Nifty Spot: 24004 [ 24226 / 23460 ] Neutral Extreme (Up)
Previous week’s report ended with this ‘The weekly profile post previous week’s enormous 1244 point range Trend Down profile was an Inside one in a narrow 292 point range balance with Value also being completely inside at 23715-23747-23836 which has stalled right below previous POC of 23956 indicating that the imbalance to the downside may continue in the coming week if Nifty stays below 23799 for a probe first to 23681 & 23524 below which it can drop further to 23459 & 23339 which is a lower weekly VPOC from 18th to 22nd Nov whereas on the upside, above 23956 it can go for a tag of 24051 & 24147 with the higher target being 18th Dec’s VPOC of 24231‘
Monday – 23645 [ 23915 / 23599 ] Neutral Extreme (Down)
Tuesday – 23644 [ 23689 / 23460 ] Normal Variation (Up)
Wednesday – 23743 [ 23822 / 23562 ] Normal Variation (Up)
Thursday – 24188 [ 24226 / 23751 ] Trend (Up)
Friday – 24004 [ 24196 / 23976 ] Normal (Inside Bar)
Nifty opened the week with a test of previous week’s VAL of 23715 taking support there and triggering a probe higher making multiple REs (Range Extension) scaling above VAH of 23836 as it went on to make a high of 23915 stalling right at the RO (RollOver) point and this got back the sellers interested who not only drove it back into the weekly Value completing the 80% Rule but went on to leave a PBH at VAL suggesting that the downside was not over and opened lower on Tuesday making new lows for the month at 23460 and stopped just above the HVN of 23459 in the Initial Balance indicating that the demand was coming back.
The auction then got back into the weekly Value tagging that magnet & prominent POC of 23747 on Wednesday before getting more aggressive buying at open on Thursday paving way a fresh imbalance of 475 points where it almost hit 18th Dec’s VPOC of 24231 while making a high of 24226 and saw some profit booking by the longs as was seen in the small responsive selling tail at top which was continued on Friday where it formed an inside bar and a ‘b’ shape profile with a prominent POC at 24040.
The weekly profile is a Neutral Extreme one to the upside forming an Outside Bar both in terms of range & value which is at 23496-23646-23696 but will need to stay above the daily POC of 24040 for a test of the selling tail from 24196 to 24226 which if taken out could lead to a upmove to the daily VPOCs of 24394 & 24657 whereas on the downside, Nifty has immediate support at the Trend Day VPOC of 23957 below which it go for a test of the extension handles of 23877 & 23822 with 23751 being the Swing reference and a break of which could trigger a further first to the daily VPOC of 23591 and then to the weekly one at 23339 in the coming week.
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Hypos for 06th Jan – 24004 [ 24196 / 23976 ] Normal (Inside Bar)
Up24004 – Previous Close
24040 – POC (03 Jan)
24094 – 03 Jan Halfback
24149 – Sell Tail (03 Jan)
24196 – PDH
24231 – VPOC (18 Dec)
24272 – 18 Dec Halfback
Down23999 – M TPO h/b (03 Jan)
23957 – VPOC (02 Jan)
23915 – PBL (02 Jan)
23877 – Ext Handle (02 Jan)
23822 – Daily Ext Handle
23791 – Buy Tail (02 Jan)
23756 – POC (01 Jan)
Hypos for 07th Jan – 23616 [ 24090 / 23552 ] Trend (Down)
Up23631 – POC (06 Jan)
23679 – SOC (06 Jan)
23737 – Jan POC
23779 – PBH (06 Jan)
23820 – 06 Jan Halfback
23880 – Ext Handle (06 Jan)
Down23608 – M TPO h/b (06 Jan)
23562 – Monthly IBL
23510 – Ext Handle (31 Dec)
23459 – TPO HVN (18-22 Nov)
23408 – Buy Tail (22 Nov)
23339 – Weekly VPOC (18-22 Nov)
BankNifty Spot: 50988 [ 51979 / 50485 ] Normal Variation (Down)
