Weekly Spot Charts (25th to 29th Sep 2023) and Market Profile Analysis

Nifty opened with a probe lower in the Initial Balance (IB) repairing the poor lows of 19657 from previous week as it hit 19617 and made a hat-trick of Range Extensions (RE) lower but could only manage to tag 19601 indicating lack of fresh supply and went on to reverse the probe to the upside even making an extension in the H TPO where it made new highs of 19734 stalling right below previous week’s POC of 19735 resulting in a Neutral Centre Day

The auction remained in a narrow 62 point range forming a Normal Day filling up previous profile as it formed an ultra prominent POC at 19675 and for the second successive day closed around it

began with a move away from the 2-day balance to the downside as Nifty tagged the lower weekly VPOC of 19574 while making new lows for the week at 19558 in the IB but made the dreaded C side extension to 19554 which was swifty rejected resulting in a FA being confirmed at lows and not only completed the 1 ATR objective of 19685 but spike higher to 19730 leaving a Neutral Extreme (NeuX) Day Up

saw a rare follow up to a NeuX profile but opening higher but saw big profit booking along with fresh supply coming in as it made an Open Rejection Reverse start and went on to form an ideal Trend Day Down overlapping the entire week’s range and breaking below the FA of 19554 as it made a low of 19492 but seemed like the selling climax as the dPOC shifted lower to 19542 into the close

filled up Thursday’s elongated profile after leaving an initiative buying tail from 19574 to 19551 and follwed by an extension handle at 19610 as it formed a Double Distribution Day hitting a high of 19726 once again stalling just below the 19735 reference for this week triggering a liquidation break in the L & M TPOs and retracing down to 19618

BankNifty continued previous week’s imbalance with a probe lower in the IB where it tagged the prominent weekly VPOC of 4467 while making a low of 44425 after which it made couple of REs lower but could only manage to hit 44401 suggesting that the downside move was over for the day after which it not only confirmed a FA at lows but also completed the 1 ATR target of 44868 as it went on to make a high of 44936 where it left a responsive selling tail till 44889 and saw the dPOC shift higher to 44838 indicating profit booking by the buyers

remained in a narrow 241 point range forming an inside bar which filled up the middle part of Monday’s profile staying between the yPOC of 44838 on the upside and the SOC of 44520 on the downside building a prominent POC at 44638 with all but the B TPO stacked up there

The auction started with a probe lower as it not only revisited Monday’s FA of 44401 but went on to make a look down below the weekly singles from 44256 to 44207 as it made a low of 44202 in the IB but made the dreaded C side extension to 44182 which was swiftly rejected resulting in the second FA for the week which completed the 1 ATR objective of 44630 and tagged Tuesday’s prominent POC of 44638 while making a high of 44668 leaving yet another NeuX Day Up

BankNifty continued to play FA – FA as this time it played out a typical C side set up confirming the third FA of the week but the first one to come on the upside at 44756 which triggered an OTF (One Time Frame) move lower for the rest of the day completing the 1 ATR target of 44295 while making a low of 44248 completing the 3rd NeuX day of the week

It was time for balance to return after the back to back NeuX profile in opposite directions as the auction rejected Thursday’s NeuX close not only opening higher but left an initiative buying tail from 44488 to 44344 and made a slow probe higher forming a ‘p’ shape profile for the day as it made a high of 44755 stalling just below the FA of 44756 building a prominent POC at 44609