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Nifty Spot: 22124 [ 22668 / 22104 ] Double Distribution (Down)
Previous week’s report ended with this ‘The weekly profile is a Neutral one in a narrow range of just 330 points as Nifty formed a nice Gaussian Curve below previous week's POC of 23069 with Value at 22810-22894-22951 with a close below Value hinting at resumption of the downside imbalance in the coming week towards 05th Jun's references of 22516 & 22335 as long as it stays below 22810‘
Monday - 22553 [ 22668 / 22518 ] Normal Variation (Down)
Tuesday - 22547 [ 22625 / 22513 ] Normal (Inside Bar)
Wednesday - Holiday
Thursday - 22545 [ 22613 / 22508 ] Normal (b' shape)
Friday - 22124 [ 22450 / 22104 ] Double Distribution (Down)
Nifty opened the week with a gap down of 186 points continuing the imbalance which was evident at close last week as it almost hit the first objective of 22516 and formed a 'b' shape profile after which it got back into balance mode for the next 2 sessions coiling in Monday's Value but at the same time showing rejection on the upside as seen in the selling tails it left in the Initial Balance (IB) indicating that the seller remained in control.
The auction then gave a move away from the 3-day balance with not just a lower open on Friday but a Drive Down as it comfortably hit the second objective of 22335 while making a low of 22224 in the IB and continued probe lower in the second half leaving an extension handle and hitting 22104 into the close leaving a Double Distribution Trend Day Down but saw the dPOC shift lower to 22132.
The weekly profile is also a Double Distribution (DD) Trend Down one with an initiative selling tail from 22625 to 22720 and completely lower Value at 22384-22574-22666 with a close around the lows but as mentioned above Friday's POC shifting lower to 22132 could mean profit booking hence will act as the immediate reference for the coming week above which the immediate extension handle of 22216 and the weekly DD zone from 22300 to 22508 could come into play whereas on the downside, the 2024 HVN of 22056 will be the immediate support below which Nifty could go for a test of the June 2024 buying tail from 21791.
Click here to view this week’s MarketProfile of Nifty on Vtrender Charts
03rd Mar - 22119 [ 22261 / 22004 ] Normal
04th Mar - 22082 [ 22105 / 21964 ] Normal (p shape)
05th Mar - 22337 [ 22394 / 22067 ] Normal Variation (Up)
06th Mar - 22544 [ 22556 / 22245 ] Normal Variation (Up)
Up |
|---|
22560 - 27 Feb Halfback 22604 - 1 ATR (wFA 21964) 22644 - Weekly ATR 22694 - Gap mid (24 Feb) 22720 - Ext Handle 22781 - VPOC (21 Feb) 22820 - 21 Feb Halfback |
Down |
|---|
22537 - M TPO h/b (06 Mar) 22491 - Monthly IBH 22455 - SOC (06 Mar) 22401 - 06 Mar Halfback 22361 - POC (06 Mar) 22305 - B TPO h/b (06 Mar) 22265 - Weekly IBH |
BankNifty Spot: 48344 [ 48972 / 48078 ] Neutral
Previous week’s report ended with this 'BankNifty opened lower but made a daily Swing Low at 48525 on Monday triggering a probe higher which got stalled with a C-side extension to 49628 on Wednesday after which the auction retraced back to 48764 on Friday leaving a Normal Variation Weekly profile with mostly lower Value at 48741-48935-49282 and a close around the prominent POC of 48935 staying below which more downside can be expected in the coming week'
Monday - 48652 [ 48748 / 48282 ] Normal
Tuesday - 48608 [ 48862 / 48534 ] - Normal Variation (Down)
Wednesday - Holiday
Thursday - 48743 [ 48972 / 48627 ] - Normal (Spike)
Friday - 48344 [ 48574 / 48078 ] - Neutral Centre
BankNifty opened with a 361 point gap down on Monday and continued to probe lower making a low of 48282 in the IB taking support right above the weekly extension handle of 48273 indicating demand coming back as sellers also booked profit triggering a bounce back to previous week's prominent POC of 48935 on Thursday where it showed signs of rejection as supply held this zone and the auction remained in a narrow 240 point range for most part of the day before giving a spike lower into the close.
The spike close led to another gap down open of 306 points on Friday as the extension handle of 48273 was broken almost tagging the lower VPOC of 48160 from 27th Jan after which it got back into balance mode even making an attempt to extend higher which got rejected paving way for a FA to be confirmed at 48574 and a fresh probe lower resulting in new lows for the week at 48078 but however there was no supply seen in the IB break giving a Neutral Centre close.
The weekly profile is a Neutral One with mostly lower Value at 48245-48643-48733 displaying swift rejection at previous week's POC of 48935 hence the Swing PLR remains to the downside with this week's POC of 48643 being the new reference for the sellers to hold whereas on the downside, the immediate support would be the monthly swing low of 47844 which coincides with the 2024 VAL and below it we have the May 2024 POC of 47726 which if broken and held can give more downside in the coming week(s).
Click here to view this week’s MarketProfile of BankNifty on Vtrender Charts
03rd Mar - 48114 [ 48574 / 47841 ] Normal
04th Mar - 48245 [ 48374 / 47924 ] - Normal (Inside Bar)
05th Mar - 48489 [ 48657 / 48190 ] Normal
06th Mar - 48627 [ 48839 / 48299 ] - Normal (3-1-3)
Up |
|---|
48657 - Sell tail (Mar) 48742 - Feb VAL 48880 - VPOC (27 Feb) 49035 - 21 Feb Halfback 49150 - Ext Handle (21 Feb) 49252 - POC (20 Feb) |
Down |
|---|
48625 - M TPO h/b (06 Mar) 48517 - F TPO h/b (06 Mar) 48395 - Buy Tail (06 Mar) 48266 - 3-day POC (28Feb-04Mar) 48177 - 3-day HVN (28Feb-03Mar) 48026 - 3-day VAL (28Feb-03Mar) |
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