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Nifty Spot: 24008 [ 24526 / 23935 ] Trend (Down)
Previous week’s report ended with this ‘The weekly profile is a well balanced one with overlapping to higher Value at 24272-24334-24396 and a close around the ultra prominent POC of 24334 which will act as a magnet unless there is an initiative move away from here in the coming week with Friday's SOC (Scene Of Crime) at 24516 and the Dec 2024 extension handle of 24601 being the immediate supply levels to watch out for whereas on the downside, this week's initiative buying tail from 24174 to 24054 will be the demand zone‘
Monday - 24461 [ 24526 / 24400 ] Normal
Tuesday - 24379 [ 24509 / 24331 ] Normal Variation ('b' shape)
Wednesday - 24414 [ 24449 / 24220 ] Normal
Thursday - 24273 [ 24447 / 24150 ] Trend Day (Down)
Friday - 24008 [ 24164 / 23935 ] Normal
Nifty opened above previous week's Value on Monday and made couple of attempts to extend but stalled right at the SOC of 24516 leaving similar highs at 24526 & 24523 indicating supply being stronger than demand in this zone as it left a narrow range Normal Day and followed it with an initiative selling tail on Tuesday as it made an entry back into the weekly Value and tagged the prominent POC of 24333 into the close.
The auction made an attempt to get back above the weekly VAH at open on Wednesday but was rejected after which it made a swipe through the weekly balance completing the 80% Rule in the A TPO itself but the look down below also did not sustain resulting in another Normal Day with completely overlapping value and saw yet another attempt to get above weekly VAH at open on Thursday where it made it a hat-trick of confirming an initiative selling tail and this time paved way for an elongated 297 point range Trend Day Down testing previous week's buying tail from 24174 to 24054 while making a low of 24150.
Friday saw a continuation of the imbalance with a big 338 point gap down open where Nifty made an OL (Open=Low) start just above the 02nd May VPOC of 24393 and made an attempt to get back into Thursday's range but was rejected after which it got into coil mode leaving a nice Gaussian Curve and the third Normal Day of the week. The weekly profile is a Double Distribution (DD) Trend one to the downside with completely overlapping Value at 24270-24389-24509 from where it has moved away with the help an extension handle at 24220 and a fast zone till 24121 which is the DD singles on watch for the coming week above which it could attempt to repair the poor highs whereas on the downside, immediate support will be the closing HVN of 24012 below which it could go for a test of the weekly extension handles of 23648 & 23452.
Click here to view this week’s MarketProfile of Nifty on Vtrender Charts
12 May (Monday) - 24924 [ 24944 / 24378 ] Trend (Up)
13 May (Tuesday) - 24578 [ 24973 / 24547 ] Normal Variation (Down)
14 May (Wednesday) - 24666 [ 24767 / 24535 ] Neutral Centre
15 May (Thursday) - 25062 [ 25116 / 24494 ] Trend Day (Up)
Up |
|---|
25063 - M TPO high (15 May) 25106 - Sell tail (15 May) 25160 - Sell Tail (15 Oct) 25221 - Sell tail (09 Oct) 25312 - SOC (04 Oct) 25359 - 1 ATR (MFA 23935) |
Down |
|---|
25049 - M TPO h/b (15 May) 25003 - Ext Handle (15 May) 24944 - SOC (May) 24888 - Ext Handle (15 May) 24807 - 15 May Halfback 24762 - H TPO h/b (15 may) |
BankNifty Spot: 53595 [ 55345 / 53483 ] Trend (Down)
Previous week’s report ended with this 'BankNifty has formed an inside 3-1-3 profile on the weekly thanks to the 'p' shape profile on Monday with an initiative buying tail from 55121 to 54582 which was followed by an opposite 'b' shape long liquidation profile on Tuesday with an A period selling tail from 55708 to 55957 as the remaining 2 days remained inside this zone forming a nice balanced and overlapping value area zone at 55176-55466-55569 as the magnet of 55353 held its effect and did not give the gatepass for a move away and will continue to remain the important reference for the coming week with an initiative move needing to take out one of the tails of the current week'
Monday - 54919 [ 55345 / 54786 ] Normal Variation (Down)
Tuesday - 54271 [ 55037 / 54173 ] Normal Variation (Spike)
Wednesday - 54610 [ 54684 / 53919 ] Normal
Thursday - 54365 [ 54937 / 54108] Trend Day (Down)
Friday - 53595 [ 54054 / 53483 ] Normal
BankNifty has formed an elongated Trend Down profile of 1862 points after leaving an initiative selling tail from 55180 to 55345 on Monday right at previous week's VAL after which it not only took out the buying singles from the last 2 weekly profiles but went on to test the extension handle of 53525 from 15th to 17th Apr while making a low of 53483 on Friday showing some signs of demand coming back. The weekly value was completely lower at 54285-54517-55089 and has an extension handle at 54108 which will be the immediate supply point for the coming week whereas on the downside, sustaining below 53525 could trigger a test of the lower extension handles of 53164 & 52877 along with the HVNs of 52784 & 52322.
Click here to view this week’s MarketProfile of BankNifty on Vtrender Charts
12 May (Monday) - 55382 [ 55466 / 54558 ] Normal Variation (Up)
13 May (Tuesday) - 54940 [ 55499 / 54888 ] Normal Variation (Down)
14 May (Wednesday) - 54801 [ 55208 / 54491 ] Double Distribution (Down)
15 May (Thursday) - 55355 [ 55490 / 54442] Trend Day (Up)
Up |
|---|
55345 - POC (15 May) 55462 - Sell tail (15 May) 55594 - Sell Tail (02 May) 55715 - A TPO h/b (29 Apr) 55961 - Sell tail (Apr) 56098 - ATH |
Down |
|---|
55302 - PBL (15 May) 55160 - I TPO h/b (15 May) 55011 - May POC 54872 - H TPO h/b (15 May) 54742 - SOC (15 May) 54570 - PBL (15 May) |
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