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Nifty Spot: 23851 [ 23872 / 23207 ] Double Distribution Trend (Up)
Previous week’s report ended with this ‘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‘
Monday - Holiday
Tuesday - 23328 [ 23368 / 23207 ] Normal ('p' shape)
Wednesday - 23437 [ 23452 / 23273 ] Neutral Extreme (Up)
Thursday - 23851 [ 23872 / 23298 ] Trend (Up)
Friday - Holiday
Nifty continued previous week's imbalance to the upside with a big 540 point gap up open on Tuesday well above the extension handle of 23136 and remained bullish as it left an A period tail at the VPOC of 23266 inspite of making an OH (Open=High) start at 23368 forming a Normal Day and a 'p' shape profile and continued to remain in this value on Wednesday forming a narrow 96 point range IB (Initial Balance) after which it made an attempt to extend lower but got rejected confirming a Failed Auction (FA) at 23273 while making a Neutral Extreme (NeuX) Close at new highs of 23437.
The auction as expected did not give a follow up the NeuX profile as it opened lower on Thursday breaking below the extension handle of 23372 and swiping through the 2-day Value while making a low of 23298 taking support just above the FA and leaving yet another A period singles indicating demand coming in which got more confirmation in the big RE (Range Extension) it made in the E TPO triggering a massive trending move of 438 points as it swiped through the balanced value of the weekly profile from 24th to 28th Mar and went on to test the 25th Swing High of 23869 while hitting 23872 into the close.
The weekly profile is a Double Distribution (DD) Trend Up one with an initiative buying tail combined with a FA at 23273 which has formed completely higher Value at 23255-23309-23487 and has the DD singles from 23761 to 23452 which will be the support zone going forward and will need to get accepted above the closing HVN of 23855 for more upside with the weekly extension handle of 23910 along with selling tail from 24054 (06th to 10th Jan) being the immediate objectives above which we have the important supply zone from 24143 to 24196 on watch and a gatepass of that could give a fresh upmove towards higher weekly extension handle of 24601 from 16th to 20th Dec.
Click here to view this week’s MarketProfile of Nifty on Vtrender Charts
21 Apr (Monday) - 24125 [ 24189 / 23903 ] Normal Variation (Up)
22 Apr (Tuesday) - 24167 [ 24242 / 24072 ] Normal ('p' shape)
23 Apr (Wednesday) - 24329 [ 24359 / 24119 ] Normal Variation (Down)
24 Apr (Thursday) - 24249 [ 24347 / 24216 ] Normal ('b' shape)
Up |
|---|
24257 - M TPO high (24 Apr) 24313 - Sell Tail (24 Apr) 24347 - Sell tail (Apr) 24394 - VPOC (17 Dec) 24463 - 17 Dec halfback 24522 - C TPO tail (17 Dec) |
Down |
|---|
24244 - VAL (24 Apr) 24216 - VPOC (23 Apr) 24169 - Buy tail (23 Apr) 24099 - IB Tail mid (22 Apr) 24046 - 21 Apr Halfback 23982 - Buy Tail (21 Apr) |
BankNifty Spot: 54290 [ 54407 / 51863 ] Trend (Up)
Previous week’s report ended with this '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)'
Monday - Holiday
Tuesday - 52379 [ 52486 / 51863 ] Normal ('p' shape)
Wednesday - 53117 [ 53164 / 52471 ] Double Distribution (Up)
Thursday - 54290 [ 54407 / 53085 ] Trend (Up)
Friday - Holiday
BankNifty opened the week with a huge gap up of 1296 points on Tuesday displaying change of polarity at previous supply level of 51801 as it got accepted above the April series RO (Roll Over) point of 51880 seen in the A period buying tail from 52105 to 51863 and formed Value above the recent swing highs of 51893 & 52064 leaving a 'p' shape profile for the day with a prominent POC at 52322 and a mini spike to 52486 into the close which showed acceptance at open on Wednesday as the buyers left yet another A period singles from 52612 to 52471 forcing some more short covering and another 'p' shape profile till the I TPO after which rest of the supply threw in the towel in the J leaving an extension handle at 52881 and racing to make new highs of 53164 into the close.
The demand continued aggressively at open on Thursday too as the auction made it a hat-trick of leaving initiative buying tails this time from 53346 to 53085 and after a small consolidation till the D period resumed the imbalance with 3 extension handles resulting in a melt up to 54407 in the I TPO where it paused just below the ATH of 54467 forming a mini balance for the rest of the day with the dPOC shifting higher to 54298 where it eventually close leaving a Trend Up Day.
The weekly profile is also an elongated 2544 points range Trend Up one with completely higher Value at 51865-52322-53329 which began with a gap up and continued to attract initiative buying not only taking out the nearest weekly VPOC of 51475 but also the Dec 2024 & Sep 2024 ones of 53453 & 54071 respectively with a close around the All Time High of 54467 so we have only clear skies above it with immediate support being the zone from 54000 to 53800 for the coming week.
Click here to view this week’s MarketProfile of BankNifty on Vtrender Charts
21 Apr (Monday) - 55304 [ 55461 / 54675 ] Normal Variation (Up)
22 Apr (Tuesday) - 55647 [ 55961 / 55243 ] Normal Variation (Up)
23 Apr (Wednesday) - 55370 [ 56098 / 55162 ] Normal ('b' shape)
24 Apr (Thursday) - 55201 [ 55550 / 55088 ] Normal
Up |
|---|
55237 - L TPO h/b (24 Apr) 55400 - PBH (24 Apr) 55555 - B TPO h/b (23 Apr) 55683 - POC (22 Apr) 55834 - A TPO h/b (23 Apr) 55961 - Sell tail (Apr) 56098 - ATH |
Down |
|---|
55201 - Prev Close (24 Apr) 55068 - 21 Apr Halfback 54944 - A TPO h/b (21 Apr) 54809 - IB tail mid (21 Apr) 54675 - Weekly IBL 54552 - 1 ATR (Halfback 55318) 54407 - Ext Handle (Apr) |
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