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Nifty Spot: 24870 [ 25153 / 24852 ] Normal Variation (Up)
Previous week’s report ended with this ‘The weekly profile was 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'
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
22 Aug (Friday) - 24870 [ 25084 / 24859 ] Normal Variation (Down)
Nifty opened the week with a big gap up of 307 points and made a high of 25022 in the Initial Balance (IB) on Monday but could not extend triggering a probe lower even making couple of marginal REs (Range Extension) but took support at the RollOver point of 24860 as it made a low of 24852 after which it formed an inside day on Tuesday and moved away from the 2-day POC of 24924 on Wednesday hitting new highs for the week at 25088 and continued this imbalance with a higher open on Thursday but stalled right at the July series VWAP of 25142 forming a narrow range Gaussian Curve signalling end of the upmove.
The auction then not only opened lower on Friday but drove down swiping through the entire week's range as it went on to hit 24859 into the close leaving a long liquidation 'b' shape profile with a small spike which held just above the important reference of 24860. The weekly profile was a Normal Variation one to the upside with completely higher Value at 24865-24923-25027 mainly because of the gap up as it retraced all of the upside it made during the week to close around the VAL so staying below it, Nifty could fill up the gap zone with 24784 being an important support below which it could give a test of 24649 & 24530 whereas on the upside, it will need to get above this week's prominent POC of 24923 above which 25035 & 25098 would be the bigger hurdles for the buyer to take out for a retest of 25144 and then a test of 24th Jul's selling tail as we get into the 'Bappa week' and the monthly expiry.
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25 Aug (Monday) - 24967 [ 25022 / 24894 ] Neutral
26 Aug (Tuesday) - 24712 [ 24919 / 24689 ] Long Liquidation ('b' shape)
27 Aug (Wednesday) - Holiday
28 Aug (Thursday) - 24500 [ 24702 / 24481 ] Normal
Up |
|---|
24517 - M TPO h/b (28 Aug) 24545 - M TPO high (28 Aug) 24592 - 28 Aug Halfback 24635 - F TPO h/b (28 Aug) 24677 - Sell Tail (28Aug) 24717 - M TPO high (26 Aug) |
Down |
|---|
24501 - Prev Close 24477 - Buy tail (12 Aug) 24434 - 3-day VPOC (07-11 Aug) 24385 - B TPO h/b (11 Aug) 24344 - Buy tail (Aug) 24286 - Monthly 2 IB |
BankNifty Spot: 55149 [ 56156 / 55102 ] Double Distribution (Down)
Previous week’s report ended with this 'This week's profile was a well balanced Gaussian Curve and an inside bar 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'
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
22 Aug (Friday) - 55149 [ 55745 / 55102 ] Normal Variation (Down)
BankNifty also opened higher by almost 600 points and went on to hit 56156 in the Initial Balance (IB) stalling just below the RO Point of 56170 & the major objective of 56187 and the failure to extend triggered a liquidation break down to 55647 on Monday and made marginal new lows of 55608 at open on Tuesday but left similar lows in the IB suggesting exhaustion which gave way to a bounce higher to 55965 where it left a small responsive selling tail forming a 2-day balance from where it made an attempt to move away in the IB on Wednesday as it recorded new lows for the week at 55577 but could not extend any further staying in a narrow 285 point range all day forming a Gaussian Curve.
As expected, the auction move back into imbalance mode on Thursday getting back into the 2-day Value and completing the 80% Rule but the look up above it was abruptly stopped at 55993 confirming return of supply as it left an initiative tail till 55965 & closed with yet another Normal Day and a nice 4-day Gaussian profile with Value at 55631-55780-55861 which was shouting for a move back to imbalance which came in form of an Open Rejection Reverse on Friday where BankNifty made an above average 444 point range IB with a long initiative selling tail not only closing Monday's gap but also completing the 80% Rule in previous week's Value as it closed with a mini spike lower to 55102.
This week's profile is a Double Distribution one to the downside which made completely higher Value at 55631-55780-55943 but left an extension handle at 55577 along with a zone of singles till 55475 which will be the swing supply zone for the coming week if it is able to get above the immediate hurdle of 55318 whereas on the downside, staying below Friday's spike can bring a test of 22nd May's VPOC of 54648 and 08th tail from 54342.
Click here to view this week’s MarketProfile of BankNifty on Vtrender Charts
25 Aug (Monday) - 55139 [ 55306 / 55048 ] Normal
26 Aug (Tuesday) - 54450 [ 55068 / 54396 ] Long Liquidation ('b' shape)
27 Aug (Wednesday) - Holiday
28 Aug (Thursday) - 53820 [ 54382 / 53768 ] Normal Variation (Down)
Up |
|---|
53881 - M TPO h/b (28 Aug) 54006 - POC (28 Aug) 54147 - G TPO h/b (28 Aug) 54260 - Sep RO point 54396 - Ext Handle (Aug) 54478 - M TPO high (26 Aug) |
Down |
|---|
53805 - Tail (28 Aug) 53676 - M TPO high (09 May) 53525 - Tail (09 May) 53412 - Monthly 3 IB 53346 - Buy Tail (17 Apr) 53164 - Ext Handle (Apr) |
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