days before confirming a daily FA at 37885 on Thursday which triggered a fresh leg to the downside as it left a Neutral Extreme Down profile and continued this imbalance with a big gap down on Friday where it made a low of 36876 but also left a buying tail in the IB which marked the end of the downside as it ended the day with a ‘p’ shape profile and a prominent POC at 37150. The weekly profile resembles a Triple Distribution profile with overlapping to higher Value at 37392-37632-38148 and 2 daily VPOCs at 37726 & 38135 which will be the important references on the upside in the coming week.
Click here to view this week’s auction in BankNifty with respect to previous week’s profile on MPLite
BNF (Weekly Profile) – 37356 [ 38523 / 36950 ]
BNF made new highs on the first 2 days this week at 38499 & 38523 but both the days saw selling singles in the IB indicating that there was no demand coming in which led to a trending move lower for the rest of the week as the auction went on to make lows of 36950 on Friday leaving a Trend Down Weekly profile though Value was overlapping to higher at 37584-37824-38310.