Weekly charts (14th Jan to 18th Jan) and Market Profile Analysis

Nifty Spot Weekly Profile (14th Jan to 18th Jan)

Nifty Spot had a weak opening to the week as it opened with a drive lower on Monday getting below previous week’s Value and broke the lows of 10733 of the inside week indicating that Nifty could be breaking out on the downside from the 2 week balance it was forming. However, Nifty could only make a low of 10692 and did not extend much lower post the Initial Balance on Monday signalling that the downside was getting arrested more confirmation came when Nifty Spot got back into the previous week’s range at close negating the breakdown. Nifty then opened with a gap up on Tuesday inside the previous week’s Value with an OL (Open=Low) start at 10777 & drove higher leaving an weekly extension handle at 10761 and a buying tail of 10761-815 completing the 80% Rule on weekly Value of 10768-10832 and closed in a spike higher of 10853-10896. Nifty continued the imbalance move on Wednesday open as it made a high of 10928 in the ‘A’ period but was not able to sustain above the 1st Jan highs of 10923 inspite of multiple attempts to break higher not just on Wednesday but also over the next 2 days. The probe lower on Thursday was stalled when Nifty ventured below the spike lows of 10853 but was swiftly rejected leaving a pull back low at 10844 which will be important support now. Friday made an inside bar completing a nice 3-day balance in Nifty after the trend up profile of Tuesday so the PLR (Path of Least Resistance) seems to be up and Nifty needs to move away from this balance in the coming week for more upside. The weekly Value is 10838-10902-10918

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NF (Weekly Profile)

NF this week moved away lower from previous week’s balance on Monday breaking below that HVN of 10755 making a low of 10720 but got back above 10755 by Monday close which indicated that the sellers were not doing a good job. It opened with a gap up on Tuesday & probed higher getting above the other weekly HVN of 10914 & closed above it leaving a weekly extension handle at 10820. The next 3 days saw NF making a balance in the upper part of the weekly profile which resembles a DD (Double Distribution) with a nicely distributed upper profile and a close around the weekly POC. The PLR (Path of Least Resistance) remains to be up but the auction will need to move away from the balance as the weekly Value was mostly higher with a little overlap. The weekly Value is 10872-10923-10956

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BankNifty Spot Weekly Profile (14th Jan to 18th Jan)

BankNifty Spot opened with a gap down this week below previous week’s Value and probed lower getting into the buying tail of previous week from 27234 almost negating the entire tail till 27162 but took support at 27182 leaving that VPOC of 27160 still intact indicating that the downside auction could be over. BankNifty then opened higher on Tuesday leaving an extension handle at 27315 along with a buying tail on daily at 27248-354 which was tested twice & both the times provided support. The auction drove higher at open on Wednesday also and tagged 27550 in the IB (Initial Balance) and went on to test those highs multiple times over the next 3 days but was unable to close above it on 30 mins and will be the level to watch in the coming week. On the weekly, range wise BankNifty has made an inside bar with the Value also almost inside previous week’s Value giving a nice 2 week composite balance from where the auction can move away. This week’s Value is 27380-27505-27540

Bn Weekly 2 Weekly Charts (14Th Jan To 18Th Jan) And Market Profile Analysis Banknifty Futures, Charts, Day Trading, Intraday Trading, Intraday Trading Strategies, Market Profile, Market Profile Trading Strategies, Nifty Futures, Order Flow Analysis, Support And Resistance, Technical Analysis, Trading Strategies, Volume Profile Trading

BNF (Weekly Profile)

BNF opened the week with a gap down and resisted at the weekly VAL of 27488 which meant that the probe for the week could be down. The auction made a low of 27300 on Monday almost tagging the previous week’s low of 27292 but closed as a ‘b’ profile indicating that either there were no new sellers or that they were doing a bad job. The next day BNF opened with a gap up & probed higher with a close around the highs and continued this imbalance at open on Wednesday when it went on to make a high of 27640 in the ‘A’ period after which BNF stayed inside the A period range all day confirming that the imbalance was over & balance had begun to form. The next 2 days saw BNF continue to balance & make overlapping Value as it got rejected from the lower side on Thursday when it probed down into the buying tail of Tuesday and then was swiftly turned down when it opened higher on Friday. BNF not only made an inside week but even the weekly Value was completely inside previous week’s Value which means that the balance may be coming to an end and we could see a breakaway move in it soon. The weekly Value is 27448-27568-27624

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