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Nifty Spot: 24968 [ 25255 / 24918 ] Neural Extreme (Down)
Previous week’s report ended with this ‘Nifty opened below previous value but got demand resulting in a probe higher and implementing the 80% Rule in the Weekly Value hitting the POC which was the first objective at 25546 but could not sustain above it which forced the longs to book out the invited the sellers to step in who then forged a trending move down into the close leaving a Neutral Extreme weekly profile to the downside with overlapping to lower Value at 25355-25452-25523'
14 Jul (Monday) - 25082 [ 25151 / 25002 ] Normal Variation (Down)
15 Jul (Tuesday) - 25195 [ 25245 / 25088 ] Normal Variation (Up)
16 Jul (Wednesday) - 25212 [ 25255 / 25121 ] Neutral
17 Jul (Thursday) - 25111 [ 255238 / 25101 ] Normal Variation (Down)
18 Jul (Friday) - 24968 [ 25144 / 24918 ] Normal Variation (Down)
Nifty began the week with a test of the June POC & VWAP of 25109 & 25007 respectively while making a low of 25002 forming a balanced profile indicating some demand coming back after which it probed higher on Tuesday & Wednesday testing previous week's lower extension handle of 25244 but could only manage to leave similar highs at 25255 signalling sellers holding this zone which was further confirmed by a small initiative selling tail on Thursday leaving a Swing high on the daily along with a nice 3-day Gaussian Curve with a close around the lows.
Friday open gave the evidence of the auction moving from balance to imbalance with the strongest Open of the week breaking below Monday's low of 25002 forming a 'b' shape profile as it made a low of 24918. The weekly profile is once again a Neutral Extreme one to the downside but this time with completely lower Value at 25056-25190-25236 and is expected to continue lower in the coming session(s) towards the unvisited weekly POC of 24790 (16-20 Jun) and the buying tail from 24593 to 24473 (09-13 Jun) as long as it stays below the June POC of 25109
Click here to view this week’s MarketProfile of Nifty on Vtrender Charts
21 Jul (Monday) - 25090 [ 25111 / 24882 ] Normal ('p' shape)
22 Jul (Tuesday) - 25060 [ 25182 / 25035 ] Normal Variation (Down)
23 Jul (Wednesday) - 25219 [ 25233 / 25085 ] Trend (Up)
24 Jul (Wednesday) - 25062 [ 25246 / 25018 ] Trend (Down)
Up |
|---|
25070 - M TPO high (24 Jul) 25114 - E TPO tail (24 Jul) 25154 - Ext Handle (24 Jul) 25196 - Sell Tail (24 Jul) 25246 - PDH (24 Jul) 25284 - B TPO h/b (11 Jul) |
Down |
|---|
25062 - Prev Close (24 Jul) 25022 - VAL (24 Jul) 24988 - PBL (21 Jul) 24930 - Buy Tail (21 Jul) 24882 - Swing Low (21 Jul) 24840 - Buy tail mid (23 Jun) |
BankNifty Spot: 56283 [ 57276 / 56204 ] Neutral Extreme (Down)
Previous week’s report ended with this 'The weekly profile similar to Nifty is an elongated 1696 points Trend One to the upside with an extension handle at 56205 and completely higher Value of 56287-56608-57234 with a close in an imbalance which can continue towards the 2 ATR objective of 57606 from the FA as the immediate objective along with the 1 ATR target of 58177 from this week's POC of 56609 as the higher aim as long as sustain above the closing HVN of 57370'
14 Jul (Monday) - 56765 [ 56896 / 56594 ] Normal
15 Jul (Tuesday) - 57006 [ 57135 / 56707 ] Normal ('p' shape)
16 Jul (Wednesday) - 57169 [ 57276 / 56937 ] Neutral
17 Jul (Thursday) - 56828 [ 57262 / 56780 ] Normal Variation (Down)
18 Jul (Friday) - 56283 [ 56705 / 56204 ] Normal Variation (Down)
BankNifty opened the week with a look down below June's POC of 56608 on Monday but could only manage to tag 56594 showing signs of buyers coming back as it formed a 2-day balance and more confirmation came in form of an Open Test Drive to the upside on Tuesday where it got back into previous week's Value triggering the 80% Rule and promptly hit the first objective which was the POC at 57121. The auction completed the remainder of the 80% Rule on Wednesday making a look up above weekly VAH of 57262 but could not sustain showing signs of supply getting more dominant.
Sellers then got more aggressive on Thursday at open Leaving an initiative tail and achieving the reverse 80% Rule set up in the weekly Value with a close around the lows suggesting that BankNifty wants to move away from this zone and rightly so Friday not only saw a lower open but yet another A period selling tail with a probe below Monday's low making way for a drop to the extension handle of 56205 (23-27 Jun) which is where it stopped to the dot leaving a 'b' shape profile on the daily. The weekly profile which was resembling a Gaussian Curve for most part of the week with completely overlapping Value at 56687-57016-57260 closed for the second week running as a Neutral Extreme One to the downside with an extension handle at 56594 which could now show change of polarity on any bounce in the coming week whereas on the downside, below 56205 BankNifty can go for the test of the lower weekly VPOC at 55682 (16-20 Jun) and the buying tail from 55376 to 55149 (09-13 Jun)
Click here to view this week’s MarketProfile of BankNifty on Vtrender Charts
21 Jul (Monday) - 56952 [ 56983 / 56255 ] Normal Variation (Up)
22 Jul (Tuesday) - 56756 [ 57286 / 56692 ] Normal Variation (Down)
23 Jul (Wednesday) - 57210 [ 57249 / 56715 ] Triple Distribution (Up)
24 Jul (Wednesday) - 57066 [ 57316 / 56850 ] Normal Variation (Down)
Up |
|---|
57078 - POC (24 Jul) 57239 - Sell Tail mid (24 Jul) 57316 - PDH (24 Jul) 57422 - Weekly VPOC (30Jun-04Jul) 57533 - Sell tail (Jul) 57687 - Weekly ATR |
Down |
|---|
57066 - Prev Close (24 Jul) 56955 - SOC (24 Jul) 56822 - VPOC (23 Jul) 56722 - Buy Tail (23 Jul) 56616 - B TPO h/b (21 Jul) 56455 - A TPO h/b (21 Jul) |
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