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Nifty Spot: 25048 (25653 / 24919) Trend (Down)
Previous week’s report ended with this ‘The weekly profile is a well balanced Gaussian Curve thanks to the overlapping value of the 4 active sessions paving way for the expected balance post the big imbalance of 900 points seen from the daily FA (Failed Auction) of 26373 from 05th Jan with completely lower Value at 25652-25696-25790 with a small but significant selling tail from 25873 to 25899 and has a chance to get back into imbalance mode in the coming week with the PLR (Path of Least Resistance) remaining to the downside'
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19 Jan (Monday) - 25585 (25653 / 25494) Normal
20 Jan (Tuesday) - 25232 [ 25585 / 25171 ] Trend (Down)
21 Jan (Wednesday) - 25157 [ 25301 / 24919 ] Neutral Centre
22 Jan (Thursday) - 25289 [ 25435 / 25168 ] Normal Variation (Down)
23 Jan (Friday) - 25018 [ 25348 / 25025 ] Triple Distribution (Down)
Nifty made an OH (Open=High) start on Monday right at previous week's VAL indicating limited upside as it formed a narrow range Normal Day and saw initiative sellers at open on Tuesday not only taking it below the Swing reference of 25449 but went on to tag the weekly VPOC of 25190 (13-17 Oct) with a spike close.
The auction gave a small bounce at open on Wednesday but got rejected from the L TPO singles of previous session triggering a fresh impulse and a big drop down to 25919 with the help of couple of REs (Range Extension) in the C & D periods but held the weekly buying tail of 25937 (06-10 Oct) forcing a combination of profit booking plus short covering by laggard sellers resulting in a sharp bounce back to 25435 in the IB (Initial Balance) on Thursday where the swing reference of 25449 showed change of polarity attracting aggressive supply once again who then took it back to 25025 into the close of the week.
The weekly profile gave the expected transition from balance to imbalance forming an elongated 734 point range Trend one to the downside with completely lower Value at 25054-25204-25438 and has closed below Value but has a responsive buying tail from 25025 to 24919 which will be the support for the next week below which Nifty could go for a test of 2025 POC of 24786 and the lower weekly VPOC of 24660 along with the weekly FA at 24587 whereas on the upside, the current POC of 25204 will be the first major hurdle above which the daily selling tails from 25320 and 25504 could be the probable targets.
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26 Jan (Monday) - Holiday
27 Jan (Tuesday) - 25175 (25246 / 24932) Normal (Spike Close)
28 Jan (Wednesday) - 2532 [ 25372 / 25186 ] Normal Variation (Down)
29 Jan (Thursday) - 25418 [ 25458 / 25159 ] - Outside Bar
Up |
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25454 - Tail (29 Jan) 25504 - Sell Tail (20 Jan) 25547 - 1 ATR (yPOC 25275) 25611 - L TPO h/b (19 Jan) 25652 - Weekly VAL (12-16 Jan) 25696 - Weekly VPOC (12-16 Jan) |
Down |
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25418 - M TPO h/b (29 Jan) 25372 - Ext Handle (29 Jan) 25322 - H TPO h/b (29 Jan) 25275 - POC (29 Jan) 25221 - D TPO h/b (29 Jan) 25185 - Weekly IBH |
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BankNifty Spot: 58473 [ 60107 / 58278 ] Trend (Down)
Previous week’s report ended with this 'The weekly profile is a Normal Variation structure to the upside but with mostly lower Value at 59092-59573-59800 which has moved away from this zone on Friday and will need to sustain above the spike high of 60235 for probable new ATHs in the coming week'
19 Jan (Monday) - 59891 [ 60107 / 59594 ] Normal (3-1-3)
20 Jan (Tuesday) - 59404 [ 59993 / 59283 ] Normal Variation (Down)
21 Jan (Wednesday) - 58800 [ 59447 / 58278 ] Normal Variation (Down)
22 Jan (Thursday) - 59200 [ 59573 / 58823 ] Normal Variation (Down)
23 Jan (Friday) - 58473 [ 59400 / 58346 ] Trend (Down)
BankNifty made an ORR (Open Rejection Reverse) start on Monday stalling just below the important reference and 2025 VAH of 60114 as it left an initiative selling tail and got back into previous week's Value but held above the prominent POC of 59573 forming a narrow range 3-1-3 balance from where sellers asserted themselves strongly at open on Tuesday with yet another ORR breaking below 59573 and closing in a spike down to 59283 taking support right at December's POC.
The auction gave a small bounce at open on Wednesday but could not negate Tuesday's closing extension handle of 59474 making it a hat-trick of ORR paving way for a fresh OTF (One Time Frame) probe lower as it dropped by a huge 1000 plus points below 59283 but saw profit booking yet another 3-1-3 profile on the daily with a close around the dPOC of 58764 which held on Thursday because of which the 59474 level got negated but the upmove stalled at 59573 and with previous week's POC showing change of polarity supply came back strongly taking it back to 58346 into the close on Friday.
The weekly profile remains a Trend Down one but with completely overlapping Value at 58966-59684-59970 with a close well below Value so the imbalance can be expected to continue towards the lower VPOC of 58032 below which we have the FA of 57594 (10-14 Nov) and the buying tail from 57249 (03-07 Nov) as the lower targets whereas on the upside, the singles zone from 58655 to 58895 would be an hindrance for the buyers above which BankNifty could go for a test of the selling tail from 59242 & this week's POC of 59684.
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26 Jan (Monday) - Holiday
27 Jan (Tuesday) - 59205 [ 59436 / 58121 ] Normal Variation (Spike Close)
28 Jan (Wednesday) - 59598 [ 59699 / 59240 ] Neutral Centre
29 Jan (Thursday) - 59957 [ 60060 / 59339 ] Trend (Up)
Up |
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60016 - Tail (29 Jan) 60160 - Weekly Tail (12-16 Jan) 60305 - Tail (Jan) 60437 - ATH 60544 - 1 ATR (59847) 60654 - 1 ATR (yPOC 59957) |
Down |
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59957 - POC (29 Jan) 59847 - I TPO h/b (29 Jan) 59699 - 29 Jan Halfback 59550 - HVN (28-29 Jan) 59405 - Buy Tail (29 Jan) 59260 - 1 ATR (yPOC 59957) |
WhatsApp me (Uttam Goel) on +91 90362 79747 if you need more information
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