Weekly hypos for the week dated 06th Nov- 10th Nov ( spot prices)

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Last week we got a DD profile in the Nifty and the BankNifty which was a continuation of the Trend up seen in the settlement week. The 2 uptrending profiles of the last 2 weeks should give way to a more consolidating profile in the week ahead. Last week we expected 10410 to provide supply to the index but instead, the index was strong above the zone for 2 and a half sessions and created short-term value above it. We identify this value as the region of the Upper distribution as would play a role in the settlement of the Nov series.  The BN was much stronger and even broke higher in Friday’s session.

 

Both indices are managing well above the recent 2-month-old balance and trending higher above it. The NIfty has broken higher above the composite highs of 10135-10180 and the higher time frame is bullish above it whereas the BN staying higher than 25170- 25250 is also having Buyers in control and driving the auction to a new value.

 

Nifty weekly spot profiles:

 

n_weekly

 

 

The weekly profile is a Double distribution with a POC at 10430 in the upper VA. This would pave the way for a consolidation around this zone now in the series ahead. Accordingly, the series is now defined to be within 10580 spot on the higher side and 10301 on the lower.

 

Here are the hypos ( valid until Friday 10th Nov)

 

  1. Consolidation expected near the higher quadrants of the profile
  2. LIkely range of the auction in the week to be 10500- 10545 on the higher side and 10406- 10360 on the lower
  3. Use dips to 10360 to initiate new long positions
  4. The 10545-10555 zone likely to be used to initiate shorts or liquidate longs

 

For tradeable ideas on these hypos visit the trading room.

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Bank Nifty weekly spot profiles:

 

bn_weekly

 

 

The BN weekly profile is also a DD and the BN crossed above the multi-month bracket and Failed auction of 25200 effortlessly paving the way for a ride higher. The coming week should see the BN continue towards 26000 – 26200 where some supply is expected to come as short-term objectives of the run up get met.

 

Here are the hypos ( valid until Friday 10th Nov)

 

  1. The BN has a strong support near 25400
  2. The rise seen last week should continue to 26000- 26200
  3. Use dips to 25400 to initiate long positions
  4. The expected range to be contained within 26000- 25400.

 

 

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