Nifty Spot Weekly Profile (28th Mar to 01st Apr 2022)
17670 [ 17704 / 17004 ]
Previous week’s report ended with this ‘This week saw dual way action and as expected, Nifty has has formed a balance right in previous week’s low volume zone of 16872 to 17299 and the Value of this week’s Neutral Profile is at 17112-17244-17280 with a good chance of this balance leading to an imbalance in the coming week’
Nifty opened the week with an OTD (Open Test Drive) to the downside as it apperared to give a move away from previous week’s Value leaving an initiative selling tail but made the dreaded C side extension testing previous week’s low of 17006 and got rejected in a similar manner it did on 22nd Mar as it left a SOC (Scene Of Crime) at 17083 and left a Neutral Extreme Day up and continued to probe higher for the rest of the week making higher highs on all days not only scaling above previous week’s highs but completing the 3 IB objective of 17671 on Friday with the help of a spike from 17594 to 17704.
The weekly profile is a Trend Up one with mostly higher Value at 17260-17484-17700 and has 2 daily VPOCs in the lower part of the profile at 17036 & 17286 along with a zone of singles from 17328 to 17421 which will be the important references on the downside for the coming week with the prominent POC of 17484 being the immediate level where as getting accepted in the spike zone of 17594 to 17704 would mean that the PLR (Path of Least Resistance) remains to the upside.
Click here to view this week’s auction in Nifty with respect to the previous week on MPLite
Weekly Hypos for Nifty (Spot):
A)Nifty needs a drive above 17706 for a probe to 17757 / 17815 / 17885 / 17921 / 17961 / 17997
B) Accepting below 17633 could lead to a test of 17596 / 17530 / 17484 / 17421 / 17373 / 17328
Extended Hypos:
C) 17997, can expect higher levels of 18065 / 18124 / 18186 / 18229 / 18261 / 18318
D) 17328, the auction could fall to 17286 / 17241 / 17196 / 17136 / 17083 / 17037
NF (Weekly Profile) – 17713 [ 17740 / 17075 ]
NF has formed an elongated Trend Up profile on the weekly with mostly higher Value at 17334-17544-17730 as it tagged higher highs on all 4 days of the week leaving daily VPOCs at 17291 & 17365 on the first 2 days after which it formed a 3-day balance building volumes at 17544 before giving a move away to the upside late on Friday with the help of an extension handle at 17613 and a spike close from 17655 to 17740.
BankNifty Spot Weekly Profile (28th Mar to 01st Apr 2022)
37148 [ 37210 / 35016 ]
Previous week’s report ended with this ‘The weekly profile is a Neutral Centre one with overlapping to higher Value at 35340-35532-36156 with the daily FA of 35957 & the HVN of 36201 being the important references on the upside in the coming week whereas on the downside, staying below this week’s prominent POC of 35532 BankNifty could go for a test of the lower weekly VPOC of 34548’
BankNifty opened the week with an Open Test Drive to the downside on Monday from the prominent POC of 35532 leaving an initiative selling tail from 35171 to 35573 in the IB (Initial Balance) while making a low of 35020 after which it made the dreaded C side extension to 35016 and could not extend any further indicating exhaustion by the sellers and triggered a short covering move in the second half of the day as the auction not only got back into previous week’s Value initiating the 80% Rule but also confirmed a FA (Failed Auction) at lows as it hit new highs of 35771 leaving a Neutral Extreme (NeuX) Up profile.
Tuesday open saw a follow up to the NeuX Day as BankNifty opened higher completing the 1 ATR objective of 35835 from the FA of 35016 & re-visting 24th Mar’s FA of 35957 but left an initiative selling tail in the IB which led to a probe back into the NeuX profile and a re-test of the prominent weekly POC of 35532 which was swiftly rejected as seen in the responsive buying tail from 35613 to 35506 displaying that the buyers were now in control causing a move back to 35957 into the close and another gap up open on Wednesday where the auction got above the weekly HVN of 36201 & remained above previous week’s Value as it first left a buying tail in the IB from 36155 to 36070 & later a PBL at 36151 forming a ‘p’ shape profile for the day with similar highs of 36421 & 36415 which were cleared with a hat-trick of higher opens of the week on Thursday as BankNifty hit new highs for the week at 36591 in the IB falling just short of the 2 ATR target of 36654 from Monday’s FA and closing the month with a narrow 313 point range Normal Day.
The back to back narrow range profiles then led to a range expansion move on Friday as BankNifty opened the new financial year & the month of April with a strong ORR (Open Rejection Reverse) start and a Trend Day Up leaving extension handles at 36556, 36799 & 37031 before closing around the highs of 37210. The weekly profile is also an elongated one to the upside with overlapping to higher Value at 35688-36300-37164 and has left couple of daily VPOCs at 35108 & 35799 above which it has a prominent weekly POC at 36300 & has shown rejection at Thursday’s POC of 36455 which will be the important references on the downside in the coming week below the 3 extension handles mentioned above whereas on the upside, the weekly VPOCs of 37620 & 38520 could come into play if the auction manages to form higher Value in the coming session(s).
Weekly Hypos for BankNifty (Spot):
A)BankNifty needs a drive from 37149 for a rise to 37272 / 37461 / 37620 / 37811 / 38040 / 38157
B) Accepting below 37031, the auction could test 36904 / 36799 / 36657 / 36529 / 36300 / 36151
Extended Hypos:
C) Above 38157, can expect higher levels of 38360 / 38520 / 38665 / 38790 / 38900 / 39095
D) Below 36151, the auction could fall to 36044 / 35955 / 35799 / 35648 / 35481 / 35264
BNF (Weekly Profile) – 37201 [ 37250 / 35208 ]
BNF has formed an elongated trending profile of 2042 points with overlapping Value at 35872-36560-37248 with extension handles at 37049 / 36875 & 36678 along with couple of daily VPOCs at 36008 & 35293 which will be the important references on the downside as the new series develops.
