Nifty Spot Weekly Profile (3rd June to 7th June)
Nifty opened the week on a strong note moving away from that prominent POC of 11920 making new all time highs of 12103 as it gave a Trend Day Up on Monday. The auction then consolidated on Tuesday making an inside bar along with as it formed a HVN at 12042 and it gave another trending move away from this HVN but this time to the downside on Thursday as Nifty probed lower breaking into the previous week’s balance completing a swift 80% Rule and continued to fall as it made a low of 11830 leaving a Trend Day Down. Friday open was a drive down as Nifty went on to make new lows of 11769 in the opening 30 minutes as the imbalance to the downside came to an end as the auction then balanced for rest of the day forming a HVN at 11846 and closed in the uppermost quadrant. The weekly profile looks like a Double Distribution (DD) down with 2 HVNs at 12042 & 11846 along with a 100 point low volume zone from 11901 to 12001 in between & the range as well as the value for this week has made an outside bar indicating that the auction could continue to be in this range for some more time. This week’s Value is at 11796-11846-12020.
Weekly Hypos for Nifty (Spot):
A) Nifty needs to get above 11881-901 for a move to 11936 & 11958-967
B) Immediate support is at 11846-844 below which the auction can test 11827-815 & 11795-770
C) Above 11967, Nifty can probe higher to 11991-12001 & 12042-50
D) Below 11770, lower levels of 11738-730 & 11696-682 could be tagged
E) If 12050 is taken out & sustained, Nifty can have a fresh leg up to 12082-105 / 12122-125 / 12147-156
F) Break of 11682 could bring lower levels of 11660-658 / 11614-611 / 11576-556
NF (Weekly Profile)
NF started the week with a probe higher making new all time time highs of 12118 on Monday leaving a Trend Day on daily in the process. However, it did not get any follow up above these new highs as it made an inside bar on Tuesday building a HVN at 12075 from where it moved away to the downside on Thursday negating the Trend Day Up as the auction broke below the Trend Day VWAP & POC of 12015 and then went on to swiftly complete the 80% Rule in previous week’s Value as it closed below that weekly HVN of 11905 on Thursday indicating that it could be headed to test that weekly vPOC of 11793 (Read last week’s report here). NF continued the trend lower on Friday open as it fell by 80 points in the ‘A’ period making a low of 11801 almost tagging that weekly vPOC but the imbalance of 300 points needed some consolidation which led to a balance being formed for the rest of the day as the auction built volumes at the 11885 level. The weekly profile has 2 nice distributions at the extremes with HVNs at 11883 & 12075 along with a low volume zone in between from 11935 to 12015 which it could fill up in the coming week if the auction remains stuck between the 2 HVNs. Just as it did in Spot, the weekly Value & Range have made an outside bar & the weekly Value is 11832-11883-12051
BankNifty Spot Weekly Profile (3rd June to 7th June)
BankNifty made an inside bar on the weekly with almost the same range as previous week but this week it made a Double Distribution (Down) profile with a close around the high of the lower distribution. BankNifty started the week with a test below previous week’s Value as it made a low of 31285 at open on Monday where it got rejected and then went on to complete the 80% Rule in previous week’s well balanced Value and continued to trend higher for the first part of the week making a high of 31753 on falling short of the previous week’s all time high of 31784 which was the first signal that the upside probe for the time being could be over and this got more confirmation as the auction closed lower around the previous week’s VAH of 31570. The auction then continued the weakness on Thursday as it opened after a holiday first completing the reverse 80% Rule and then went on to leave an extension handle at the weekly VAL of 31310 to indicate that there is more downside to come after which it entered that big weekly tail of 31216 to 30623. BankNifty fell by 500 points from the extension handle of 31310 as it made a low of 30800 leaving a Trend Day Down to close around the lows on Thursday. Friday continued the weakness as the auction made new lows for the week at open as it gave a drive down but got stalled at 30627 in the ‘A’ period which gave the first hint that the imbalance to the downside could be ending. BankNifty went on to make a nice balance for the rest of the day building Value in the previous week’s tail leaving an HVN for the week at 30925 which will be the immediate support to watch in the coming week and which if held BankNifty can probe higher towards the HVNs of 31405 & 31608. The weekly Value is 30670-30925-31490.
Weekly Hypos for BankNifty (Spot):
A) BankNifty needs to stay above 31065 for a move to 31140-155 / 31236-241 & 31306-330
B) Sustaining below 31065, the auction can test 30975-925 / 30885 & 30808-801
C) Above 31330, BankNifty can probe higher to 31405-441 / 31490-507 & 31596-608
D) Below 30801, lower levels of 30713 / 30625 & 30538-515 could come into play
E) If 31610 is taken out, BankNifty could rise to 31685 / 31753-785 & 31853-865
F) Break of 30515 could trigger a move lower to 30450-420 / 30364-350 & 30290-275
BNF (Weekly Profile)
Report to be updated…
The weekly Value is 30776-31016-31520
