Weekly hypos for the week dated 27th Nov- 01st Dec ( spot prices)

Posted on Posted in Blog

In the week gone by, we saw consolidation and a migration of value higher on the weekly scale reconfirming that the Buyers had moved into the driving seat for the auction and the weakness of the previous week was erased. In Profile we tend to see placement of value through traded volumes as an indication of bias and the higher zone of trading in the week shows that Buyers and Sellers accepted last week’s range at 10260- 10400 as fair value for the market placing this zone above last week’s value zone which is a bullish tilt to the auction.

 

We reconfirm our stated objective for the auction at 10587, to begin with, after seeing that pullback lows were retest in the week gone by. That is discussed in our last week’s post which can be browsed at – http://vtrender.com/weekly-hypos-week-dated-20th-nov-24th-nov-spot-prices/

 

Since the big run up from 7892 levels, this market has corrected for a maximum of 491 points only and the last low of that correction was at 9686. From the start of 2017, the dips have measured 198, 260, 452, 491 and 396 for the last one. Correction theory points to a maximum of (452+491= 943) 943 points for any correction in the future from a pivot point high. Hence we believe this market could be on course for the second target of 11040 as discussed in our post last week.

 

zig

 

The zigzag in the chart above points to the weekly corrections in pink and the declines and upmoves are measured in points ( please zoom into chart)

 

Nifty weekly spot TPO profiles:

 

 

n_weekly

 

Last week we pointed to 10450 as the short-term objective of the volumes we had seen. The Nifty hit a high of 10404 in the week gone by and remains on course for the objective. Support now rises to 10346 the highest traded volumes in the week gone by.

 

Here are the hypos ( valid until Friday 01st Dec)

 

  1. The Nifty has risen above a short-term bracket and should find support at 10340 in the week ahead
  2. The objective of the rise is still at 10444 followed by 10510 and 10540 in the week ahead
  3. Can use dips to 10340 to buy into the market with stops below 10290 also
  4. A failure at 10290 can push the index down to 10160 and 10125 again.
  5. The zone between 10340- 10444 has the potential to form another sideways zone to cover the lack of volumes there.

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

 

 

Bank Nifty weekly spot profiles:

 

bn_weekly

 

 

Last week we expected BN to consolidate between 25600 on the lower side and 25930 on the higher side and the BN returned a well rounded Gaussian Profile in a 25870 to 25620 range. We see the BN trend out from this profile in the week ahead and should move to it’s destination at 26050-26100 in the week ahead.

 

Here are the hypos ( valid until Friday 01st Dec)

  1. The BN  could break above 25860 and move to 26041 and 26110 in the week ahead
  2. Support expected near 25700 on any dips before it does that.
  3. Dips to 25700 can be bought with stops below 25600 for 25860 and 26040.
  4. However, if 25600 is broken for any reason then BN could drop to 25380 quickly.

 

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