Nifty Spot Weekly Profile (30th Jan to 03rd Feb 2023)
18027 [ 18183 / 17853 ]
Previous week’s report ended with this ‘The weekly profile is an elongated one of 708 points Neutral Extreme One to the downside with completely overlapping Range and Value at 17748-18120-18192 with a FA at 18201 and has closed in an imbalance which can be expected to continue in the coming week if the auction remains below 17559 with the immediate objective below 17478 being the 2 ATR target of 17392 & the October Monthly VWAP & VPOC of 17350 & 17260’
- Monday – Nifty opened below 17559 & tagged the weekly VPOC of 17478 as it made a low of 17446 but was swiftly rejected forming a 263 point range in the A period hitting a high of 17709 after which it remained in this range for most part of the day with an attempt to extend lower in the J TPO resulting in a responsive buying tail from 17446 to 17405 and a balanced 3-1-3 profile filling up last Friday’s DD low volume zone
- Tuesday – The auction opened higher hitting new highs for the week at 17735 but could not get into previous week’s Value as it left an initiative selling tail & formed a narrow range inside bar & a Normal Day with completely inside Value completing a nice 3-day balance with Value at 17525-17609-17669 in a build up seen for the upcoming Budget Day session
- Wednesday – was a day divided into 2 parts with the open being above the 3-day Value which not only was accepted but even led to a big RE in the G period followed by new highs of 17972 in the H where Nifty stalled in the 25th Jan mid-profile singles from 17964 to 18016 reversing the probe to the downside leaving a SOC (Scene Of Crime) at 17903 along with an extension handle at 17719 as it went on to drop to 17353 in the L TPO almost tagging the Oct VWAP of 17350 but left a long responsive tail till 17494 leaving an elongated 619 point range Neutral Extreme (NeuX) Day
- Thursday – saw an expected return to balance as the auction filled up the lower part of previous day’s profile complimenting the responsive buying tail with an initiative one from 17491 to 17445 forming a Normal Day with a high of 17654 and a prominent POC at 17577
- Friday – Nifty made a higher open tagging Wednesday’s extension handle of 17719 but could not sustain triggering a probe back into previous day’s range & value as it even made couple of REs and made new lows of 17584 in the D period stalling just above the yPOC of 17577 indicating that the demand seen over the last 2 days (in form of the responsive & initiative buying tail) was defending and this led to a trending move for the rest of the day as the auction left couple of extension handles at 17741 & 17765 and went on to make a high of 17870 leaving a Neutral Extreme Day Up
Click here to view this week’s MarketProfile charts in Nifty with respect to the previous week on MPLite
The weekly profile in spite of being a Neutral Extreme one to the upside is a well balanced one with completely lower Value at 17496-17616-17700 and has left a FA at lows of 17354 which has completed the 1 ATR objective of 17779 but will need to get above 17903 & sustain for a chance to go for previous week’s VPOC of 18120 & the 2 ATR target of 18204 from this week’s FA whereas on the downside, the zone of 17765-740 would be the first level of support below which Nifty could go in for a probe lower to 17699, 17577 & 17491
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 17861 for a probe to 17903 / 17972 / 18028 / 18092 / 18152 / 18231 / 18271
B) Accepting below 17817 could lead to a test of 17765 / 17699 / 17616 / 17577 / 17494 / 17445 / 17405
NF (Weekly Profile) – 17902 [ 18063 / 17472 ]
NF has formed a nice balance on the weekly timeframe with completely lower Value at 17588-17684-17796 thanks to the big Outside Day of 592 points it made on 01st Feb, the Budget Day where it saw big two sided moves right in the middle of the week. The close has been above the VAH so the PLR remains to the upside for the coming week but an entry back into the balance could trigger the 80% Rule to the downside.
BankNifty Spot Weekly Profile (30th Jan to 03rd Feb 2023)
42506 [ 42715 / 41861 ]
Previous week’s profile was a Trend One Down with an elongated range of 2930 points as it started the week with a 2-day balance bulding a prominent POC at 42792 before making 2 big long liquidation daily profile of 1193 points & 1269 points as it not only tagged the twin weekly VPOCs of 41472 & 41292 but went on to hit even the lower one at 40344 while making a low of 40148 with the Value forming an outside bar at 40896-42492-43068.
- This week started with the continuation of the imbalance to the downside in form of a 1370 points range 3-1-3 profile on Monday which made new lows for the month at 39419 but left a strong responsive buying tail and saw the dPOC also shift lower to 39768 indicating short covering and was followed by a higher open on Tuesday as the buyers managed to extend the range to hit new highs for the week at 40811. The auction then made another higher open on the important Budget Day session though settled down into an OAOR till the F period before taking of with a big RE to the upside in the G and followed up with another one in the H where it made a high of 42015 stalling just below the C side extension handle of 42049 from 25th Jan leaving a responsive selling tail there making the entry of supply which triggered a humoungous 2525 point drop to 39490 into the L TPO where it held just above Monday’s lows and confirmed a long responsive buying tail till 40358 leaving a Neutral Extreme Day Down.
- It made a balance & an inside bar on Thursday following up with an initiative buying tail from 40065 to 39761 leaving a ‘p’ shape profile with a prominent POC at 40297 and closed the week with another NeuX profile but this time to the upside as it opened with a big gap up on Friday and the attempt to probe lower gave a responsive buying tail from 40725 to 40609 paving way for a big RE to the upside and a high of 41540. The weekly profile is a Normal Variation one to the upside with mostly lower Value at 39876-40365-41052 but has closed well above the Value indicating further upmove in the coming week.
Click here to view this week’s MarketProfile charts in BankNifty with respect to the previous week on MPLite
Weekly Hypos for BankNifty (Spot):
A) BankNifty needs a drive from 41590 for a rise to 41847 / 42049 / 42320 / 42422 / 42615 / 42792 / 42936
B) Accepting below 41421, the auction could test 41284 / 41192 / 40902 / 40725 / 40513 / 40297 / 40065
BNF (Weekly Profile) – 41638 [ 42251 / 39718 ]
BNF has also formed a balanced profile on the weekly with mostly lower Value at 40428-40806-41301 inspite of the huge 2533 point range that it made on a single day middle of the week but has closed well above the VAH and the HVN of 41490 which will be the immediate reference on the downside for the coming week.