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Nifty Spot: 22397 [ 22676 / 22314 ] Normal Variation (Down)
Previous week’s report ended with this ‘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‘
Monday - 22460 [ 22676 / 22429 ] - Outside Bar
Tuesday - 22497 [ 22522 / 22314 ] - Normal Variation (Up)
Wednesday - 22470 [ 22577 / 22329 ] - Normal Variation (Down)
Thursday - 22397 [ 22558 / 22377 ] - Neutral Extreme (Down)
Friday - Holiday
Nifty gave a rare follow through to a NeuX profile on Monday continuing the upmove from last week's close as it made new highs of 22676 for the month in the Initial Balance (IB) stalling right in the weekly selling tail (24-28 Feb) as the supply came back forcing an extension handle at 22498 and a spike lower to 22429 into the close.
The auction continued this imbalance to the downside with a gap down open on Tuesday hitting new lows for the week at 22314 but left an initiative buying tail in the IB indicating demand coming back as it went on to scale above 22498 while making a high of 22522 into the close resulting in a higher open on Wednesday which stalled just below Monnday's VPOC of 22589 constituting an Open Rejection Reverse to the downside and a drop of 248 points as it made similar lows at 22329. Tuesday's buying tail being defended made way for a test of Wednesday's selling singles on Thursday where Nifty made a typical C side extension confirming a FA (Failed Auction) at 22558 and a fall to 22377 leaving a hat-trick of days with overlapping Value.
The weekly profile is a Normal Variation One to the downside all be it on overlapping to higher Value at 22366-22434-22520 with an initial HVN at 22589 from where sellers pushed it lower to form a 3-day Gaussian Curve with a prominent POC at 22433 which will be the 2 important levels to watch out for in the coming week on the upside which if taken out can give a probe towards the extension handle of 22720 & the weekly VPOC of 22894 whereas on the downside, Nifty turns weaker below 22366 for a test of buy side levels of 22231 & 22133 along with the lower weekly VPOC of 22071 and buy tail from 22004.
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17th Mar (Monday) - 22508 [ 22577 / 22384 ] - Normal
18th Mar (Tuesday) - 22834 [ 22857 / 22599 ] - Normal Variation (Up)
19th Mar (Wednesday) - 22907 [ 22940 / 22807 ] - Normal Variation (Up)
20th Mar (Thursday) - 23190 [ 23216 / 22974 ] - Double Distribution (Up)
Up |
|---|
23199 - L TPO h/b (20 Mar) 23235 - Swing High (13 Feb) 23275 - E TPO h/b (11 Feb) 23307 - B TPO h/b (11 Feb) 23352 - POC (10 Feb) 23399 - VAH (10 Feb) |
Down |
|---|
23190 - Prev Close 23146 - Ext Handle (20 Mar) 23095 - 20 Mar Halfback 23050 - POC (20 Mar) 23014 - SOC (20 Mar) 22982 - Buy Tail (20 Mar) |
BankNifty Spot: 48060 [ 48599 / 47702 ] Normal Variation (Down)
Previous week’s report ended with this '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'
Monday - 48216 [ 48599 / 48124 ] - Normal Variation (Down)
Tuesday - 47854 [ 48029 / 47702 ] - Normal
Wednesday - 48056 [ 48222 / 47844 ] - Neutral Centre
Thursday - 48060 [ 48352 / 48006 ] - Neutral Extreme (Down)
Friday - Holiday
BankNifty opened lower on Monday but got swiftly rejected from 48285 giving Open Rejection Reverse start as it scaled back above 48479 but made similar highs of 48599 & 48593 in the IB suggesting exhaustion and began to consolidate around the 48479 level before making an attempt to continue higher in the H period which once again stopped at 48584 triggering a long liquidation drop into the close with an extension handle at 48285 and new lows of 48124.
The auction continued the closing imbalance with a 342 point gap down on Tuesday where it went on to break below the important level of 47833 along with the May 2024 POC of 47726 while making a low of 47702 but left a small and important A period buying tail confirming support in this zone forming a narrow range Normal Day with a prominent POC at 47872 which was followed by a Neutral Day with a FA at 48222 on Wednesday but the downside could not sustain below 47872 leading to a close around the day's prominent POC of 48050. Thursday saw a similar auction as the upside probe stalled with a typical C side extension to 48352 stalling right below Monday's Halfback shaping another Neutral Day where the probe lower left poor lows at 48009 & 48006 before closing around the prominent 2-day POC of 48069.
This week's profile was shaping up as a Double Distribution One to the downside which almost completed the 3 IB objective but the extension handle of 48285 got tested on the last day turning it into a Normal Variation week with completely lower Value at 47799-47875-48206 with the closing 2-day POC of 48069 being the immediate reference on the upside for the coming week with the higher references being at 48365 & 48500 whereas on the downside, this week's POC of 47875 will be the immediate support below which the buying tail from 47761 and 05th Jun's levels of 47664 & 47588 could come into play.
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17th Mar (Monday) - 48354 [ 48481 / 48196 ] - Normal ('p' shape)
18th Mar (Tuesday) - 49314 [ 49400 / 48629 ] - Normal Variation (Up)
19th Mar (Wednesday) - 49702 [ 49807 / 49325 ] - Normal Variation (Up)
20th Mar (Thursday) - 50062 [ 50155 / 49771 ] - Normal Variation (Up)
Up |
|---|
50091 - L TPO h/b (20 Mar) 50220 - 1 ATR (VPOC 48765) 50383 - Weekly VPOC (03-07 Feb) 50481 - 2-day VAH (05-06 Feb) 50596 - 1 ATR (VPOC 49963) 50738 - SOC (Jan) |
Down |
|---|
50028 - M TPO h/b (20 Mar) 49920 - SOC (20 Mar) 49765 - VPOC (19 Mar) 49633 - C TPO h/b (19 Mar) 49510 - B TPO h/b (19 Mar) 49386 - Buy Tail mid (19 Mar) |
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