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Nifty Spot: 24718 [ 25222 / 24473 ] Neutral Extreme (Down)
Previous week’s report ended with this ‘The weekly profile is a Neutral Extreme one to the upside which was forming mostly lower Value at 24529-24592-24742 but saw an initiative move away confirming a weekly FA at 24502 and left important buy side handles at 24739 & 24899 looking all set to tag the 1 ATR objective of 25125 in the coming week along with the pending target of 25359 from May's monthly FA of 23935 too‘
Monday - 25103 [ 25160 / 25077 ] Normal
Tuesday - 25104 [ 25199 / 25055 ] Normal (3-1-3)
Wednesday - 25141 [ 25222 / 25081 ] Normal Variation (Up)
Thursday - 24888 [ 25196 / 24825 ] Trend (Down)
Friday - 24718 [ 24754 / 24473 ] Normal Variation (Up)
Nifty continued previous week's imbalance close with a higher open on Monday as it completed the 1 ATR target of 25125 but made an OH (Open=High) start at 25160 stalling right at the base of the weekly selling tail from 14th to 18th Oct 2024 indicating sellers coming back in this zone as it remained in a narrow 83 point range all day and made another higher open on Tuesday hitting 25199 but was swiftly rejected triggering new lows for the week at 25055 but for the second day remained in the A period range forming an Outside Bar and a 3-1-3 profile (balance with tails at both ends).
The auction then made an attempt to move away from the 2-day composite on Wednesday as it left a small but important initiative buying tail and made multiple REs (Range Extension) to the upside hitting new highs for the week at 25222 but once again could not take out the supply zone from the twin Swing highs of 25212 & 25234 (15th & 09th Oct 2024) leaving poor highs displaying exhaustion as it got back into the 2-day Value into the close signalling failure of buyers which was then taken advantage of by the sellers who not only began with an A period selling tail on Thursday but went on to trend lower leaving an extension handle at 25009 and negating last week's higher one of 24899 as it made a low of 24827.
Friday then saw a huge gap down of 415 points as Nifty made a look down below previous week's low & FA of 24502 but made an OL start at 24473 and got back into the well balanced weekly Value triggering the 80% Rule which it completed to the dot by making a high of 24754 stopping just below the monthly POC of 24757 leaving a 'p' shape profile. The weekly structure is a Neutral Extreme one to the downside which has formed completely higher Value at 24898-25109-25221 as the first 3 days was overlapping showing distribution and profit booking by buyers after which the sellers took control leaving couple of extension handles at 25009 & 24844 forcing an Outside Bar and will continue to hold the upper hand if take out the levels of 24680 & 24593.
Click here to view this week’s MarketProfile of Nifty on Vtrender Charts
16 Jun (Monday) - 24946 [ 24967 / 24703 ] Normal Variation (Up)
17 Jun (Tuesday) - 24853 [ 24982 / 24813 ] Normal ('b' shape)
18 Jun (Wednesday) - 24812 [ 24947 / 24750 ] Normal
19 Jun (Thursday) - 24793 [ 24863 / 24733 ] Normal
Up |
|---|
24805 - POC (19 Jun) 24849 - Sell Tail (19 Jun) 24885 - C TPO h/b (18 Jun) 24945 - Jun RO point 24982 - Swing high (17 Jun) 25048 - H TPO h/b (12 Jun) |
Down |
|---|
24772 - SOC (19 Jun) 24733 - Spike low (19 Jun) 24680 - VPOC (13 Jun) 24650 - PBL (13 Jun) 24593 - Buy Tail (13 Jun) 24533 - Buy Tail mid (13 Jun) |
BankNifty Spot: 55527 [ 57049 / 55149 ] Trend (Down)
Previous week’s report ended with this 'The weekly profile was shaping to be a Normal Variation one with overlapping to higher Value at 55530-55667-55866 but has given a spike close from 56161 to 56695 which will be the zone to watch in the coming week whereas above the spike it would remain bullish to continue probing unchartered territory'
Monday - 56839 [ 57049 / 56792 ] Normal
Tuesday - 56629 [ 57015 / 56564 ] Normal ('b' shape)
Wednesday - 56459 [ 56782 / 56399 ] Neutral
Thursday - 56082 [ 56611 / 55968 ] Trend (Down)
Friday - 55527 [ 55688 / 55149 ] Normal Variation (Up)
BankNifty extended the spike close of previous week with a big gap up open of 471 points hitting new ATH of 57049 but left an OH (Open=High) start confirming an OAOR as it formed a narrow 257 points range IB (Initial Balance) and remained in it all day forming a prominent POC at 56919 clearly indicating profit booking by the buyers and confirmed reversal on the larger timeframe as it left an initiative selling tail from 56804 to 57015 on Tuesday forming a 'b' shape profile with similar lows at 56570.
The auction repaired the poor lows in the IB on Wednesday but in the process left a small buying tail as some demand tried to come back even forcing multiple REs (Range Extension) to the upside but could only manage to tag 56782 as previous day's supply came back in this zone triggering a drop lower into the close hitting new lows for the week at 56399 and continued this imbalance with another initiative selling tail from 56501 to 56611 on Thursday which brought in more supply resulting in a Trend Day Down not only negating the important level of 56161 but went on to record lows of 55968 closing in an imbalance.
Friday saw continuation of the fall with a big gap down of 933 points at 55149 but just like the start of the week was an OH one, the end was with an OL (Open=Low) as BankNifty left an A period buying tail till 55376 getting back above May's POC of 55320 and went on to tag previous week's prominent POC of 55667 while making a high of 55688 leaving a 'p' shape profile for the day. The weekly structure is an elongated Trend One Down which saw distribution by longs on the first day at 56919 and entry of aggressive shorts from next day as they left 2 extension handles at 56358 & 55980 on the way to swipe through the well balanced value zones of the last 2 weeks but left a buying tail at lows from 55149 to 55373 which will be the support for the coming week and the immediate resistance being the singles zone from 55635 to 55980 with Value being completely higher at 56151-56919-57031.
Click here to view this week’s MarketProfile of BankNifty on Vtrender Charts
16 Jun (Monday) - 55945 [ 55999 / 55381 ] Trend (Up)
17 Jun (Tuesday) - 55714 [ 56067 / 55644 ] Normal Variation (Down)
18 Jun (Wednesday) - 55828 [ 55933 / 55511 ] Normal
Up |
|---|
55858 - VAH (18 Jun) 55958 - Sell Tail (17Jun) 56123 - L TPO h/b (12 Jun) 56290 - VPOC (12 Jun) 56382 - Ext Handle (12 Jun) 56555 - Sell Tail mid (12 Jun) |
Down |
|---|
55816 - M TPO h/b (18 Jun) 55680 - VAL (18 Jun) 55561 - Buy Tail mid (18 Jun) 55440 - B TPO h/b (16 Jun) 55332 - A TPO h/b (13 Jun) 55149 - Swing Low (13 May) |
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