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Nifty Spot: 24631 [ 24702 / 24347 ] Normal Variation (Up)
Previous week’s report ended with this ‘The weekly profile for the 5th one in a row is once again a Neutral Extreme one to the downside with yet another Failed Auction (FA) confirmed at 24736 and has formed overlapping to lower Value at 24476-24622-24733 with a close around the lows so looks set to tag the 1 ATR target of 24211 from this week's FA below which the lower objective will be the weekly swing low of 23935 whereas on the upside, 24432 will be the immediate supply point with 24554 now being a major Swing reference for the rest of the month'
11 Aug (Monday) - 24585 [ 24600 / 24347 ] Trend (Up)
12 Aug (Tuesday) - 24487 [ 24702 / 24465 ] Normal Variation (Down)
13 Aug (Wednesday) - 24619 [ 24664 / 24535 ] Normal Variation (Up)
14 Aug (Thursday) - 24631 [ 24673 / 24596 ] Neutral Centre
15 Aug (Friday) - Holiday
Nifty held previous week's low at open on Monday leaving a small but significant buying tail indicating that the sellers were not adding resulting in a Trend Day to the upside as it not only got above the first hurdle of 24432 with ease but went on to take out the swing reference of 24554 while making a high of 24600 and continued this imbalance with a probe above the weekly POC of 24622 while making a high of 24702 in the IB (Initial Balance) on Tuesday but left an equally important selling tail just below the FA of 24736 triggering a probe lower to 24465 is it took support at Monday's halfback of 24474.
The auction then formed 2 narrow range inside days on Wednesday & Thursday leaving a 3-day balance with Value at 24576-24649-24660 with a close right in the middle with the weekly profile also being an Inside Bar both in terms of range and value but the good thing was that for the first time in 6 weeks it was a buyer dominated Normal Variation one with the Value at 24541-24649-24663 and has a good chance of giving a move away from this 2-week composite with the upside objectives being the weekly FAs of 24736 & 24956 along with the VPOC at 25059 and the major one at July's extension handle of 25331 whereas on the downside, break of Swing Low of 24337 can start a probe towards the lower objectives of 24211 & HVN of 24008 below which can test the Swing low of 23935
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18 Aug (Monday) - 24877 [ 25022 / 24852 ] Normal
19 Aug (Tuesday) - 24980 [ 25012 / 24874 ] Normal Variation (Up)
20 Aug (Wednesday) - 25050 [ 25088 / 24927 ] Normal Variation (Up)
21 Aug (Thursday) - 25083 [ 25153 / 25054 ] Normal
Up |
|---|
25098 - L TPO h/b (21-Aug) 25144 - Sell tail (21 Aug) 25196 - Sell Tail (24 Jul) 25246 - PDH (24 Jul) 25284 - B TPO h/b (11 Jul) 25331 - Ext Handle (Jul) |
Down |
|---|
25083 - Prev Close 25043 - VPOC (20 Aug) 25008 - 20 Aug Halfback 24947 - Buy Tail (20 Aug) 24899 - B TPO h/b (19 Aug) 24852 - Weekly IBL |
BankNifty Spot: 55341 [ 55582 / 54927 ] Normal Variation (Up)
Previous week’s report ended with this 'This week's profile is once again a Normal Variation one to the downside but with completely lower Value at 55086-55131-55486 and a close around the lows so the imbalance to the downside will be on as long as it remains below 55131 with the important support of 55355 now being a Swing reference on the upside'
11 Aug (Monday) - 55510 [ 55582 / 54927 ] Normal Variation (Up)
12 Aug (Tuesday) - 55043 [ 55566 / 55001 ] Normal Variation (Down)
13 Aug (Wednesday) - 55181 [ 55340 / 55027 ] Normal Variation (Down)
14 Aug (Thursday) - 55341 [ 55472 / 55074 ] Normal ('p' shape)
15 Aug (Friday) - Holiday
BankNifty also could not take out previous lows at open on Monday and left an initiative buying tail from 55035 to 54927 and not only got back into previous week's Value but completed the 80% Rule in the well balanced zone even making a look up above it made a high of 55582 but could not sustain hinting at lack of demand at weekly VAH of 55486 after which it made another attempt to get above it in the Initial Balance (IB) on Tuesday but left a selling tail confirming that the upside was getting capped and retraced most of the upmove of Monday as it tested the buying singles taking support at 55001.
The auction then formed 2 narrow range Inside Days on Wednesday & Thursday forming a well balanced Gaussian Curve and an inside week both in terms of range and value looking set for a move to imbalance from this zone of 55115-55178-55378 in the coming week with the upside objective being the VPOC of 56187 which coincides with August's RollOver point of 56170 whereas on the downside, it can go for a test of the buying tail of 54491 from Swing Low of 15th May.
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18 Aug (Monday) - 55734 [ 56156 / 55647 ] Normal Variation (Down)
19 Aug (Tuesday) - 55865 [ 55965 / 55608 ] Normal Variation (Up)
20 Aug (Wednesday) - 55698 [ 55812 / 55577 ] Normal
21 Aug (Thursday) - 55755 [ 55993 / 55708 ] Normal
Up |
|---|
55783 - L TPO h/b (21-Aug) 55894 - PBH (21 Aug) 55965 - Sell Tail (21 Aug) 56090 - B TPO h/b (18 Aug) 56187 - Weekly VPOC (28Jul-01Aug) 56305 - VPOC (31 Jul) |
Down |
|---|
55755 - Prev Close 55688 - 20 Aug Halfback 55577 - Swing low (20 Aug) 55486 - Tail (12 Aug) 55338 - VPOC (14 Aug) 55178 - Weekly POC |
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