Weekly Charts (01st to 05th March 2021) and Market Profile Analysis

Nifty Spot Weekly Profile (01st to 05th March 2021)

Spot Weekly – 14938 [ 15273 / 14638 ]

Previous week’s report ended with this ‘The weekly profile was once again a Neutral Extreme (NeuX) Down one but this time with completely lower Value at 14613-14739-14901 and the immediate zone to watch in the coming week would be from 14555 to 14467′

Nifty did not give a follow through to last week’s NeuX profile as it opened with a gap up above the zone of 14467 to 14555 and began the week with a Neutral Day & a balanced profile in previous week’s Value but confirmed a FA (Failed Auction) at 14638 which initiated a Trending move higher over the next 2 days as the auction made a hat-trick of gap up opens and left a Trend Day Up on Wednesday where it closed in a spike of 15172 to 15273. Nifty opened with a big gap down of 219 points on Thursday but probed higher post IB forming Value in previous day’s profile and got rejected in the attempt to enter previous day’s spike zone as it made a high of 15202 and fell to 15056 leaving a prominent POC at 15131. Friday saw another gap down open but once again left a buying tail in the IB as it tagged 15091 but was rejected from previous day’s Value as it left a small selling tail at top indicating limited upside and followed it up with a late RE (Range Extension) to the downside in the J period hitting a low of 14862 where it took support just above the 2nd Mar VPOC of 14847 and gave a bounce to 14965 into the close. The weekly profile is an elongated one with mostly higher Value at 14826-15019-15180 with a daily FA at lows & a spike from 15202 to 15273 at the top and has left 3 daily VPOCs at 14744, 14847 & 15131 which would be the important references for the coming week.

Click here to view this week’s auction in Nifty with respect to the previous week on MPLite

Weekly Hypos for Nifty (Spot):

A) Nifty needs a drive above 14946 for a probe to 15020 / 15064 / 15131 / 15180 / 15255 / 15305 & 15376
B) Accepting below 14930 could lead to a test of 14893 / 14847 / 14810 / 14744 / 14703 / 14638 & 14520

NF (Weekly Profile)

14953 [ 15318 / 14658 ]

NF trended higher for the first 3 days of the week after opening with a gap up inside previous week’s Value on Monday where it made a high of 14839 and confirmed a FA at lows of 14776 on Tuesday which triggered fresh momentum on the upside on Wednesday where it not only completed the 2 ATR objective of 15203 from the FA but went on to scale above previous week’s high of 15290 after leaving an extension handle at 15234 to tag 15318 into the close. However, the auction confirmed a selling tail at too on the weekly profile as it opened with a big gap down on Thursday and stalled right at previous day’s extension handle and this triggered a trending move lower for the rest of the week as NF went on to tag Tuesday’s VPOC of 14896 while making a low of 14861 before closing the week at 14953. Value for the week was overlapping to higher at 14840-15036-15204 with 14845 & 14776 being the important references on the downside whereas the levels to watch on the upside would be the HVNs of 15064, 15174 & 15300 for the coming week.

BankNifty Spot Weekly Profile (22nd to 26th Feb 2021)
Spot Weekly – 35228 [ 36455 / 34893 ]

Previous week’s report ended with this ‘The weekly profile looks like a DD (Double Distribution) with a big lower distribution containing a very prominent POC at 35220 which would be the important reference on upside. Value for the week was completely lower at 34800-35220-35880 and the close at VAL means that the PLR for the coming week will be to the downside’

BankNifty made a subdued start to the week with a narrow range Neutral Centre Gaussian profile on Monday and continued to remain in previous week’s Value on Tuesday as it formed a 2-day balance with the POC at 35225. The auction moved away from this Value on Wednesday giving a Trend Day Up as it made highs of 36455 but got stalled at the upper end of previous week’s DD zone which triggered a probe to the downside for the rest of the week as it left daily VPOCs at 36349 & 36065 to hit new lows of 34893 on Friday but got stopped right above the 26th Feb VPOC of 34857. Both the Range & Value remained inside previous week giving a ‘b’ shape composite profile with an ultra-prominent & overlapping POC at 35265 which means there is a good chance for a move away from here in the coming week. Value for the week was at 35055-35265-35715.

Click here to view this week’s auction in BankNifty with respect to previous week’s profile on MPLite

Weekly Hypos for Bank Nifty (Spot):

A) BankNifty needs a drive from 35265 for a rise to 35450 / 35580 / 35820 / 36065 / 36349 / 36480 & 36655
B) Accepting below 35185, the auction could test 35055 / 34857 / 34710 / 34591 / 34305 / 34042 & 33850

BNF (Weekly Profile) 

35288 [ 36581 / 34888 ]

BNF has formed a composite ‘b’ shape profile for the week with a very prominent POC at 35365 with Value being completely inside at 35010-35365-35730 closing at the HVN of 35280 and looks set for an imbalance in the coming week.