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Nifty Spot: 25178 [ 25771 / 25141 ] Trend (Down)
Previous week’s report ended with this ‘Nifty has formed a Normal Variation profile to the upside forming completely lower Value at 25552-25726-25752 as the 2 attempts to get above the extension handle of 25780 were aborted as supply came back strongly resulting in an initiative selling tail from 25828 to 25885 which will be the Swing supply zone going forward whereas the TPO HVNS of 25726 & 25594 being the immediate levels on upside. The auction will remain weak below 25552 with the RO point of 25400 being a minor support below which it could fall to the prominent weekly VPOC of 25292'
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23 Feb (Monday) - 25713 [ 25771 / 25609 ] Normal
24 Feb (Tuesday) - 25424 [ 25641 / 25327 ] Normal Variation (Down)
25 Feb (Wednesday) - 25482 [ 25652 / 25428 ] Neutral
26 Feb (Thursday) - 25496 [ 25572 / 25400 ] Normal Variation (Down)
27 Feb (Friday) - 25178 [ 25476 / 25141 ] Normal Variation (Down) Spike
Nifty opened the week with a gap up but the probe above previous week's Value was swiftly rejected leaving an A period tail as it just filled up the low volume zone of the weekly profile on Monday and sellers pushed right at open on Tuesday with a Drive Down and a break below previous week's low as it hit 25327 but left a small responsive buying tail indicating profit booking.
The auction then probed higher in the IB on Wednesday but made the dreaded C side extension to 25652 confirming a FA just below Monday's VPOC of 25655 displaying failure of the buyers which brought back the sellers into the fray and they did a good job with another Open Drive Down on Friday moving away from the 3-day balance and closing with a spike down from 25268 to 25141.
The weekly profile is a Trend Down one with overlapping to lower Value at 25384-25436-25666 with a closing imbalance from 25141 to 25268 which will be the zone to watch in the coming week for any comeback by the buyers whereas on the downside, the DD zone of 25108 with the extension handle of 24984 would be the immediate support below which Nifty could revisit the FA of 24679 and below it the buying tail from 24503.
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02 Mar (Monday) - 24865 [ 24989 / 24603 ] Normal
03 Mar (Tuesday) - Holiday
04 Mar (Wednesday) - 24480 [ 24602 / 24305 ] Normal Variation (Up)
05 Mar (Thursday) - 24765 [ 24854 / 24529 ] Neutral
Up |
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24783 - L TPO h/b (05 Mar) 24861 - VPOC (02 Mar) 24927 - B TPO h/b (02 Mar) 24989 - Weekly IBH 25068 - Sell Tail mid (02 Mar) 25108 - SOC (Feb) |
Down |
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24732 - M TPO h/b (05 Mar) 24673 - Ext Handle (05 Mar) 24633 - POC (05 Mar) 24557 - VAL (05 Mar) 24529 - FA (05 Mar) 24454 - 04 Mar Halfback |
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BankNifty Spot: 60529 [ 61517 / 60438 ] Normal Variation (Down) Spike
Previous week’s report ended with this 'BankNifty left a well balanced weekly profile which is also a 'p' shape short covering one with completely higher Value at 60808-61174-61378 with an extension handle at 60497 and a zone of initiative singles from 60154 to 59861 which will be the Swing support going forward if BankNifty wants to start making new ATHs into the closing week of February'
23 Feb (Monday) - 61264 [ 61517 / 61029 ] Normal
24 Feb (Tuesday) - 61047 [ 61435 / 60801 ] Neutral
25 Feb (Wednesday) - 61043 [ 61317 / 60816 ] Normal Variation (Down)
26 Feb (Thursday) - 61187 [ 61284 / 60813 ] Neutral
27 Feb (Friday) - 60529 [ 61086 / 60438 ] Normal Variation (Down) Spike
BankNifty made an OA start on Monday but similar to what happened in Nifty, the look up above above previous week's Value showed an initiative selling tail and a 'b' shape long liquidation profile after which the buyers made another attempt on Tuesday to extend higher but once again the upmove got rejected as seen in form of a FA getting confirmed at 61435 inviting sellers who then forced the 80% Rule in previous week's Value while making a low of 60801 and this zone was defended for the next 2 sessions as the auction continued to build in the last week's balance forming a bigger 8-day balance with a prominent POC at 61184.
Friday saw a move away from this balance as BankNifty not only opened lower but confirmed a Drive Down and remained below previous week's Value leaving another A period selling tail and went on to close with a spike from 60633 to 60438 negating the extension handle of 60497 as it left a Normal Variation weekly structure to the downside with completely inside Value at 60920-61112-60297 but has moved away from this zone hence can continue the imbalance towards the buying tail from 60154 to 59861 below which we have the big DD zone from 59659 to 58687.
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02 Mar (Monday) - 59839 [ 60177 / 59148 ] Normal
03 Mar (Tuesday) - Holiday
04 Mar (Wednesday) - 58755 [ 59058 / 58393 ] Normal
05 Mar (Thursday) - 59055 [ 59274 / 58506 ] Neutral
Up |
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59060 - L TPO h/b (05 Mar) 59207 - RS mid (05 Mar) 59345 - Tail (02 Mar) 59555 - J TPO h/b (02 Mar) 59662 - 02 Mar Halfback 59846 - VPOC (02 Mar) |
Down |
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59039 - VAH (05 Mar) 58890 - 05 Mar Halfback 58715 - VAL (05 Mar) 58544 - Tail (05 Mar) 58393 - Swing Low (04 Mar) 58271 - VPOC (02 Feb) |
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