Nifty Spot Weekly Profile (31st Dec – 4th Jan)
Nifty Spot has poor highs at top of the weekly profile thanks to the similar highs of 10923 made on Monday & Tuesday. It made a nice balance in the upper most part till Wednesday afternoon from where it moved down leaving an extension handle of 10840 on daily and made a smaller balance lower between 10810 & 10760 in the second half of Wednesday & the first couple of hours on Thursday from where it gave another move lower leaving another extension handle on daily at 10750 and went on to make a nice distribution in the lowest part of the profile between 10730-10675 with closing around the VAH of the lowest profile. The Value formed on weekly is of similar range though is overlapping to the higher side, the weekly Value Area is 10718-10872-10910
NF (Weekly Profile)
NF trended lower all week making lower lows & lower highs each day but has made almost similar Value as previous week’s and was almost an inside week as well as it got rejected both on Monday & Tuesday when it tried to move above previous week’s high. This week also has 2 HVNs at 10914 & 10755 so unless NF moves away from one of these HVNs on good volumes, we could have another range bound week ahead. The weekly Value Area is 10767-10914-10935
BankNifty Spot Weekly Profile (31st Dec – 4th Jan)
BankNifty Spot continued the balance it has been in for the third consecutive week & saw a narrow range for the week & a nice bell profile in the making with Value being almost inside previous week’s Value with an almost overlapping POC. This week saw Value & Price play catch up in BankNifty with first price running away from Value on Tuesday with the reverse happening on Wednesday when price came down but Value was formed higher. Thursday & Friday saw both Value & Price getting in sync but the sequence of forming lower value one day & higher the next continued which indicates BN has been in a bracket which is getting matured & could give a move away from here in the coming week. The weekly Value Area is 27005-27175-27205
BNF (Weekly Profile)
BNF on the weekly has made a nice balanced profile and a relatively narrow range. It has a high volume zone between 27285-27315 which could act as support in the coming week & staying above it, BNF has good chance of moving higher to test recent swing highs & more. Support below 27285 is another HVN at 27200 level below which BNF would get weak. The weekly Value Area is 27136-27304-27360
