Nifty Spot Weekly Profile (27th to 31st Dec 2021)
17354 [ 17401 / 16833 ]
Previous week’s report ended with this ‘This week’s profile started with a big fall which was retraced and has given a close around the same level as last week though Value has been completely lower at 16764-16872-17094 with a small tail at top from 17118 to 17155 which is an important supply zone as we have the daily extension handle of 17185 also just above this and will need good amout of effort by the buyers to take them out. As for the downside, this week’s prominent POC of 16884 will be the important level to watch along with the FAs of 16818 & 16688 below which the VPOC of 16550 could come into play’
Nifty made a replica of the weekly profile it formed from 13th to 17th Dec but to the upside as it started the week with a probe lower at open on Monday where it stalled just above the FA of 16818 and left an initiative buying tail from 16902 to 16833 leaving singles at previous week’s POC of 16872 thus confirming an Open Test Drive up on the higher timeframe and presence of aggressive buyers after which it trended all day to record a high of 17112 stopping just below previous week’s selling tail of 17118 to 17155 which was taken out in a gap up open on Tuesday as the auction took out the selling extension handle of 17185 but spent the next 2 days absorbing the supply at the weekly VPOC of 17265 as it formed a nice 3-day Gaussian profile with Value at 17206-17236-17248 and gave a move away from this balance on Friday with another initiative buying tail from 17323 to 17238 but settled down to form a ‘p’ shape profile with a close right at the prominent dPOC of 17356 which will be the reference for the next open.
The weekly profile is a Triple Distribution Trend one up with a buying tail at lows and another zone of singles from 17161 to 17102 seperating the lowermost & middle distribution which contains the ultra prominent POC of 17229 above which we have another zone of singles from 17265 to 17323 and a higher distribution at top. Value this week was completely higher at 17157-17229-17367 & Nifty could continue the probe towards the 13th Dec VPOC of 17415 and the DD singles from 17458 to 17533 which if taken out can bring the weekly swing high of 17639 & the monthly extension handle of 17688 into play.
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 17356 for a probe to 17415 / 17458 / 17533 / 17601 / 17688 / 17745 / 17805
B) Accepting below 17323 could lead to a test of 17265 / 17204 / 17161 / 17083 / 17047 / 16982 / 16902
NF (Weekly Profile) – 17410 [ 17448 / 16894 ]
NF has formed a Triple Distribution Trend Up profile on the weekly with completely higher Value at 17212-17280-17422 and has an initiative tail at lows from 16952 to 16894 along with 2 zones of singles, the first one from 17200 to 17145 & the second from 17368 to 17265 seperating the 3 distributions and would be the levels to watch out for on the downside where as sustaining above the HVN of 17411, the auction could continue the probe towards the weekly VPOC of 17512 along with the 13th Dec extension handle 17640 and the daily swing high of 17737.
BankNifty Spot Weekly Profile (27th to 31st Dec 2021)
35482 [ 35597 / 34233 ]
Previous week’s report ended with this ‘The weekly profile is a 3-1-3 type with a nice balance in the middle and rejection at the 2 extremes with completely lower Value at 34560-34860-35232 and has closed right at the prominent POC so will need to get an initiative move away from here for a fresh imbalance in the coming week failing which it could continue to form Value in this week’s range of 1459 points’
BankNifty also opened lower on Monday and continued to go down breaking below previous week’s Value and making a low of 34233 in the opening minutes but found good demand coming in resulting in an ORR (Open Rejection Reverse) to the week as the auction got back into the weekly Value in the A period itself and left a long initiative buying tail from 34526 to 34233 which was also the level where it last left a responsive buying tail on 21st Dec to start a imbalance to the upside for the rest of the day as it left an extension handle right at the prominent weekly POC of 34860 and went on to make a high of 35144. The next 2 days saw couple of failed attempts to scale above the weekly Value as BankNifty made similar highs of 35352 & 35378 along with overlapping Value but left small tails at top in the IB (Initial Balance) on both the days indicating presence of supply which led to a spike down into the close on Wednesday as auction searched for fresh demand as this probe continued at open on Thursday where it went back below 34860 while making a low of 34751 but was swiftly rejected giving another ORR start on the daily timeframe resulting in a ‘p’ shape profile with a close right at the prominent POC at 35066 and a PBL at 34865. Friday saw another round of initiative buying coming in at the open with a Drive Up to 35597 in the IB but BankNifty could not extend any further forming a balance within a 200 point range for the rest of the day & leaving a ‘p’ shape profile with a close at the prominent POC of 35483.
This week’s profile was mostly in previous week’s range with a pretty long buying tail at lows and a 4-day balance which continued to fill up the selling singles from the close of 17th Dec to the gap down open of 20th and formed overlapping to higher weekly Value at 34848-35172-35328 with a move away from here on the final day where it left another HVN at 35483 which will be the opening reference for the coming week and staying above which BankNifty could probe higher towards the daily extension handle of 35696 and VPOCs of 35880 & 36880. On the downside, 35404 would be the immediate level to watch below which this week’s prominent POC of 35172 & the daily VPOC of 35066 could come into play.
Weekly Hypos for Bank Nifty (Spot):
A)BankNifty needs a drive from 35483 for a rise to 35696 / 35880 / 36078 / 36258 / 36548 / 36680 / 36912
B) Accepting below 35404, the auction could test 35233 / 35066 / 34865 / 34526 / 34348 / 34225 / 34099
BNF (Weekly Profile) – 35628 [ 35750 / 34425 ]
BNF started the week with an ORR to the upside seen in the singles on the weekly profile from 34689 to 34425 but began to form a ‘p’ shape profile till Thursday with a prominent POC at 35368 & almost inside Value at 35008-35368-35472 before it gave an initiative move away at open on Friday where it negated previous week’s selling tail to make a high of 35750 but could not extend any further & formed a HVN at 35616 into the close which will be the reference for the next open.