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Nifty Spot: 22828 [ 22923 / 21743 ] Triple Distribution (Up)
Previous week’s report ended with this ‘The weekly profile is a Double Distribution Trend one to the downside with an initiative selling tail from 23553 to 23565 and the DD zone from 23136 to 23074 forming completely lower Value at 23005-23266-23349 with the closing HVN of 22964 being the immediate supply level for the coming week whereas on the downside, Nifty could go for a test of the March's DD base at 22668 along with the weekly extension handle of 22560 & March's POC of 22491 respectively with the final support being at the Swing Low of 22314‘
Monday - 22161 [ 22254 / 21743 ] Normal (3-1-3)
Tuesday - 22535 [ 22697 / 22270 ] Neutral
Wednesday - 22399 [ 22468 / 22353 ] Normal
Thursday - Holiday
Friday - 22828 [ 22923 / 22695 ] Normal
Nifty opened with an unprecedented gap down of 1146 points right in the June 2024 monthly singles from 21791 to 21281 as it made a low of 21743 and expectedly got long term buyers interested as could be seen in the A period buying tail it left till 21796 and formed a Normal Day building a base at 21986 before giving a mini spike from 22190 to 22254 into the close.
This spike was accepted n Tuesday where it made a low of 22270 where as on the upside hit 22697 re-confirming the upward bias as the auction formed a big 426 point range Neutral profile and followed up the 2-day imbalance of almost 1000 points with a narrow 115 point range Non-Trend Day and Inside Bar on Wednesday building a prominent POC at 22402.
The holiday on Thursday subsequently led to a decent gap up with Nifty making an OL (Open=Low) start right at Tuesday's high and negated the extension handle of 22857 in the IB (Initial Balance) even making couple of attempts to extend higher but stalled just below the Monthly IBL of 22940 while making a high of 22923 leaving a 'p' shape profile for the day with a close at the prominent POC of 22832. The weekly profile is a Triple Distribution one to the upside with an initiative tail from 21797 to 21743 followed by extension handles at 22210 & 22672 forming completely lower Value at 22188-22402-22922 as the POC remains firm in the middle distribution which is also the Monthly POC hence remains strong support with the immediate reference being the upper most HVN of 22832 staying above which Nifty could go for a test of the weekly extension handle of 23136 & VPOC of 23266 in the coming week along with the higher VPOC of 23602.
Click here to view this week’s MarketProfile of Nifty on Vtrender Charts
15 Apr (Tuesday) - 23328 [ 23368 / 23207 ] Normal ('p' shape)
16 Apr (Wednesday) - 23437 [ 23452 / 23273 ] Neutral Extreme (Up)
Up |
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23440 - Sell tail (16 Apr) 23500 - B TPO h/b (01 Apr) 23553 - Sell Tail (01 Apr) 23602 - Weekly VPOC 23649 - FA (28 Mar) 23723 - Weekly VAH 23770 - SOC (25 Mar) 23826 - Sell Tail (25 Mar) |
Down |
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23436 - M TPO h/b (16 Apr) 23395 - J TPO tail (16 Apr) 23334 - POC (16 Apr) 23273 - FA (16 Apr) 23207 - Weekly IBL 23136 - SOC (Apr) 23098 - Gap mid (15 Apr) 23041 - 1 ATR (POC 23309) |
BankNifty Spot: 51002 [ 51244 / 49156 ] Normal Variation (Up)
Previous week’s report ended with this 'The weekly profile is a Normal One too thanks to the big range it had on the first day with almost overlapping Value at 51139-51475-51734 which has left a clear sign of rejection at the top with a selling tail from 51801 to 51893 hence will remain weak if stays below the POC of 51475 for a repair of the poor lows of 50906 & 50742 along with a test of March's extension handle of 50672 and a break of which can bring in lower levels of 50470 & 49920 into play'
Monday - 49860 [ 50426 / 49156 ] Normal
Tuesday - 50511 [ 50793 / 50030 ] Normal Variation (Down)
Wednesday - 50240 [ 50496 / 49910 ] Normal Variation (Down)
Thursday - Holiday
Friday - 51002 [ 51244 / 50634 ] Normal Variation (Up)
BankNifty also opened the week with a huge 2166 point gap down on Monday testing the mid-profile singles zone from 49291 to 49174 (17-21 Mar profile) as it made a low of 49242 in the IB indicating buyers defending after which it remained in the A period range all day and made an attempt to extend lower in the G TPO breaking the extension handle of 49174 but could only manage to tag 49156 re-confirming presence of OTF buyers triggering a bonce higher to 50041 into the close a it tested the initiative selling tail.
The auction then opened with a gap up of over 500 points on Tuesday and continued to probe higher getting back into previous week's range but stalled at 50793 suggesting exhaustion and return of some supply causing a big C side extension to 50030 which got typically rejected as previous day's selling tail showed change of polarity and the day ended with a nice Gaussian Curve with a prominent POC at 50494. The sellers made an attempt to push lower on Wednesday after opening below 50494 even making couple of REs (Range Extension) in the C & D TPOs taking BankNifty back into Monday's Value but could not sustain resulting in another Gaussian Curve on the daily with the dPOC at 50249.
Friday saw a higher open well above the last 2 POCs of 50249 & 50494 as buyers took back control and were successful not only in making new highs for the week but also entered previous week's Value where left similar highs near the 2024 POC of 51214 causing a retracement back to 50900 into the K before making it a hat-trick to close at the day's POC which was at 51011. The weekly profile is a Normal Variation One to the upside with completely lower Value at 49579-50262-50718 which will be an important zone to watch as structure wise we have a nice balance and have closed well above Value so could go for the higher VPOC at 51475 & the selling tail from 51801 in the coming session(s).
Click here to view this week’s MarketProfile of BankNifty on Vtrender Charts
15 Apr (Tuesday) - 52379 [ 52486 / 51863 ] Normal ('p' shape)
16 Apr (Wednesday) - 53117 [ 53164 / 52471 ] Double Distribution (Up)
Up |
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53153 - Sell tail (16 Apr) 53276 - PBH (17 Dec) 53421 - A TPO h/b (17 Dec) 53578 - Dec VPOC 53738 - Swing High (16 Dec) 53857 - Sell tail (05 Dec) 53941 - Weekly VAL (23-27 Sep) 54071 - Weekly VPOC (23-27 Sep) |
Down |
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53079 - M TPO low (16 Apr) 52949 - J TPO h/b (16 Apr) 52818 - 16 Apr Halfback 52679 - D TPO h/b (16 Apr) 52541 - IB Tail mid (16 Apr) 52400 - VAH (15 Apr) 52276 - PBL (15 Apr) 52163 - 15 Apr Halfback |
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