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Nifty Spot: 25637 [ 25654 / 24824 ] Trend (Up)
Previous week’s report ended with this ‘The weekly profile is a Normal Variation One to the upside which was forming mostly lower Value at 24762-24790-24924 mainly filling up the low volume zone of last week but made a definite move away from the value along a close around the highs so the PLR (Path of Least Resistance) will be to the upside but will need to stay above 25109 in the coming week‘
Monday - 24971 [ 25057 / 24824 ] Normal Variation (Up)
Tuesday - 25044 [ 25317 / 24999 ] Neutral Extreme (Down)
Wednesday - 25244 [ 25266 / 25125 ] Normal Variation (Up)
Thursday - 25549 [ 25565 / 25259 ] Normal Variation (Up)
Friday - 25637 [ 25654 / 25523 ] Normal
Nifty rejected the bullish close of previous week by opening lower on Monday getting back into the Value as it made a low of 24824 in the IB (Initial Balance) stopping just above the prominent weekly POC of 24790 where it left a tail signalling return of buyers who made couple of REs (Range Extension) to the upside hitting 25057 and continued this imbalance with a higher open on Tuesday where it went on to clear the poor highs (09-13 Jun) and made multiple REs recording new highs for the year at 25317 but got abruptly stalled as the inventory looked too long triggering a liquidation break down to 24999 and leaving a Neutral Extreme (NeuX) profile with the POC shifting lower to 25038.
The NeuX is known not to give a follow through and the open on Wednesday reinforced this statistic as the auction not only opened higher but left an initiative buying tail forming a 'p' shape profile with a prominent POC at 25210 hinting at shorts being forced to get out and initiative buyers took advantage of this opportunity starting with an Open Drive Up on Thursday achieving new highs for the year at 24737 in the IB followed by an extension handle at 25451 forcing a spike to 25565 into the close. Friday saw the spike getting accepted and continuation of the upmove but saw similar highs around 25650 zone as Nifty stalled right in the weekly supply zone (30Sep-04Oct) forming a ledge.
The weekly profile is an elongated 829 point range Trend Up One with 4 daily VPOCs at 24948 / 25038 / 25210 & 25404 along with extension handles at 25118 & 25452 and completely higher Value at 25118-25206-25630 looking set for a test of the higher weekly VPOC of 25811 (30Sep-04Oct) and extension handle of 25922 (30Sep) as immediate targets if it is able to negotiate the singles from 25639 to 25739.
Click here to view this week’s MarketProfile of Nifty on Vtrender Charts
30 Jun (Monday) - 25517 [ 25669 / 25473 ] Normal Variation (Down)
01 Jul (Tuesday) - 25541 [ 25593 / 25501 ] Normal (Inside Bar)
02 Jul (Wednesday) - 25453 [ 25608 / 25378 ] Trend (Down)
03 Jul (Thursday) - 25405 [ 25587 / 25384 ] Neutral Extreme (Down)
Up |
|---|
25429 - IBL (03 Jul) 25486 - 03 Jul Halfback 25527 - J TPO h/b (03 Jul) 25587 - FA (03 Jul) 25624 - A TPO h/b (30 Jun) 25687 - IB tail mid (03 Oct) |
Down |
|---|
25377 - H TPO h/b (26 Jun) 25317 - Ext Handle (Jun) 25262 - PBH (25 Jun) 25210 - VPOC (25 Jun) 25158 - A TPO h/b (25 Jun) 25118 - Ext Handle (24 Jun) |
BankNifty Spot: 57443 [ 57475 / 55779 ] Trend (Up)
Previous week’s report ended with this 'This week's profile is a Normal Variation one to the upside which was forming a nice Gaussian Curve with Value at 55613-55682-55925 but like Nifty has given a move away to the upside closing in an imbalance which can be expected to continue in the coming session(s) with the HVN of 56140 being the immediate support whereas on the upside will have to take out 56358 for a probe towards the weekly VPOC of 56919'
Monday - 56059 [ 56233 / 55779 ] Normal Variation (Up)
Tuesday - 56461 [ 56862 / 56276 ] Neutral Centre
Wednesday - 56621 [ 56681 / 56420 ] Normal
Thursday - 57206 [ 57263 / 56558 ] Neutral Extreme (Up)
Friday - 57443 [ 57475 / 56993 ] Normal Variation (Up)
BankNifty also opened with a gap down of 420 points on Monday triggering the 80% Rule in previous week's Gaussian Value and went on to make a low of 55779 in the IB where it left a small but important tail marking the end of the downside and reversed the probe looking up above the HVN of 56140 while making a high of 56233 and continued this imbalance with a bigger gap up of 470 points on Tuesday with the buyers being successful in making couple of REs too but the upmove stalled at 56862 just below the weekly VPOC of 56919 forcing an exit of weak longs as it made a drop down to 56276 before closing around the prominent POC of 56460 leaving a Neutral Centre Day.
The auction then formed a narrow 261 point range Inside Bar on Wednesday but left an A period buying tail from 56519 to 56420 giving a 'p' shape profile with a prominent POC at 56606 indicating sellers turn to be taken out which was followed by an Open Drive Up on Thursday as the buyers made an attempt to move away from the 2-day balance but could only manage similar highs at 56800 levels in the IB hinting at exhaustion which resulted in a test lower and a RE attempt in the D period but could only manage marginal new lows of 56558 as supply failed to exert giving another chance for the demand to show up which they did in style confirming a FA (Failed Auction) at lows and scaling above the 56919 reference to not only make new ATH but also completed the 1 ATR target of 57082 from the FA while making a high of 57263 into the close leaving a NeuX profile which expectedly did not give a follow through at open on Friday as BankNifty dropped lower in the IB testing the extension handle of 57077 but left a fresh initiative buying tail emphasising that the PLR was still to the upside and went on to record new ATH of 57475 into the close.
The weekly profile similar to Nifty is an elongated 1696 points Trend One to the upside with an extension handle at 56205 and completely higher Value of 56287-56608-57234 with a close in an imbalance which can continue towards the 2 ATR objective of 57606 from the FA as the immediate objective along with the 1 ATR target of 58177 from this week's POC of 56609 as the higher aim as long as sustain above the closing HVN of 57370.
Click here to view this week’s MarketProfile of BankNifty on Vtrender Charts
30 Jun (Monday) - 57312 [ 57614 / 57193 ] Normal Variation (Down)
01 Jul (Tuesday) - 57459 [ 57533 / 57150 ] Neutral Extreme (Up)
02 Jul (Wednesday) - 56999 [ 57628 / 56833 ] Trend (Down)
03 Jul (Thursday) - 56792 [ 57193 / 56764 ] Normal Variation (Down)
Up |
|---|
56792 - Prev Close 56894 - Ext Handle (03 Jul) 56979 - 03 Jul Halfback 57116 - PBH (03 Jul) 57208 - Weekly IBL 57302 - Sell Tail (02 Jul) |
Down |
|---|
56767 - Buy tail (03 Jul) 56668 - VPOC (26 Jun) 56558 - FA (26 Jun) 56459 - POC (24 Jun) 56349 - K TPO low (24 Jun) 56205- Sell tail (23 Jun) |
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