Nifty Spot Weekly Profile (12th to 16th August)
Spot Weekly 11048 [ 11146 / 10901 ]
Last week’s report ended with this ‘the close was away from Value so the coming week may see a balance being formed between the HVNs of 11192 & 10890‘ and this is what exactly happened this week as Nifty made pretty big range on Monday where it made a high of 11146 at open and trended lower all day to make a low of 10901 taking support just above the HVN of 10890 after which the remaining 2 days in the holiday shortened week stayed put inside this range making a nice balance on the weekly filling up previous week’s low volume zone. Nifty has made an inside bar on the weekly though the Value was higher at 10979-11042-11079 and the auction looks set to give a move away from this balance in the coming week.
Weekly Hypos for Nifty (Spot):
A) Nifty needs to get above 11078-090 for a move to 11121-131 & 11156-160
B) Immediate support is at 11025 below which the auction could test 10985-973 & 10955-921
C) Above 11160, Nifty can probe higher to 11184-192 & 11237
D) Below 10921, lower levels of 10890-869 & 10850 could come into play
E) If 11237 is taken out & sustained, Nifty can have a fresh leg up to 11267-290 / 11310-320 & 11343-355
F) Break of 10850 could bring lower levels of 10818-815 / 10789-765 & 10747
NF (Weekly Profile)
11065 [11145 / 10910]
Last week’s report ended with this ‘NF needs to remain above 11120 to continue higher else could form a balance between 11120 & 10965 in the coming week’ and similar to what Nifty did, NF also followed the same pattern as it made a big range day of 235 points on Tuesday (Monday was a holiday this week) as it made a high of 11145 at open where it got rejected after which it stayed below 11120 and went on to trend lower for the day not only breaking below 10965 but went on to spike lower to close below the weekly POC of 10935 as it made lows of 10910. This spike however was rejected on Wednesday as the auction stayed above 10935 and probed higher to tag 11100 to leave a ‘p’ shape profile on the daily and after another holiday this week on Thursday, NF made a replica of the previous day’s auction on Friday as it gapped lower making lows of 10925 at open but once again was swiftly rejected to make a similar range along with another ‘p’ shape profile. On the weekly time frame, NF has made a nice balance between 11120 & 10965 (as was mentioned in the previous week’s report) with Value this week at 10984-11061-11108 and has a good chance of giving a move away from this balance provided it gets accepted above 11145 or below 10926 in the coming week.
BankNifty Spot Weekly Profile (12th to 16th August)
28217 [ 28358 / 27683 ]
BankNifty opened with a gap down along with an OH (Open=High) start at 28358 this week & drove lower on the first day giving a trending move down of 675 points on Tuesday as it made lows of 27683 taking support just above previous week’s POC of 27655. The auction then stayed inside this range for the remaining 2 days of the week to make a nice balance on the weekly with overlapping to higher Value at 27888-28038-28221 along with a tail at top. The selling tail from 28432 to 28251 would be the immediate reference on the upside in the coming week if BankNifty manages to sustain above 28225. On the downside, 28165 is immediate support below which 28038-021 would be the important level to watch.
Weekly Hypos for BankNifty (Spot):
A) BankNifty needs to sustain above 28225-251 for a move to 28308-338 / 28391 & 28463-474
B) Immediate support is at 28166 below which the auction can test 28106-102 / 28057-021 & 27976-963
C) Above 28474, BankNifty can probe higher to 28561 / 28612-646 & 28710-731
D) Below 27963, lower levels of 27888 / 27826-805 & 27725-720 could come into play
E) If 28731 is taken out, BankNifty could rise to 28816 / 28876-901 & 28980-985
F) Break of 27720 could trigger a move lower to 27683-640 / 27570-545 & 27495-474
G) Sustaining above 28985, the auction can tag higher levels of 29045-105 / 29156-175 & 29241
H) Staying below 27474, BankNifty can probe down to 27435-390 / 27310 & 27240-225
BNF (Weekly Profile)
28260 [ 28490 / 27682 ]
BNF made a high of 28490 at open this week on Tuesday (which was the first trading day) after which it gave a drive down as it went on to take out the singles of 28350 to 28240 negating the weekly extension handle and continued to trend lower all day completing the 80% Rule in previous week’s Value of 28144 to 27688 as it made a low of 27682 leaving a huge 808 point range for the day. The remaining 2 days of the week (as we had another holiday on Thursday) stayed within this range as the auction made an outside bar on Friday with a high – low of 28310 – 27750 to set up a 3-1-3 profile on the weekly with a nice balance in the middle from 27937-28280. The tail at top is from 28310 to 28490 whereas the tail at lows can be taken from 27750 to 27682 and the coming week could give a move away from this balance provided one of the tail is taken out effectively.
