Nifty Spot Weekly Profile (29th Nov to 03rd Dec 2021)
17197 [ 17489 / 16782 ]
Previous week’s report ended with this ‘The weekly profile is a Trend Down one with an initiative tail at top from 17686 to 17805 and a balanced Value Area at 17310-17490-17598 from where it gave a late move away on Friday resulting in a fresh extension handle at 17216 and a spike close from 17069 to 16985 which will be the immediate reference for the coming session(s) staying below which Nifty could continue probing further lower in the auction zone from 12th to 31st Aug’
Nifty opened the week with a big drop to 16782 in the A period on Monday but left a long initiative buying tail from 16971 to 16782 reversing the probe to the upside which ended with a FA (Failed Auction) being confirmed on the dreaded C side extension on Tuesday at 17324 and this in turn triggered a big liquidation drop to 16931 as the previous day’s buying singles were tested and the auction left a Neutral Extreme (NeuX) Day Down. This NeuX close was rejected with a big gap up open on Wednesday as Nifty formed a narrow range Gaussian Curve with failed attempts to extend on either sides and closing just above the prominent POC of 17148 from where it gave an OTD (Open Test Drive) up on Thursday which also confirmed a multi-day FA at 17064 resulting in a trending move higher all day with the auction making a high of 17420 into the close. This imbalance continued at open on Friday with new highs for the week being hit at 17489 but Nifty stopped right below previous week’s POC of 17490 & left an initiative selling tail from 17457 to 17489 in the IB marking the end of the upside and led to a OTF (One Time Frame) probe lower for the rest of the day with three extension handles at 17352 / 17317 & 17257 forming a Double Distribution Trend Day down to hit 17181.
The weekly profile has formed completely lower Value at 16980-17136-17250 with a close right in the middle and has tails at both ends with a daily VPOC at 17148 & a FA at 17064 which would be the important levels to watch on the downside whereas on the upside the 3 extension handles of Friday will serve as supply points along with the PBH of 17411.
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 17213 for a probe to 17257 / 17317 / 17352 / 17411 / 17457 / 17511 / 17569 / 17611 / 17686
B) Accepting below 17188 could lead to a test of 17148 / 17064 / 17005 / 16971 / 16930 / 16886 / 16832 / 16768 / 16722
NF (Weekly Profile) – 17239 [ 17511 / 16850 ]
NF continued the imbalance of the previous week after opening right at the extension handle of 17091 and falling by almost 250 points in the first 10 minutes but made a swift reversal confirming an ORR (Open Rejection Reverse) start which marked the end of the downside probe as the auction confirmed an initiative buying tail from 17010 to 16850 and went on to make a high of 17208 stalling at the Trend Day VWAP of 26th Nov & forming a ‘p’ shape profile for the day. Tuesday open saw an OTD (Open Test Drive) Up as NF left another huge buying tail in the IB (Initial Balance) from 17244 to 17068 but made the dreaded C side extension where it tagged 17347 stopping below previous week’s VAL of 17376 and the break of VWAP led to a huge liquidation move as the auction confirmed a FA (Failed Auction) at day’s high & went on to test Monday’s singles not once but twice while making similar lows of 17000 & 17002. The 2 big range days then led to a narrow range inside bar on Wednesday as NF first probed higher towards the SOC (Scene Of Crime) of 17255 from previous day and unable to get above it reversed the probe to the downside where it made marignal new lows for the day at 17100 but got swiftly rejected confirming a new FA there which led to another OTD up on Thursday where NF completed the 1 ATR objective of 17357 thereby negating the earlier FA and went on to form a Trend Day Up while making new highs for the week at 17444. Friday open saw the continuation of this imbalance to the upside as the auction drove higher to 17511 in the A period but left a small selling tail in the IB after which it made a small C side extension lower to 17375 where it took support at the weekly VAL giving a bounce back to 17444 but this rejection at PDH (Previous Day High) led to a OTF (One Time Frame) move lower into the close as NF formed a DD (Double Distribution) Trend Day with an extension handle at 17375 and a PBH at 17287 while making a low of 17220. The weekly profile once again has completely lower Value at 17022-17199-17283 but has tails at both ends with a close right in the middle suggesting that the two-way mode of this week could continue for a few more sessions before the auction gives a move away from here.
