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Nifty Spot: 24039 [ 24365 / 23847 ] Neutral
Previous week’s report ended with this ‘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‘
Monday - 24125 [ 24189 / 23903 ] Normal Variation (Up)
Tuesday - 24167 [ 24242 / 24072 ] Normal ('p' shape)
Wednesday - 24329 [ 24359 / 24119 ] Normal Variation (Down)
Thursday - 24249 [ 24347 / 24216 ] Normal ('b' shape)
Friday - 24039 [ 24365 / 23847 ] Normal ('b' shape) Outside Bar
Nifty opened the week well above the HVN of 23855 and continued the upside imbalance with an A period buying tail and an extension handle at 24069 testing the supply zone from 24143 to 24196 leaving poor highs at 24185 & 24189 on Monday and did the repair job on Tuesday making new highs of 24242 while leaving another small initiative buying tail and forming a 'p' shape profile with a prominent POC at 24179.
The auction opened with a gap up of almost 200 points on Wednesday but made an almost OH (Open=High) start marking the return of sellers who drove it back into previous value making couple of REs (Range Extension) making a low of 24119 in the D TPO as it took support in Tuesday's buying tail and made a slow probe higher for the rest of the day climbing back to 24340 but left another A period selling tail on Thursday at 24347 forming a narrow range 'b' shape inside bar confirming long liquidation closing near the prominent POC of 24250. Friday saw a higher open and a further look up above previous highs but Nifty could only manage to hit 24365 and got swiftly rejected establishing an ORR (Open Rejection Reverse) start triggering a plunge down to 23847 where it took support at the HVN of 23855 leaving a responsive buying tail causing a retracement back to 24150 forming an outside bar and a long liquidation profile.
The weekly profile is a well balanced Neutral one with completely higher Value at 24067-24179-24329 which started with couple of initiative buying tails as demand was stronger but higher levels around the 24350 saw supply coming back as seen in the hat-trick of A period singles over the next 3 days with Friday completely overlapping the entire week's range with a close below this week's Value hence PLR (Path of Least Resistance) for the coming week will be to the downside with 23879 being the first support below which it could go for a test of the weekly DD singles from 23761 to 23452 with the extension handle of 23648 being one pit stop.
Click here to view this week’s MarketProfile of Nifty on Vtrender Charts
28 Apr (Monday) - 24328 [ 24355 / 24054 ] Normal Variation (Up)
29 Apr (Tuesday) - 24336 [ 24457 / 24290 ] Normal ('b' shape)
Up |
|---|
24356 - POC (29 Apr) 24396 - Sell Tail (29 Apr) 24463 - 17 Dec halfback 24522 - C TPO tail (17 Dec) 24566 - Sell Tail (17 Dec) 24601 - Weekly Ext Handle |
Down |
|---|
24319 - VAL (29 Apr) 24267 - 2-day VAL (28-29 Apr) 24204 - 28 Apr Halfback 24141 - A TPO h/b (28 Apr) 24097 - IB tail mid (28 Apr) 24054 - Weekly IBL |
BankNifty Spot: 54664 [ 56098 / 54176 ] Neutral Extreme (Down)
Previous week’s report ended with this 'The weekly profile is also an elongated 2544 points range Trend Up one 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'
Monday - 55304 [ 55461 / 54675 ] Normal Variation (Up)
Tuesday - 55647 [ 55961 / 55243 ] Normal Variation (Up)
Wednesday - 55370 [ 56098 / 55162 ] Normal ('b' shape)
Thursday - 55201 [ 55550 / 55088 ] Normal
Friday - 54664 [ 55350 / 54176 ] Normal (3-1-3 profile)
BankNifty opened the week with a big gap up of 600 points taking out the ATH of 54467 and as expected kept soaring in unchartered territory leaving an initiative buying tail from 55094 to 54675 forcing shorts to exit as it made a high of 55461 leaving a 'p' shape profile on Monday and continued this upmove with another A period buying tail on Tuesday from 55569 to 55243 but once again formed a 'p' shape profile indicating no fresh demand was coming in.
The auction then made a 450 point gap up open on Wednesday but marked an OH (Open=High) start at 56098 confirming an Open Rejection Reverse (ORR) as it left an initiative selling tail till 55771 and swiped through previous value and range making a low of 55162 establishing a long liquidation profile which marked the end of the upmove after which it made an attempt to probe higher at open on Thursday but stalled right below previous day's extension handle of 55572 forming another narrow range 'b' shape profile building a prominent 2-day POC at 55353 from where it made an initiative move to the downside at open on Friday dropping by more than 1150 points in the first half as it closed the weekly gap and tested the zone of singles from 54182 to 54000 while making a low of 54176 forming yet another 'b' shape profile on the daily.
The weekly profile is a Neutral Extreme one to the downside with also has similar tails at both extremes with a very prominent POC at 55353 and has formed completely higher Value at 54498-55353-55510 with a close around the VAL so remains to be seen if it gets attracted back to the magnet of 55353 in the coming week and in that case will demand come back or if it continues to drift lower to test the support zone from 53800 to 54000 from last week.
Click here to view this week’s MarketProfile of BankNifty on Vtrender Charts
28 Apr (Monday) - 55432 [ 55577 / 54582 ] Normal Variation (Up)
29 Apr (Tuesday) - 55391 [ 55957 / 55262 ] Normal Variation (Down)
Up |
|---|
55428 - POC (29 Apr) 55594 - VAH (29 Apr) 55715 - A TPO h/b (29 Apr) 55832 - Sell Tail mid (29 Apr) 55961 - Sell tail (Apr) 56098 - ATH |
Down |
|---|
55354 - VAL (29 Apr) 55203 - E TPO h/b (28 Apr) 55079 - 28 Apr Halfback 54933 - A TPO h/b (28 Apr) 54757 - Buy Tail mid (28 Apr) 54617 - 1 ATR (yPOC 55428) |
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