Weekly Spot Charts (27th Jan to 01st Feb 2025) and Market Profile Analysis

Nifty Spot: 23482 [ 23632 / 22786 ] Neutral Extreme (Up)

Previous week’s report ended with this ‘The weekly profile is once again a Neutral Centre one which is also an Outside Bar both in terms of range & value which is at 23054-23217-23288 showing that both buyers & sellers held their respective zones but the confirmation of a weekly FA at 23426 and a close below 23170 means that the PLR (Path of Least Resistance) for the coming week could be to the downside provided Nifty sustains below 23054 with the first objective being to repair the poor lows of this week below which the lower weekly VPOC of 22745 will come into play also matching with the 1 ATR target from the weekly FA‘

Monday – 22829 [ 23007 / 22786 ] Normal Variation (Down)

Tuesday – 22957 [ 23138 / 22857 ] Neutral

Wednesday– 23163 [ 23183 / 22976 ] Normal Variation (Up)

Thursday– 23249 [ 23322 / 23139 ] Normal

Friday– 23508 [ 23546 / 23277 ] Trend (Up)

Saturday– 23482 [ 23632 / 23318 ] Neutral Centre

Nifty opened the week with a gap down and continued to extend lower hitting a low of 22786 coinciding with the initiative buying tail from 07th Jun 2024 and stopping just short of the weekly VPOC of 22745 hinting at supply drying up or sellers booking out. More confirmation of the same came in form of a FA at 22857 on Tuesday as it formed a Neutral Extreme Day Up completing the 1 ATR target of 23075 while making a high of 23138.

The auction continued to form higher value on Wednesday & Thursday even confirming a weekly FA at 22786 and went on to form a Trend Day Up on Friday not only hitting the 1 ATR objective of 23451 but tagged the weekly VPOC of 23538 almost testing the monthly extension handle of 23562 which it did take out on the important #BudgetDay as markets remained open on a Saturday as it made a high of 23632 but could not sustain leaving a Neutral Centre Day with a close around the prominent POC of 23494 which also is the weekly POC.

The weekly profile is a Neutral Extreme one to the upside forming a Double Outside Bar in terms of both range and value which is at 23030-23494-23624 and will need to hold 23494 and take out 23624 for more upside in the coming week whereas staying below it could bring in a test of the RO point of 23428 and a break of that could get the hat-trick of daily VPOCs of 23269, 23138 & 23892 into play for the coming week.

Click here to view this week’s MarketProfile of Nifty on Vtrender Charts

Hypos for 03rd Feb – 23482 [ 23632 / 23318 ] Neutral Centre

Hypos for 04th Feb – 23361 [ 23381 / 23222 ] Normal

Hypos for 05th Feb – 23739 [ 23762 / 23423 ] Neutral Extreme (Up)

Hypos for 06th Feb – 23696 [ 23807 / 23680 ] Normal (Spike Close)

Hypos for 07th Feb – 23603 [ 23773 / 23556 ] Normal Variation (‘b’ shape)

BankNifty Spot: 49507 [ 50009 / 47844 ] Double Distribution (Up)

Previous week’s report ended with this ‘The weekly profile is a well balanced one forming completely inside Value at 48312-48681-48915 but has left an important cue in terms of a selling tail above previous highs and a close near the VAL that the PLR for the coming week could be to the downside towards the immediate target of 47472 which is the 2 ATR objective from December’s monthly FA of 53888‘

Monday– 48064 [ 48319 / 47844 ] Normal (Gaussian)

Tuesday– 48866 [ 49247 / 48449 ] – Trend (Up)

Wednesday– 49165 [ 49199 / 48849 ] – Inside Bar

Thursday– 49312 [ 49426 / 49031 ] – Normal Variation (Up)

Friday– 49587 [ 49674 / 49031 ] – Normal Variation (Up)

Saturday– 49507 [ 50009 / 48925 ] – Neutral Centre

BankNifty continued the downside imbalance with a lower open on Monday where it made new lows for the month at 47844 but left a small yet important A period buying tail and formed a narrow range Gaussian Curve and a Normal Day displaying exhaustion to the downside.

The auction then opened higher on Tuesday and got more buy side participation as seen in the initiative buying tail it left completing the 80% Rule in previous week’s balance while forming a Trend Day Up hitting highs of 49247 after which it consolidated with a narrow 350 point range inside bar on Wednesday filling up previous profile which was followed by another narrow range profile on Thursday but with higher value as it left another A period buying tail indicating that the PLR remained to the upside and buyers went on to take it higher on Friday and Saturday making a look up above previous week’s high hitting 50009 but fell just short of the 08th January’s sell side extension handle of 50024 triggering a quick drop lower to 48925 before closing the day around the POC of 49517 leaving a Neutral Centre profile on the daily timeframe which was also an Outside Bar.

The weekly profile is a Double Distribution Trend One Up with an early extension handle at 48273 with a very bulky upper balance where this week’s Value is positioned at 48842-49091-49679 and will be the zone to watch in the coming week with the weekly VPOC of 50193 being the immediate objective on the upside along with the higher one of 50851 being the other one whereas on the downside, this week’s opening day’s VPOC of 48160 will be an important target if BankNifty stays below 49517 & takes out 49091 with initiative selling.

Click here to view this week’s MarketProfile of BankNifty on Vtrender Charts

Hypos for 03rd Feb – 49507 [ 50009 / 48925 ] – Neutral Centre

Hypos for 04th Feb – 49210 [ 49373 / 48906 ] Normal

Hypos for 05th Feb – 50158 [ 50206 / 49482 ] – Normal

Hypos for 06th Feb – 50343 [ 50522 / 50215 ] – Normal

Hypos for 07th Feb – 50343 [ 50522 / 50215 ] – Normal