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Nifty Spot: 23560 [ 23807 / 23222 ] Double Distribution (Up)
Previous week’s report ended with this ‘The weekly profile is a Neutral Extreme one to the upside forming a Double Outside Bar in terms of both range and value which is at 23030-23494-23624 and will need to hold 23494 and take out 23624 for more upside in the coming week whereas staying below it could bring in a test of the RO point of 23428 and a break of that could get the hat-trick of daily VPOCs of 23269, 23138 & 23892 into play for the coming week‘
Monday - 23361 [ 23381 / 23222 ] Normal
Tuesday - 23739 [ 23762 / 23423 ] Neutral Extreme (Up)
Wednesday - 23696 [ 23807 / 23680 ] Normal (Spike Close)
Thursday - 23603 [ 23773 / 23556 ] Normal Variation ('b' shape)
Friday - 23560 [ 23694 / 23443 ] Neutral
Nifty opened the week with a big gap down of 162 points and went on to break below the first of the daily VPOCs of 23269 while making a low of 23222 in the Initial Balance (IB) where it left a tiny buying tail and formed a narrow range Normal Day indicating not much supply coming in in this zone as it went on to make marginal range extensions (RE) to the upside in the second half hitting new highs of 23381 which was followed by a gap up of 148 points on Tuesday as it scaled back above previous week's POC of 23494 and made a high of 23582 in the IB. The auction then made a typical C side extension lower in an attempt to close the gap but could only manage to tag 23423 taking support around the Feb RollOver (RO) point of 23428 indicating demand coming back resulting in a Failed Auction (FA) being confirmed and a trending move higher for rest of the day as it not only scaled above previous week's value and completed the 1 ATR objective of 23656 but went on to make a high of 23762 into the close leaving a Neutral Extreme (NeuX) Day Up.
Wednesday saw a rare follow up to a NeuX profile as Nifty opened higher hitting 23807 but stalled right in the weekly selling zone from 23800 to 23911 (06-10 Jan) leaving a small tail marking the return of supply and end of upside for the week as it formed a narrow range Gaussian Curve with a prominent POC at 23736 and followed it with an initiative selling tail on Thursday where it formed a 'b' shape long liquidation profile with completely lower value. The buyers made an attempt to get back on Friday attempting a RE but failed leaving a FA at 23694 and the auction went on to complete the 1 ATR target of 23451 while making a low of 23443 holding just above Monday's FA of 23423 and giving a bounce back to 23560 into the close leaving a Neutral Day.
The weekly profile is a Double Distribution (DD) Trend one to the upside with a small lower distribution making way through the DD singles from 23369 to 23436 to a bigger 4-day comsposite forming overlapping to higher Value at 23444-23573-23744 with the 2 FAs of 23423 & 23694 being the Swing references for the coming week with the DD zone being a minor support.
Click here to view this week’s MarketProfile of Nifty on Vtrender Charts
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23081 - M TPO high 23133 - H TPO h/b (11 Feb) 23188 - 11 Feb Halfback 23233 - Ext Handle (11 Feb) 23275 - E TPO h/b (11 Feb) 23317 - Weekly IBL |
Down |
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23069 - POC (11 Feb) 23006 - Buy tail (11 Fan) 22968 - M TPO h/b (28 Jan) 22930 - SOC (28 Jan) 22892 - VPOC (28 Jan) 22857 - FA (28 Jan) |
BankNifty Spot: 50158 [ 50641 / 48906 ] Double Distribution (Up)
Previous week’s report ended with this ‘The weekly profile is a Double Distribution Trend One Up with an early extension handle at 48273 with a very bulky upper balance where this week's Value is positioned at 48842-49091-49679 and will be the zone to watch in the coming week with the weekly VPOC of 50193 being the immediate objective on the upside along with the higher one of 50851 being the other one whereas on the downside, this week's opening day's VPOC of 48160 will be an important target if BankNifty stays below 49517 & takes out 49091 with initiative selling‘
Monday - 49210 [ 49373 / 48906 ] Normal
Tuesday - 50158 [ 50206 / 49482 ] - Normal
Wednesday - 50343 [ 50522 / 50215 ] - Normal
Thursday - 50382 [ 50553 / 50149 ] - Normal (Outside Bar)
Friday - 50158 [ 50641 / 49871 ] - Normal Variation (Down)
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Click here to view this week’s MarketProfile of BankNifty on Vtrender Charts
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