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Nifty Spot: 24346 [ 24589 / 24054 ] Normal Variation (Up)
Previous week’s report ended with this ‘The weekly profile is a well balanced Neutral one with completely higher Value at 24067-24179-24329 which started with couple of initiative buying tails as demand was stronger but higher levels around the 24350 saw supply coming back as seen in the hat-trick of A period singles over the next 3 days with Friday completely overlapping the entire week's range with a close below this week's Value hence PLR (Path of Least Resistance) for the coming week will be to the downside with 23879 being the first support below which it could go for a test of the weekly DD singles from 23761 to 23452 with the extension handle of 23648 being one pit stop‘
Monday - 24328 [ 24355 / 24054 ] Normal Variation (Up)
Tuesday - 24336 [ 24457 / 24290 ] Normal ('b' shape)
Wednesday - 24334 [ 24396 / 24198 ] Neutral Centre
Thursday - Holiday
Friday - 24346 [ 24589 / 24238 ] Normal
Nifty opened the week by completing the 80% Rule in previous week's Value forming a 'p' shape profile for the day as it did not get demand above VAH and made a higher open on Tuesday where it left an A period selling tail from 24457 to 24396 but remained in a narrow range leaving a 'b' shape profile with overlapping POC at 24334.
The auction continued to remain in this 2-day value coiling in a mere 126 point range for most part on Wednesday before making a spike lower to 24198 into the close which was firmly rejected at open on Friday which saw a Drive Up and an attempt to move away from the 3-day value as it made new highs of 24589 in the B period but stalled just below the weekly extension handle of 24601 (Dec 2024) and failure of buyers to extend the IB (Initial Balance) resulted in a probe back into the 3-day value as it completed the 80% Rule yet again.
The weekly profile is a well balanced one with overlapping to higher Value at 24272-24334-24396 and a close around the ultra prominent POC of 24334 which will act as a magnet unless there is an initiative move away from here in the coming week with Friday's SOC (Scene Of Crime) at 24516 and the Dec 2024 extension handle of 24601 being the immediate supply levels to watch out for whereas on the downside, this week's initiative buying tail from 24174 to 24054 will be the demand zone.
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05 May (Monday) - 24461 [ 24526 / 24400 ] Normal
06 May (Tuesday) - 24379 [ 24509 / 24331 ] Normal Variation ('b' shape)
07 May (Wednesday) - 24414 [ 24449 / 24220 ] Normal
08 May (Thursday) - 24273 [ 24447 / 24150 ] Trend Day (Down)
Up |
|---|
24244 - Ext Handle (08 May) 24299 - 08 May Halfback 24333 - VAL (08 May) 24373 - Ext Handle (08 May) 24415 - Sell Tail (08 May) 24461 - A TPO h/b (06 May) |
Down |
|---|
24220 - Monthly IBL 24174 - Buy Tail (28 Apr) 24135 - 1 ATR (POC 24389) 24098 - 1 ATR (VAL 24352) 24054 - 28 Apr Low 23986 - M TPO low (25 Apr) |
BankNifty Spot: 55115 [ 55957 / 54582 ] Normal Variation (Up) 3-1-3
Previous week’s report ended with this 'The weekly profile is a Neutral Extreme one to the downside with also has similar tails at both extremes with a very prominent POC at 55353 and has formed completely higher Value at 54498-55353-55510 with a close around the VAL so remains to be seen if it gets attracted back to the magnet of 55353 in the coming week and in that case will demand come back or if it continues to drift lower to test the support zone from 53800 to 54000 from last week'
Monday - 55432 [ 55577 / 54582 ] Normal Variation (Up)
Tuesday - 55391 [ 55957 / 55262 ] Normal Variation (Down)
Wednesday - 55087 [ 55478 / 54723 ] Normal (spike)
Thursday - Holiday
Friday - 55115 [ 55692 / 54994 ] Normal
BankNifty has formed an inside 3-1-3 profile on the weekly thanks to the 'p' shape profile on Monday with an initiative buying tail from 55121 to 54582 which was followed by an opposite 'b' shape long liquidation profile on Tuesday with an A period selling tail from 55708 to 55957 as the remaining 2 days remained inside this zone forming a nice balanced and overlapping value area zone at 55176-55466-55569 as the magnet of 55353 held its effect and did not give the gatepass for a move away and will continue to remain the important reference for the coming week with an initiative move needing to take out one of the tails of the current week.
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05 May (Monday) - 54919 [ 55345 / 54786 ] Normal Variation (Down)
06 May (Tuesday) - 54271 [ 55037 / 54173 ] Normal Variation (Spike)
07 May (Wednesday) - 54610 [ 54684 / 53919 ] Normal
08 May (Thursday) - 54365 [ 54937 / 54108] Trend Day (Down)
Up |
|---|
54342 - Ext Handle (08 May) 54523 - 08 May Halfback 54648 - SOC (08 May) 54755 - POC (08 May) 54937 - PDH 55081 - PBH (05 May) |
Down |
|---|
54290 - M TPO h/b (08 May) 54173 - Buy tail (May) 54070 - IB tail mid (07 May) 53919 - Monthly IBL 53814 - Ext Handle (17 Apr) 53686 - E TPO tail (17 Apr) |
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