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Nifty Spot: 24837 [ 25246 / 24806 ] Neural Extreme (Down)
Previous week’s report ended with this ‘The weekly profile is once again a Neutral Extreme one to the downside but this time with completely lower Value at 25056-25190-25236 and is expected to continue lower in the coming session(s) towards the unvisited weekly POC of 24790 (16-20 Jun) and the buying tail from 24593 to 24473 as long as it stays below the June POC of 25109'
21 Jul (Monday) - 25090 [ 25111 / 24882 ] Normal ('p' shape)
22 Jul (Tuesday) - 25060 [ 25182 / 25035 ] Normal Variation (Down)
23 Jul (Wednesday) - 25219 [ 25233 / 25085 ] Trend (Up)
24 Jul (Wednesday) - 25062 [ 25246 / 25018 ] Trend (Down)
25 Jul (Friday) - 24837 [ 25010 / 24806 ] Normal Variation (Down)
Nifty gave a rare follow up to a Neutral Extreme (NeuX) profile by probing below previous week's low on Monday hitting new lows of 24882 for the month where it saw profit booking by the sellers as it left an initiative buying tail and formed a 'p' shape profile getting back into the well balanced weekly Value Area zone triggering the 80% Rule which it promptly completed over the next 2 days while making a spike higher to 25233 on Wednesday.
The auction then made a look up above the weekly VAH at open on Thursday with new highs of 25246 but was swiftly rejected making way for the reverse 80% Rule which it duly achieved with a Double Distribution (DD) Trend Day Down and continued this imbalance with a lower open on Friday confirming yet another A period selling tail as it went on to record new lows for the week at 24806 forming a long liquidation 'b' shape profile.
Nifty has made a hat-trick of Neutral Extreme (Down) weekly profiles emphasising how the buyers have repeatedly failed in the month of July as we enter the final week with the current Value zone once again being a well balanced overlapping one at 25000-25059-25209 with the NeuX handle at 24882 which will be the immediate supply point along with the selling tail from 24946 and weekly POC of 25059 whereas on the downside, we are right at that unvisited VPOC of 24790 (16-20 Jun) below which the buying tail from 24593 to 24473 comes into play.
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28 Jul (Monday) - 24680 [ 24889 / 24646 ] Neutral Extreme (Down)
29 Jul (Tuesday) - 24821 [ 24847 / 24598 ] Double Distribution (Up)
30 Jul (Wednesday) - 24855 [ 24902 / 24772 ] Neutral Centre
31 Jul (Thursday) - 24768 [ 24956 / 24635 ] Outside Bar
Up |
|---|
24796 - 31 Jul Halfback 24860 - RO point (Aug) 24901 - SOC (31 Jul) 24952 - Sell Tail (31 Jul) 24996 - SOC (Jul) 25056 - VPOC (24 Jul) |
Down |
|---|
24734 - D TPO h/b (31 Jul) 24677 - C TPO h/b (31 Jul) 24635 - Buy tail (Jul) 24593 - Buy Tail (13 Jun) 24533 - Buy Tail mid (13 Jun) 24462 - Swing Low (22 May) |
BankNifty Spot: 56528 [ 57316 / 56255 ] Normal Variation (Up)
Previous week’s report ended with this 'The weekly profile which was resembling a Gaussian Curve for most part of the week with completely overlapping Value at 56687-57016-57260 closed for the second week running as a Neutral Extreme One to the downside with an extension handle at 56594 which could now show change of polarity on any bounce in the coming week whereas on the downside, below 56205 BankNifty can go for the test of the lower weekly VPOC at 55682 (16-20 Jun) and the buying tail from 55376 to 55149 (09-13 Jun)'
21 Jul (Monday) - 56952 [ 56983 / 56255 ] Normal Variation (Up)
22 Jul (Tuesday) - 56756 [ 57286 / 56692 ] Normal Variation (Down)
23 Jul (Wednesday) - 57210 [ 57249 / 56715 ] Triple Distribution (Up)
24 Jul (Wednesday) - 57066 [ 57316 / 56850 ] Normal Variation (Down)
25 Jul (Friday) - 56528 [ 57170 / 56439 ] Trend (Down)
BankNifty held above previous week's low of 56205 on Monday and got back into the value area zone from 56687 triggering the 80% Rule as it formed a 'p' shape short covering profile making a high of 56983 and duly completed the objective of tagging the VAH of 57260 with a big gap up open on Tuesday but the look up above got swiftly rejected resulting in the 80% Rule being played in the weekly Value once again but this time to the downside as it made a mini spike into the close to 56692.
The auction rejected this spike at open on Wednesday suggesting demand coming in at the weekly VAL so went on to make it a hat-trick of the 80% Rule set up playing out with an OTF (One Time Frame) probe higher to 56249 and continued this imbalance with a higher open on Thursday but similar to what was witnessed on Tuesday, the new highs for the week at 57316 was once again met with swift rejection as seen in the initiative selling tail along with a drop down to 56850 before it retraced back to 57066 into the close leaving a 'b' shape profile.
Friday started with an ORR (Open Rejection Reverse) from Thursday's VAH as sellers took control and forced it down to 56439 testing the A period singles from Monday closing the week with a Trend Day Down but with the dPOC shifting lower to 56526. The weekly profile is a Normal Variation One to the upside forming completely inside Value at 56723-57082-57108 and will need to take out the buying tail from 56439 to 56255 on the downside for a probe lower towards the weekly VPOC at 55682 (16-20 Jun) and the buying tail from 55376 to 55149 (09-13 Jun) in the coming week.
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28 Jul (Monday) - 56084 [ 56578 / 55997 ] Neutral Extreme (Down)
29 Jul (Tuesday) - 56222 [ 56296 / 55843 ] Normal Variation (Up)
30 Jul (Wednesday) - 56150 [ 56321 / 56064 ] Neutral Centre
31 Jul (Thursday) - 55962 [ 56406 / 55547 ] Neutral (Outside Bar)
Up |
|---|
56005 - M TPO high (31 Jul) 56170 - RO Point (Aug) 56305 - POC (31 Jul) 56431 - E TPO h/b (28 Jul) 56560 - VAL (Jul) 56626 - Ext Handle (25 Jul) |
Down |
|---|
55961 - Prev Close 55843 - Buy tail (Jul) 55694 - SOC (31 Jul) 55547 - FA (31 Jul) 55416 - Weekly 2 IB 55262 - Buy Tail mid (13 Jun) |
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