Weekly charts (15th to 19th April) and Market Profile Analysis

Nifty Spot Weekly Profile (15th to 19th Apr)

Nifty opened with a small gap up and stayed above the weekly VAH of 11640 on Monday to probe higher and as it found acceptance above 11665 it gave a gap up around the weekly vPOC of 11739 on Tuesday leaving an extension handle at 11704 and went on to make new all time highs of 11810. Nifty gave another big gap up on Thursday but this gap not only got filled at open but the auction went on to test the previous day’s buying tail as it made a low of 11738 giving a Double Distribution Profile on the weekly with singles of 11738 to 11704 separating the 2 nice balances and this will also be the support to watch in the coming week. On the upside, Nifty has a wide weekly POC at 11782 which it needs to get above & sustain for a probe higher towards the selling tail of 11809 to 11856. Nifty formed higher weekly Value at 11730-11782-11838 and in the process left a new weekly vPOC at 11586 which can now be taken as positional support.

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NF (Weekly Profile)

NF made a Double Distribution profile in the holiday shortened week with higher Value after opening above the previous week’s POC of 11655 on Monday as it made a nice balance & closed above the weekly VAH & the higher HVN of 11721 indicating that the PLR (Path of Least Resistance) is up. NF then gave a gap up on Tuesday leaving an extension handle at 11739 and trended higher making new all time highs and even got above the weekly FA of 11834 but was not able to close above it. Thursday then saw a long liquidation move happening in NF as it opened with a gap up which was used by the buyers to book profits as the auction got into the previous day’s buying tail to make a low of 11752 which along with 11739 will be the support levels for the expiry week which if broken can bring the weekly vPOC of 11655. On the upside, NF has a low volume zone between 11780 to 11820 which could be filled but further probe higher would be only if the auction can take out 11840-860 for a move towards 11960. The weekly Value is 11766-11778-11838.

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BankNifty Spot Weekly Profile (15th to 19th Apr)

BankNifty gave a gap up plus a drive open for the week as it got above that Friday highs of 30001 on 15/04 in the ‘A’ period itself which led to a trending move on the upside as BankNifty went on to make new all time highs at 30370 on 18/04 repairing the earlier poor highs of 30648. However the gap up which recorded new highs was rejected & BankNifty not only closed the gap but went on to break the previous day lows as it closed in a spike lower making an outside bar on the daily time frame. The weekly profile has a tail at both ends with 30024 to 29919 being the buying tail and 30481 to 30670 being the selling tail. It also has 2 weekly HVNs at 30370 & 30120 which will be the levels to watch for acceptance or rejection in the coming week. Value for the week was higher at 30170-30370-30610.

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BNF (Weekly Profile)

BNF gave a small gap up this week & rejected the entry into Friday’s range confirming that the PLR for the week would be up as the auction moved above the weekly VAH of 30168 and completed the 1 ATR move up of 30247 from the FA of 29833 on Monday as it left an HVN & daily vPOC at 30188. Tuesday saw BNF driving up at open scaling above the weekly VAH as it left a buying tail from 30385 to 30187 and it went on to tag the 2 ATR move of 30581 and went on to tag the weekly vPOC 30656 as BNF made a high of 30678. BNF then gave a gap up on Thusday making a new high at 30722 but saw a big liquidation move as the auction probed lower traversing through almost the entire buying tail of the previous day as it made a low of 30210. BNF has given a Triple Distribution Profile on the weekly closing just above the lower most distribution & has 3 HVNs at 30188, 30445 & 30621. The weekly profile also has couple of low volume zones between 30235 to 30355 and 30480 to 30540 which could be filled in the coming week. The weekly Value was non-overlap & higher thereby leaving a weekly vPOC at 29936. This week’s Value is 30224-30384-30656

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