Weekly charts (10th to 14th Dec) & Market profile analysis

Nifty Spot Weekly Profile (10th – 14th Dec)

Nifty Spot made a gap down opening on Monday followed by a even big gap down on Tuesday but gave a very good bounce from there to trend higher for the next 3 days with a balance coming in at close as it made an inside bar with a very narrow range on Friday. The weekly profile is an elongated one plus a Neutral Extreme one where it has made 2 nice balances at the bottom & top of the profile with a small one in the middle. It has left a small buying tail at the lows at 10356-10333 & an extension handle at 10567 above which it has singles from 10567-10632. It gave another breakout around the 10675-680 level with another round of singles from 10680-10745 above which it has formed a nice balance at 10770-10815 with a wide TPO POC in between at 10784 from where it could give a move away on Monday. The weekly Value Area is 10512-10784-10832.

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NF (Weekly Profile)

NF made a 150 point gap down on Monday with closing just above the lows & followed it up by another 150 point gap down on Tuesday which not only stalled the down move but gave a reversal too as it left a buying tail at 10392-10355 from where it trended higher into the close of the week making a small balance at top. It has a first weekly extension handle at 10607 with singles at 10655-10607 and a second extension handle at 10708 above which it has a spike higher till 10771. The balance at top of the weekly profile is at 10785-10840 with a wide TPO at 10820 from where we can expect a move away at open on Monday. The weekly Value Area is 10542-10818-10866.

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BankNifty Spot Weekly Profile (10th – 14th Dec)

BankNifty also gapped lower on Monday with a close at lows and the next day made a 500 point gap down but held the opening lows to leave a small buying tail of 25660-25599 from where it made an elongated profile on weekly giving 2 good distributions one in the lower part & another one at the top. It has 2 HVNs on the weekly at 26800 & 26230 between which we have a low volume zone which could be filled if BN stays below 26800. We have three extension handles on the weekly profile, the first one at 25830 then at 26335 & the last one at 26518 which could provide support in case of dips. We also have singles below 26723 till 26585. BankNifty formed Value outside of previous week’s Value & this week’s Value Area is 26115-26800-26935.

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BNF (Weekly Profile)

BNF started the week with 2 consecutive gap down moves of 400 points each on Monday & Tuesday making a low of 25706 from where it reversed the Auction & trended higher testing that selling tail of previous week at 27018-27065 where it got resisted giving a Neutral Extreme profile on weekly with a nice balance at the top with a prominent POC at 26880. It has left a weekly extension handle at 26580 and has a very thin profile from 26580 to 26770 which can act as support in the coming week. The weekly Value has overlapped the previous week’s Value Area on both sides & if does not move higher and sustains next week can remain in this large bracket with support lower at 26330 levels. The weekly Value Area is 26176-26880-27008.

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