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Nifty Spot: 23114 [ 23862 / 22930 ] Neutral
Previous week’s report ended with this ‘Nifty made yet another gap down open this week but buyers made an attempt to come back and failed resulting in a Neutral Extreme structure to the downside with completely lower Value at 23694-24223-23298 with couple of extension handles at 23590 & 23305 which will be the immediate supply points to watch in the coming week'
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16 Mar (Monday) - 23408 [ 23502 / 22955 ] Neutral Extreme (Up)
17 Mar (Tuesday) - 23581 [ 23656 / 23346 ] Normal Variation (Up)
18 Mar (Wednesday) - 23777 [ 23862 / 23618 ] Normal Variation (Up)
19 Mar (Thursday) - 23002 [ 23378 / 22930 ] Normal Variation (Down)
20 Mar (Friday) - 23114 [ 23345 / 23067 ] Neutral
Nifty began the week extending the existing downside imbalance, tagging the 4th April 2025 VPOC at 22,964 and registering a low of 22,955 on Monday. However, the session left behind a prominent responsive buying tail, signalling profit-booking at lower levels and setting the stage for a bounce over the next two sessions. This recovery phase saw price negate key supply references at 23,305 and 23,590, eventually pushing higher to test 23,862.
The rally stalled near the weekly ATR resistance, where fresh supply emerged. This selling pressure resulted in a sharp gap-down open on Thursday, followed by the formation of fresh weekly lows at 22,937. Despite the breakdown, price once again left a minor responsive tail at the lows, leading to the development of a two-day balance area with a prominent Point of Control (POC) at 23,241.
From a Market Profile perspective, the weekly structure is classified as Neutral, with value developing entirely lower at 23028–23242–23482. With the week closing below the prominent POC, the path of least resistance (PLR) for the upcoming week continues to remain skewed to the downside.
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23 Mar (Monday) - 22512 [ 22851 / 22471 ] Normal Variation (Down)
24 Mar (Tuesday) - 22912 [ 23057 / 22624 ] Neutral
25 Mar (Wednesday) - 23306 [ 23465 / 23063 ] Normal Variation (Up)
26 Mar (Thursday) - Holiday
Up |
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23325 - L TPO h/b (25 Mar) 23397 - POC (25 Mar) 23462 - Tail (25 mar) 23526 - PBL (17 Mar) 23577 - M TPO h/b (17 Mar) 23640 - Buy Tail (18 Mar) 23705 - C TPO h/b (18 Mar) 23782 - POC (18 Mar) |
Down |
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23292 - M TPO h/b (25 Mar) 23246 - Buy Tail (25 Mar) 23170 - A TPO h/b (25 Mar) 23108 - Tail mid (25 Mar) 23047 - DD zone (25 Mar) 22972 - VPOC (24 Mar) 22921 - M TPO h/b (24 Mar) 22851 - Weekly IBH |
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BankNifty Spot: 53427 [ 55554 / 53240 ] Neutral
Previous week’s report ended with this 'BankNifty has also made an elongated 3421 point range Neutral Extreme weekly profile to the downside with completely lower Value at 54760-55692-56810 taking out not one but 4 prior weekly VPOCs in the fall and similar to Nifty has 2 sell side handles at 54923 & 54361 which now become the swing reference for the coming week.'
16 Mar (Monday) - 54414 ( 54664 / 53258) Neutral Extreme (Up)
17 Mar (Tuesday) - 54876 ( 54996 / 54113 ) Normal Variation (Up)
18 Mar (Wednesday) - 55326 [ 55554 / 54689 ] Double Distribution (Up)
19 Mar (Thursday) - 53451 [ 54150 / 53240 ] Neutral
20 Mar (Friday) - 53427 [ 54382 / 53297 ] Normal Variation (Down)
Bank Nifty began the week on a similar footing to Nifty, extending the downside move and printing fresh monthly and yearly lows at 53,258. However, the index managed to defend the critical yearly extension handle at 53,164, which triggered short covering and resulted in the formation of a Neutral Extreme profile on Monday. This initial responsive buying set the stage for higher value development over the next two sessions, with price advancing to a weekly high of 55,554 on Wednesday.
The rally, however, encountered responsive selling at higher levels, leaving behind a notable selling tail. The developing POC (dPOC) shifted higher to 55,373, signalling exhaustion in the upside auction as price eventually closed back below this reference.
The tone shifted sharply on Thursday with a substantial gap-down open of 1,856 points, followed by marginally fresh weekly lows at 53,240. Despite the breakdown, the market once again left a minor responsive tail at the lows, indicating profit-booking by sellers. This resulted in the formation of a two-day balance structure into the weekly close, although price remained decisively below value.
From a Market Profile standpoint, the weekly structure remains Neutral with a well-balanced distribution, but with value developing entirely lower at 53515-53699-54559. The weak close near the lower extreme keeps the downside auction active, opening the possibility of a test towards the key yearly extension handle at 52,064 in the coming week. On the upside, the gap midpoint at 54,400 is expected to act as the primary swing reference for any responsive recovery.
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23 Mar (Monday) - 51437 [ 52665 / 51323 ] Normal Variation (Down)
24 Mar (Tuesday) - 52605 ( 52949 / 51827 ) Neutral
25 Mar (Wednesday) - 53708 [ 54146 / 53024 ] Normal Variation (Up)
26 Mar (Thursday) - Holiday
Up |
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53752 - L TPO h/b (25 Mar) 53903 - SOC (25 Mar) 54119 - Tail (25 Mar) 54249 - Sell Tail (20 Mar) 54400 - Gap mid (19 Mar) 54554 - 17 Mar Halfback 54689 - Gap close (18 Mar) 54769 - Buy Tail (18 Mar) |
Down |
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553698 - POC (25 Mar) 53528 - Buy Tail (25 Mar) 53360 - A TPO h/b (25 Mar) 53223 - Tail mid (25 Mar) 53080 - 1 ATR (WFA 51323) 52918 - Tail (24 Mar) 52749 - VPOC (24 Mar) 52623 - M TPO h/b (24 Mar) |
WhatsApp me (Uttam Goel) on +91 90362 79747 if you need more information
