Weekly hypos for the week dated 01st Jan- 05th Jan ( spot prices)

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Most of the auction of last week was above the high volume pocket placed at 10476 placed in the week prior. The range of trade was a paltry 92 points and the bulk of volume was transacted at 10494 during the week. We continue to see these 2 volume clusters supporting the index for now. However, if the Nifty was to drop below these points it could extend the drop to 10380.

 

Nifty weekly spot TPO profiles:

 

n_weekly

 

 

In the chart above we see the Nifty auctioning well above the 10470 Volume Node of last week and creating a higher volume cluster at 10495. Between these 2 volume clusters, the market is protected from downsides and the path remains up.

 

For the week ahead here are the expectations ( valid until Friday 05th Jan)

 

  1. The 10470 and the 10495 zones are the supports during the week
  2. Any move above staying above these 2 points likely to push the index to 10600 and 10464
  3. A move below 10470 likely to drop the index down to 10380 and 10345
  4. Buying should re-emerge closer to 10345- 10380.

 

For tradeable ideas on these hypos visit the trading room.

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Bank Nifty weekly spot profiles:

 

bn_weekly

 

In the past two weeks, we have seen the BN attempting an auction over the high volume cluster of 25800  but not able to cross that cluster from Nov series. In fact, the highs through Dec were at 25780. We also have another high volume pocket at 25670 which is of the P profile from 18 to 25 Dec.  The BN would be unable to make decisive progress above it is stays below these volume points. The Path of least resistance in BN is downwards below 25800.

 

 

Here are the expectations ( valid until Friday 05th Jan)

 

  1. The BN has supply building at 25670 and 25800 directly above
  2. Last week lows at 25430 are a support but below that the drop could extend to the LVN at 25320 and 25200 HVN below it.
  3. A slight positive bias is expected to come in the index if price trades above 25650 but even then the zone at 25800 would be tough to cross.

 

For tradeable ideas on these hypos visit the trading room.

If not a member you can get immediate access at – https://in.explara.com/e/vtrender–trading–room/checkout