Love Vtrender Charts? Check out our new offer!
Nifty Spot: 22552 [ 22633 / 21964 ] Neutral Extreme (Up)
Previous week’s report ended with this ‘The weekly profile is also a Double Distribution (DD) Trend Down one with an initiative selling tail from 22625 to 22720 and completely lower Value at 22384-22574-22666 with a close around the lows but as mentioned above Friday's POC shifting lower to 22132 could mean profit booking hence will act as the immediate reference for the coming week above which the immediate extension handle of 22216 and the weekly DD zone from 22300 to 22508 could come into play whereas on the downside, the 2024 HVN of 22056 will be the immediate support below which Nifty could go for a test of the June 2024 buying tail from 21791‘
Monday - 22119 [ 22261 / 22004 ] Normal
Tuesday - 22082 [ 22105 / 21964 ] Normal (p shape)
Wednesday - 22337 [ 22394 / 22067 ] Normal Variation (Up)
Thursday - 22544 [ 22556 / 22245 ] Normal Variation (Up)
Friday - 22552 [ 22633 / 22464 ] Normal (Gaussian Curve)
Nifty opened higher on Monday negating the immediate level of 22216 as it went on to make a high of 22261 where it saw swift rejection confirming an ORR (Open Rejection Reverse) resulting in a break of previous week's low forming a 'b' shape profile with poor lows taking support just above the BRN of 22000 which was repaired by a probe lower at open on Tuesday where it hit 21964 but gave another ORR this time to the upside as it left an important initiative buying tail and formed a narrow range 'p' shape profile signalling return of buyers.
The auction gave more confirmation about the PLR (Path of Least Resistance) changing to the upside with an Open Drive on Wednesday along with an OTF (One Time Frame) probe higher till the G period as it made a high of 22394 showing signs of acceptance in the weekly DD zone from 22300 to 22508 confirming a weekly FA at 21964 and followed it up with yet another buying tail in the IB (Initial Balance) on Thursday where it went on to forge new highs of 22556 stalling just below previous week's POC of 22574.
Friday's IB not only saw Nifty tagging 22574 but also saw the completion of the 1 ATR target of 22604 from the weekly FA of 21964 but after which it made couple of attempts to extend but could only manage marginal new highs of 22633 getting back into balance mode as it formed a nice Gaussian Curve with a close around the prominent POC of 22562. The weekly profile is a Neutral Extreme one to the upside with overlapping to lower Value at 21991-22071-22428 but the close above value means the PLR for the coming week will be towards the extension handle of 22720 and the higher weekly VPOCs of 22894 & 23068 whereas on the downside, acceptance below Friday's value could trigger a test of 22361, 22231 & 22071 if sellers continue to pile on.
Click here to view this week’s MarketProfile of Nifty on Vtrender Charts
10th Mar - 22460 [ 22676 / 22429 ] Normal Variation (Down) - Outside Bar
11th Mar - 22497 [ 22522 / 22314 ] Normal Variation (Up)
11th Mar - 22470 [ 22577 / 22329 ] Normal Variation (Down)
Up |
|---|
22494 - PBH (12 Mar) 22545 - Sell Tail mid (12 Mar) 22589 - VPOC (10 Mar) 22644 - VAH (10 Mar) 22694 - Gap mid (24 Feb) 22720 - Ext Handle |
Down |
|---|
22467 - POC (12 Mar) 22416 - I TPO h/b (12 Mar) 22368 - H TPO h/b (12 Mar) 22314 - Swing Low (11 Mar) 22265 - Ext Handle (05 Mar) 22211 - Buy Tail (05 Mar) |
BankNifty Spot: 48497 [ 48839 / 47841 ] Normal Variation (Up)
Previous week’s report ended with this 'The weekly profile is a Neutral One with mostly lower Value at 48245-48643-48733 displaying swift rejection at previous week's POC of 48935 hence the Swing PLR remains to the downside with this week's POC of 48643 being the new reference for the sellers to hold whereas on the downside, the immediate support would be the monthly swing low of 47844 which coincides with the 2024 VAL and below it we have the May 2024 POC of 47726 which if broken and held can give more downside in the coming week(s)'
Monday - 48114 [ 48574 / 47841 ] Normal
Tuesday - 48245 [ 48374 / 47924 ] - Normal (p shape)
Wednesday - 48489 [ 48657 / 48190 ] Normal
Thursday - 48627 [ 48839 / 48299 ] - Normal (3-1-3)
Friday - 48497 [ 48709 / 48359 ] - Normal Variation (Up)
BankNifty opened with a gap up on Monday but the upside probe in the A period was swiftly rejected right at last Friday's FA of 48574 triggering a big drop of 733 points in the IB as it broke below the monthly swing low of 47844 but could only manage 47841 taking support just above 05th Jun's VPOC of 47833 and yet again displaying that the buyers were defending the VAL of 2024 resulting in a Normal Day and a 'b' shape profile which was followed up with an initiative buying tail and a 'p' shape profile on Tuesday which though being an inside bar re-confirming that the demand was back.
The auction then left yet another buying tail in the A period on Wednesday giving an Open Test Drive and went on to tag previous week's POC of 48643 while making a high of 48657 in the IB but could note extend leaving yet another 'p' shape profile on the daily closing around the prominent POC of 48479 and made an attempt to move away at the open on Thursday but the probe above weekly VAH was met with supply inducing an A period selling tail but the drop lower in the B TPO took support at 48299 giving way to a 3-1-3 profile for the day.
Friday continued to form Value in the same zone testing both sides of the tails of previous session but was unable to negate either evolving a nice 3-day balance with the prominent POC at 47479. The weekly profile is a Normal Variation to the upside with mostly overlapping Value at 48213-48479-48693 with a selling tail from 48709 to 48839 which will be the supply zone to watch for the coming week which if taken out could trigger a upmove towards 49290, 50049 & 50383 whereas on the downside, BankNifty remains weak below 48479 with immediate support at 48213 and the lower zone once again being the 2024 VAL of 47833 along with May 2024 POC of 47726 and a decisive break of which can trigger a probe towards the lower levels of 05th Jun at 47308 & 47069.
Click here to view this week’s MarketProfile of BankNifty on Vtrender Charts
10th Mar - 48216 [ 48599 / 48124 ] Normal Variation (Down)
11th Mar - 47854 [ 48029 / 47702 ] - Normal
12th Mar - 48056 [ 48222 / 47844 ] Neutral Centre
Up |
|---|
48050 - POC (12 Mar) 48150 - PBH (12 Mar) 48222 - FA (12 Mar) 48365 - 10 Mar Halfback 48500 - VPOC (10 Mar) 48629 - E TPO h/b (07 Mar) |
Down |
|---|
48033 - 12 Mar Halfback 47945 - H TPO h/b (12 Mar) 47841 - Buy tail (Mar) 47731 - IB Tail mid (11 Mar) 47588 - F TPO h/b (05 Jun) 47472 - 2 ATR (MFA 53888) |
Markets don't move because indicators change.
Indicators change because markets move.
A practical reference for NSE & BSE derivatives traders. 366 pages, built to sit open beside live charts.