Nifty Spot Weekly Profile (30th Aug to 03rd Sep 2021)
17323 [ 17340 / 16765 ]
Previous week’s report ended with this ‘The weekly profile looks like a composite ‘p’ with mostly higher Value at 16545-16635-16713 and fresh demand above 16694 in the coming session(s) could mean the start of a fresh upmove resulting in a spike close to the August monthly profile whereas 16635 will be the reference on the downside and acceptance below it could bring a test of the daily VPOC of 16534 & the daily extension handle of 16375’
Nifty not only made a gap up open on Monday above 16694 but confirmed a Drive Up as it made an almost OL (Open=Low) start at 16765 and probed higher all day leaving an extension handle at 16891 while forming new ATH of 16951 and continued this imbalance on Tuesday with a Trend Day Up as it left an important PBL (Pull Back Low) at 16983 along with an extension handle at 17060 and a zone of singles from 17078 to 17124 to close the calender month of August around the highs of 17153. Wednesday open saw the auction getting accepted above previous day’s high leading to new ATH of 17225 in the B period where it left a small selling tail at top indicating that the demand was getting exhausted and this led to a test of the previous day’s singles of 17124 to 17078 and the extension handle of 17060 as Nifty closed in a small spike of 17076 to 17055 and opened higher on Thursday but tested this spike zone as it got rejected from 17059 confirming an ORR (Open Rejection Reverse) start indicating that the buyers were back in the game. The auction then left couple of extension handles at 17138 & 17196 and went on to hit new highs for the week at 17245 and continued this probe higher on Friday as it marked 17312 in the IB but saw 2 equal forces fighting it out as it first made multiple REs (Range Extension) lower but got stalled at 17212 holding above the extension handle of 17196 and left a PBL at 17228 leading to a late RE on the upside in the ‘I’ period before closing the week with a mini-spike from 17321 to 17340.
The weekly profile is a Trend Up One with a big range of 575 points & completely higher Value at 17016-17112-17292 and staying above 17312 could continue to probe higher in the coming session(s) towards 17379 & 17472 whereas acceptance below 17276 may trigger a probe lower towards 17228 & the 2nd Sep VPOC of 17177.
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 17340 for a probe to 17379 / 17424 / 17472 / 17502 / 17555 / 17622 / 17684
B) Accepting below 17321 could lead to a test of 17276 / 17228 / 17177 / 17138 / 17099 / 17049 / 16962
NF (Weekly Profile) – 17329 [ 17342 / 16775 ]
NF started the week with a move away from previous Value with an initiative buying tail from 16847 to 16775 on Monday as it went on to close around the highs of 16960 and continued this imbalance to the upside with a Trend Day Up on Tuesday where it left a PBL at 16996 & an extension handle at 17069 before closing in a spike from 17090 to 17144 which got accepted at open on Wednesday where it made new highs of 17228 & made a retracement back into the spike zone and went on to almost test the extension handle of 17069 at open on Thursday where it made a low of 17072 and gave a strong rejection to the upside which led to the second Trend Day Up of the week with new extension handles at 17155 & 17215. Friday then saw a balance being formed for most part of the day as NF formed a Gaussian Curve before making new highs into the close at 17329 giving a perfect close around the highs to the Trending Weekly Profile with completely higher Value at 17040-17124-17255.
BankNifty Spot Weekly Profile (30th Aug to 03rd Sep 2021)
36761 [ 37140 / 35722 ]
Previous week’s report ended with this ‘The weekly profile represents a ‘p’ shape which implies short covering with overlapping to lower Value at 35378-35588-35784 with the ultra prominent POC of 35588 being the immediate reference for the coming session(s) on the downside along with the buying extension handles of 35429 & 35263 below which the the auction could tag the lower HVN of 35080 whereas on the upside, BankNifty will need to first negate this week’s selling singles of 35795 to 35910 for a probe towards the daily & weekly VPOCs of 36024 & 36113 respectively’
BankNifty opened the week with a strong bullish bias as it left an initiative buying tail from 35821 to 35722 in the IB (Initial Balance) and couple of extension handles at 35868 & 36183 tagging the first objectives of 36024 & 36113 while forming a Double Distribution Trend Day Up making a high of 36398 and followed it up with a narrow range balanced & Neutral Centre profile on Tuesday with a close around the prominent POC of 36426. The auction then seemed to give a move away from this POC as it not only opened higher on Wednesday but continued to rise in the IB while hitting new highs for the week at 36998 but formed a Normal Day as it remained in the IB range all day and made couple of attempts to get back into Tuesday’s Gaussian profile in the A & B periods on Thursday as it made similar lows of 36469 & 36470 indicating exhaution on the downside and this led to a short covering ‘p’ shape profile for the day and this upside probe continued at open on Friday as BankNifty formed new highs of the week at 37140 but left a small selling tail in the IB signalling the end of the upside probe of the week which triggered a long liquidation drop of 577 points in the first half of the day after which it made a ‘b’ shape profile with a close around the prominent POC of 36874 leaving 3 days of overlapping Value at 36615-36755-36859.
The weekly profile looks like a composite ‘p’ with completely higher Value at 36348-36738-36889 and the close around the POC means that the auction could give a move away from here in the coming week.
Click here to view this week’s auction in BankNifty with respect to previous week’s profile on MPLite
Weekly Hypos for Bank Nifty (Spot):
A) BankNifty needs a drive from 36784 for a rise to 36865 / 36961 / 37100 / 37188 / 37331 / 37480 / 37625
B) Accepting below 36738, the auction could test 36615 / 36426 / 36334 / 36183 / 36048 / 35966 / 35868
Extended Weekly Hypos
C) Above 37625, can expect higher levels of 37730 / 37825 / 37930 / 38025 / 38220 / 38350 / 38482 / 38610
D) Below 35868, the auction could fall to 35715 / 35588 / 35416 / 35263 / 35168 / 35080 / 34973 / 34849
BNF (Weekly Profile) – 36900 [ 37240 / 35820 ]
BNF opened well above last week’s prominent POC of 35728 on Monday with an OL (Open=Low) start at 35820 and gave a drive to the upside as it tagged the weekly VPOC of 36288 in the C period itself after which it gave a late extension handle in the day at 36305 and went on to make a high of 36532 into the close. The auction continues this imbalance on Tuesday as it made higher highs of 36690 but this time the late RE to the upside in the ‘H’ period did not hold triggering a small liquidation break and a RE to the downside where it made a low of 36322 getting rejected from just above Monday’s extension handle of 36305 leaving a Neutral Centre Day. BNF then made another Drive to the upside on Wednesday as it formed a big IB range of 527 points while hitting new highs of 37085 but could not extend any further due to lack of new demand and remained in the IB all day to leave a Normal Day and opened lower on Thursday where it got fresh buying as it left a tail in the IB and followed it up with an extension handle in the C period at 36744 making a probe back to 36973 before giving a spike into the close to 37034. Friday open saw the continuation of this spike as the auction scale above 37085 and registered new highs for the week at 37249 in the A period but could not sustain and the entry back into previous day’s range in the ‘C’ period led to a long liquidation ‘b’ shape profile for the day as BNF made a low of 36670 before closing at this week’s prominent POC of 36858. The weekly profile is an elongated one to the upside with completely higher Value at 36480-36858-36984 and could continue to probe higher provided it gets fresh demand once again above 36858 in the coming session(s).