Nifty Spot Weekly Profile (11 – 15th Feb)
Nifty opened below previous week’s Value and stayed below it forming a balance in the lower half of previous week’s profile filling up the low volume zone between 10920 to 10840 for the first half of the week after which it left an extension handle at 10820 to spike lower on Wednesday indicating that the auction is heading down. Nifty then trended lower the next 2 days making lower Value and went on to tag the weekly VPOC of 10648 making a low of 10620 on Friday where it took support to give a bounce to make a high of 10744 before closing at 10724. Nifty has made a Double Distribution Profile (Down) on weekly with singles from 10783 to 10820 which will be the zone to watch if Nifty gets above 10744 in the coming week. Staying below 10744, Nifty could fill up the lower balance of the DD profile before giving a move away. The weekly Value is 10744-10880-10920
On a Monthly Profile, Nifty has completed the 80% Rule of January’s Value this week as it got below previous month’s VAH of 10928 and tagged the VAL of 10736 and has closed around it. Nifty is forming this month’s POC so far at 10888 and the developing VAL is at 10808 so will be the levels to watch for in case of a bounce in the coming week.
NF (Weekly Profile)
NF got rejected from weekly HVN of 10941 on Monday and made lower value for the week with a Double Distribution down profile as it first made a nice upper balance at 10925-10860 with POC at 10905 then extended lower with an Extension Handle at 10842 to start another balance lower which still looks incomplete. 10770-775 is the HVN lower so NF can continue to balance below till 10640 with 10745 & 10680 the levels to watch in the coming week. The weekly Value is 10767-10905-10941
BankNifty Spot Weekly Profile (11 – 15th Feb)
BankNifty opened lower on Monday with a 50 point gap and started making a balance below previous week’s POC of 27270 for most part of the first 2 days in the week building a HVN at 27230 before giving a spike lower on Tuesday as it left an extension handle at 27150 and went on to make lower Value for the next 3 days breaking below previous week lows of 26825. BankNifty made lows of 26635 on Friday from where it gave a bounce back to close at 26794 to leave a DD type profile on weekly but Value for the week was mostly lower and the close also was well below this week’s Value which means BankNifty remains weak till it stays below 26825. The weekly Value is 26870-27230-27290
On the Monthly Profile chart, BankNifty so far has been inside previous month’s range of 26441-27754 and was largely inside previous month’s Value till this week. This week however, it not only stayed below the monthly POC of 27332 but also broke below the monthly VAL of 27050 making new lows for February. The developing Value for this month has been mainly inside previous month’s Value but has now started to extend it on the lower side with the developing POC at 27020 which will be the level to watch for the remaining of this series.
BNF (Weekly Profile)
BNF made a trending profile lower for the week with Value also completely below previous week’s Value. It started the week making a balance around the weekly POC of 27328 for the first 2 days and then started an imbalance lower around close on Tuesday after which it made lower Value for the next 3 days making lower lows all through the week with the Friday low at 26721 from where it gave a bounce and closed the week at 26867. The weekly Value is 26736-27128-27200
