Weekly Spot Charts (13th to 17th Nov 2023) and Market Profile Analysis

Nifty opened higher but left an initiative selling tail from 19479 to 19494 getting back into previous week’s range & Value triggering the 80% Rule and went on to make a C side extension breaking below the weekly POC of 19434 as it made a low of 19414 but could not extend any further triggering a bounce back to the weekly VAH of 19456 where it left similar highs before closing the day at the prominent POC of 19449

The auction opened with a big 208 point gap up signalling a move away from balance and the start of a new trending move to the upside which was confirmed further with an A period buying tail from 19614 to 19579 as it formed a ‘p’ shape profile for the day with the POC at 19630 and a small spike higher to 19693 into the close

Nifty opened inside the spike zone and went on to test the yPOC of 19630 as it made a low of 19627 but was swiftly rejected triggering a trending move higher for most part of the day resulting in a huge 248 point upmove for the day which was the biggest daily range of the month as it went on to repair the weekly poor highs from October (19843 & 19849) while making a high of 19875 but left a small responsive selling tail just below the weekly selling extension handle of 19885 (18-22 Sep 2023) along with a Scene Of Crime (SOC) at 19816 causing a sharp liquidation drop down to 19722 into the close

saw a freak tick of 19667 at the open but could not sustain as it made a good bounce back to 19806 in the Initial Balance (IB) stalling right below the SOC of Thursday and could not extend any further forming a slow probe lower for the rest of the day inside the IB making a low of 19715 into the close leaving a ‘p’ shape profile for the day which filled up the low volume zone of Thursday and has a prominent POC at 19762