Nifty Spot Weekly Profile (28th Jan to 1st Feb)
Nifty opened below previous week’s Value and probed lower breaking below previous week’s low in the opening period itself and trended lower leaving a selling tail from 10728-10804 to make lows of 10584 on Tuesday after which the auction began to make a balance between 10590 to 10710 giving a ‘b’ profile on weekly till Wednesday close. On Thursday, Nifty made a range extension higher above 10710 which started a trending move to the upside and negated the selling tail of 10728 to 10804 to make new weekly highs at 10838. Friday saw Nifty opening higher and after making a balance resumed the imbalance to the upside making a high of 10983 but could not sustain and retraced the move to close at 10894. On weekly, Nifty has left a long elongated profile where the weekly Value was lower though it closed much above the VAH. The weekly Value is 10590-10648-10806
NF (Weekly Profile)
NF began the week on a bearish note as it drove lower below previous week’s low leaving a selling tail at 10783-10856 making lows of 10637 on Tuesday after which it began to make a balance between 10740-10650 making a ‘b’ profile for the week till Wednesday. The auction changed gears from Thursday open after it got into the stem of the composite ‘b’ and trended higher leaving a pull back low at 10767 to close at highs giving a classical Trend Day and went on to probe higher on Friday tagging the overlapping weekly POC of 10970 making a high of 11023 but closed well below at 10914 which was still above the weekly Value which was mostly lower and wider compared to the last couple of weeks. The profile has a low volume zone from 10875 to 10755 which could get filled if the auction does not probe higher in the coming week. The weekly Value is 10644-10716-10875
BankNifty Spot Weekly Profile (28th Jan to 1st Feb)
Report to follow….
This week’s Value is 26480-26735-27120
BNF (Weekly Profile)
BNF also started this week with a probe lower on Monday as it left a selling tail from 27103-27285 to trend lower for the first 2 days as it made lows of 26612 on Tuesday but gave a sharp bounce in the last hour after which it opened higher on Wednesday and though was stuck in a narrow range, it formed higher Value which led to a higher open on Thursday which went on to give a Trend Day Up as BNF negated that selling tail of Monday to close around highs of 27335. Friday saw BNF making new highs of 27600 but lack of demand at new highs led to a liquidation break and BNF went on to test the Thursday lows again before closing at 27145. BNF has closed between 2 HVNs of 26880 & 27328 on the weekly profile so can balance in this zone unless it gives a move away from either of them. The weekly Value is 26656-26880-27192
