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Nifty Spot: 25112 [ 25136 / 24703 ] Normal Variation (Up)
Previous week’s report ended with this ‘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‘
Monday - 24946 [ 24967 / 24703 ] Normal Variation (Up)
Tuesday - 24853 [ 24982 / 24813 ] Normal ('b' shape)
Wednesday - 24812 [ 24947 / 24750 ] Normal
Thursday - 24793 [ 24863 / 24733 ] Normal
Friday - 25112 [ 25136 / 24783 ] Trend (Up)
Nifty made an OA (Open Auction) start on Monday staying above last Friday's POC of 24680 as the buyers showed some intent as seen in the tiny buying tail along with a B TPO halfback at 24739 it left in the IB (Initial Balance) followed by an extension handle at 24817 which not only negated the reference of 24844 but went on to scale into last week's mid-profile selling zone from 24926 to 25009 leaving similar highs at 24966 which it repaired with a higher open on Tuesday which was swiftly rejected with an A period selling tail from 24982 to 24908 forcing a long liquidation 'b' shape profile and a Normal Day with lows of 24813 signalling return of supply.
The auction then opened lower on Wednesday but confirmed an ORR (Open Rejection Reverse) start helping it to swipe through previous Value after which it stalled around the RO point of 24945 leaving similar highs there in the IB (Initial Balance) and dropped lower making couple of small REs to 24760 & 24750 along with a prominent POC at 24792 and a second successive Normal Day and this tug-of-war between buyers & sellers continued on Thursday where it formed a narrow 130 point range Normal Day with completely inside Value and a sign that it is ready to move to an imbalance mode.
Friday opened with an Open Drive Up confirming the same as Nifty left an initiative buying tail from 24853 to 24783 and followed it up with an extension handle at 24919 to forge a Trend Day Up not only negating the higher sell side reference of 25008 but tagging previous week's POC of 25109 while making a high of 25136. The weekly profile is a Normal Variation One to the upside which was forming mostly lower Value at 24762-24790-24924 mainly filling up the low volume zone of last week but made a definite move away from the value along a close around the highs so the PLR (Path of Least Resistance) will be to the upside but will need to stay above 25109 in the coming week.
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23 Jun (Monday) - 24971 [ 25057 / 24824 ] Normal Variation (Up)
24 Jun (Tuesday) - 25044 [ 25317 / 24999 ] Neutral Extreme (Down)
25 Jun (Wednesday) - 25244 [ 25266 / 25125 ] Normal Variation (Up)
26 Jun (Thursday) - 25549 [ 25565 / 25259 ] Normal Variation (Up)
Up |
|---|
25563 - Sell tail (26 Jun) 25632 - Sell Tail (03 Oct) 25687 - IB tail mid (03 Oct) 25724 - L TPO h/b (20 Sep) 25770 - VPOC (01 Oct) 25824 - 01 Oct Halfback |
Down |
|---|
25522 - L TPO h/b (26 Jun) 25480 - PBL (26 Jun) 25420 - I TPO h/b (26 Jun) 25377 - H TPO h/b (26 Jun) 25317 - Ext Handle (Jun) 25262 - PBH (25 Jun) |
BankNifty Spot: 56252 [ 56328 / 55381 ] Normal Variation (Up)
Previous week’s report ended with this 'The weekly structure is an elongated Trend One Down which saw distribution by longs on the first day 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'
Monday - 55945 [ 55999 / 55381 ] Trend (Up)
Tuesday - 55714 [ 56067 / 55644 ] Normal Variation (Down)
Wednesday - 55828 [ 55933 / 55511 ] Normal
Thursday - 55577 [ 55942 / 55475 ] Normal Variation (Down)
Friday - 56252 [ 56328 / 55566 ] Trend (Up)
BankNifty opened the week with a small yet important buying tail from 55405 to 55381 on Monday validating underlying demand at previous week's buying tail of 55373 to 55149 as it went on to carve a Trend Day Up testing the first sell side reference of 55980 with a spike close to 55999 and continued this imbalance with a higher open on Tuesday where it made new highs at 56067 but could not sustain leaving A period singles till 55958 marking the return of sellers.
The auction then remained in this range till Thursday forming a 4-day balance with Value at 55620-55682-55878 closing in a spike down from 55540 to 55475 which was not only swiftly rejected with a higher open on Friday but the Drive started a fresh imbalance resulting in the second Trend Day Up as it tagged the daily VPOC of 56290 (12 Jun) while making a high of 56328 stopping just below the higher supply point of 56358 from last week.
This week's profile is a Normal Variation one to the upside which was forming a nice Gaussian Curve with Value at 55613-55682-55925 but like Nifty has given a move away to the upside closing in an imbalance which can be expected to continue in the coming session(s) with the HVN of 56140 being the immediate support whereas on the upside will have to take out 56358 for a probe towards the weekly VPOC of 56919.
Click here to view this week’s MarketProfile of BankNifty on Vtrender Charts
23 Jun (Monday) - 56059 [ 56233 / 55779 ] Normal Variation (Up)
24 Jun (Tuesday) - 56461 [ 56862 / 56276 ] Neutral Centre
25 Jun (Wednesday) - 56621 [ 56681 / 56420 ] Normal
26 Jun (Thursday) - 57206 [ 57263 / 56558 ] Neutral Extreme (Up)
Up |
|---|
57260 - Jul RO (RollOver) Point 57443 - 1 ATR (WPOC 56919) 57591 - 1 ATR (ATH 57049) 57683 - Monthly 3 IB 57793 - PMR target 57888 - 2 ATR (56804) |
Down |
|---|
57203 - M TPO h/b (26 Jun) 57077 - Ext Handle (26 Jun) 56911 - 26 Jun Halfback 56804 - PBL (26 Jun) 56668 - POC (26 Jun) 56558 - FA (26 Jun) |
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