Previous week’s report ended with this ‘The weekly profile is a classic Neutral Centre One plus a 3-1-3 set up which range wise was a narrow one of just 788 points and completely inside previous week but has formed lower Value at 51129-51224-51344 looking set to resume the downside imbalance in the coming week provided it stays below 51129 & negates the lower singles from 51030 to 50951 for a probe towards the small responsive tail from 50686 to 50609 from last week and a break of that can trigger that fresh drop to the lower weekly VPOCs of 50371 & 49732 whereas on the upside, BankNifty will need to get some initiative buying above 51344 in order to negate the selling tail from 51628 & take out 51750 for a test of the daily VPOCs of 52289 & 52840 from 18th & 17th December respectively‘
Monday – 50952 [ 51979 / 50718 ] Neutral Extreme (Down)
Tuesday – 50860 [ 50945 / 50599 ] – Normal
Wednesday – 51060 [ 51322 / 50485 ] – Normal Variation (Up)
Thursday – 51605 [ 51672 / 50992 ] – Double Distribution (Up)
Friday – 50988 [ 51671 / 50904 ] – Normal Variation (Down)
BankNifty made an Open Auction start on Monday but left a small initiative buying tail right at previous week’s prominent POC indicating buyers coming in who then went on to make couple of big REs higher scaling above previous highs and even taking out the RO point of 51750 as it went on to make a high of 51979 stopping just below the sell side extension handle of 52010 signalling the return of supply which got further confirmed as it left a responsive tail till 51895 along with a SOC (Scene Of Crime) at 51745 triggering the 80% Rule in previous week’s Value and a move away from it on the downside as it made a low of 50718 following it with new lows of 50599 for the week & month at open on Tuesday but left a small initiative buying tail indicating profit booking by the sellers and some demand coming in.
The auction opened on Wednesday with a probe above previous day high but was swiftly rejected with the sellers striking again looking below the lows as it hit 50485 where once again there was evidence of profit booking and passive demand coming back just above the PBH of 50476 from 21st Nov marking the end of the downside for the week as it first got back into previous week’s value yet again getting the 80% Rule in play which it duly completed with the help of a DD (Double Distribution) Day Up on Thursday while making a high of 51672. However, there was no follow up on Friday to the upside forcing a test of the DD low of 50992 as it formed a ‘b’ shape long liquidation profile with mostly overlapping value and POC.
The weekly profile has formed an Outside Bar range wide and is once again a 3-1-3 one resembling a nice balance with mostly overlapping value at 50720-50851-51317 with a close right in the middle of the zone so BankNifty could continue filling up this higher timeframe composite in the coming week making it smoother before giving a definite move away with the downside objectives being the weekly VPOCs of 50371, 49733 & 49326 whereas on the upside, the Swing high of 51672 will be the first target above which the higher objectives will be the VPOC of 52289 & sell side extension handle of 52547 from 18th Dec.
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Hypos for 06th Jan – 50988 [ 51671 / 50904 ] – Normal Variation (Down)
Up51025 – M TPO high (03 Jan)
51145 – POC (03 Jan)
51288 – 03 Jan Halfback
51439 – Sell Tail (03 Jan)
51555 – Sell Tail mid (03 Jan)
51672 – Swing high (02 Jan)
51745 – SOC (30 Dec)
Down50988 – Previous Close
50903 – 01 Jan Halfback
50771 – SOC (01 Jan)
50663 – B TPO h/b (01 Jan)
50526 – Buy Tail mid (01 Jan)
50371 – Weekly VPOC (18-22 Nov)
50249 – PBL (21 Nov)
Hypos for 07th Jan – 49922 [ 51026 / 49751 ] Trend (Down)
Up49987 – M TPO high (06 Jan)
50117 – H TPO h/b (06 Jan)
50288 – E TPO h/b (06 Jan)
50388 – 06 Jan Halfback
50522 – Ext Handle (06 Jan)
50652 – SOC (06 Jan)
Down49910 – POC (06 Jan)
49781 – Buy Tail (06 Jan)
49654 – Swing Low (14 Aug)
49515 – 07 Jun Halfback
49326 – Weekly VPOC (03-06 Jun)
49154 – IB tail mid (07 Jun)