BankNifty Spot Weekly Profile (29th Nov to 03rd Dec 2021)
36197 [ 36844 / 35328 ]
Previous week’s report ended with this ‘The weekly profile once again is a trending one to the downside with a selling tail at top from 37844 to 38021 and completely lower Value at 36852-37320-37764 and an extension handle at 36647 with a close around lows and looks set to enter the zone from 28th Jul to 27th Aug (click here for the MPLite chart) with the weekly VPOC of 35588 being the immediate objective in the coming week if stays below 35904′
BankNifty continued previous week’s imbalance with an Open Drive Down start on Monday as it not only tagged the weekly VPOC of 35588 but went on to make a low of 35328 in the opening 10 minutes of the A period but could not sustain below it and left an initiative buying tail from 35712 to 35328 which marked the start of a probe higher to 36774 where a FA got confirmed on Tuesday via the dreaded C side extension triggering a quick liquidation drop back to test the singles of the previous day as the auction left a Neutral Extreme Day Down. This NeuX close was rejected with a higher open on Wednesday along with a slow probe to the upside till Friday open where BankNifty tested the selling singles from the Trend Day Down profile of 26th Nov (36778 to 36869) and left yet another initiative tail from 36745 to 36844 confirming that the OTF supply was defending this zone and after a brief balance in the first half, the auction made a trending move lower after leaving an extension handle at 36462 in the second half and went on to make a low of 36063 forming a DD (Double Distribution) Trend Day Down. The weekly profile is a 3-1-3 type forming a nice balance along with tails at both ends but has completely lower Value at 35916-36108-36444 and could lead to a imbalance in the coming session(s).
Weekly Hypos for Bank Nifty (Spot):
A)BankNifty needs a drive from 36291 for a rise to 36462 / 36612 / 36745 / 36869 / 37071 / 37320 / 37476 / 37620 / 37807
B) Accepting below 36108, the auction could test 35906 / 35712 / 35523 / 35416 / 35263 / 35080 / 34849 / 34690 / 34566
BNF (Weekly Profile) – 36350 [ 36966 / 36175 ]
BNF also continued the imbalance of last Friday’s Trend Day Down with a fall of more than 750 points in the opening 10 minutes on Monday but similar to NF saw swift rejection as it left a big initiative buying tail from 36851 to 36549 and went on to form a ‘p’ shape profile for the day with a prominent POC at 36074. The auction then gave an Open Drive Up on Tuesday from just above this POC giving a rise of 775 points as it made the dreaded C side extension and tested previous week’s extension handle of 36840 while making a high of 36849 and not only stopped the upmove but reversed the probe to the downside as it confirmed a FA (Failed Auction) at top and formed a Neutral Extreme (NeuX) Day down and falling by 1203 points testing the previous day’s buying singles as it made a low of 35646. This NeuX close was however rejected with a higher open on Wednesday which confirmed the presence of OTF (Other Time Frame) buyers in the 35850-35459 zone thus changing the PLR (Path of Least Resistance) to the upside as BNF went on to fill up Tuesday’s low volume zone and tagged the SOC (Scene Of Crime) at 36685 at close on Thursday where it formed a nice Gaussian profile with a prominent POC at 36467 and gave a strong open on Friday as it took support at previous day’s VAH of 36568 and went on to make new highs for the week at 36966 in the A period getting into the initiative selling tail of 36905 to 37094 from last Friday’s Trend Day but found the OTF sellers still active in this zone which also had the weekly VAL of 37016 which was seen in a fresh selling tail it left in the IB from 36873 to 36966 and formed a balance for the first half of the day but left an extension handle at 36567 in the G period triggering a trending move lower in the second half as it tagged Wednesday’s VPOC of 36220 while making a low of 36175 forming an outside bar and a DD (Double Distribution) on the daily timeframe. The weekly profile is a balanced 3-1-3 one with a close right in the middle as BNF formed completely lower Value at 36024-36464-36552 with the TPO POC at 36175 and has a selling tail from 36873 to 36966 which will need to be taken out for a fresh upside probe in the coming week whereas on the downside, the buying singles of 35645 to 35549 would need to be negated.
