Nifty Spot Weekly Profile (1st to 5th Apr)
Nifty Spot opened higher on Monday giving a gap up above previous week’s high of 11630 and made a range extension to the upside as it tagged 11738 but failed to sustain these new highs giving a Neutral profile on the first day indicating 2 way auctions for the rest of the week. Tuesday made an inside bar as Nifty closed at the VAH of the nice 2 day balance and opened higher the next day and went on to tag the all time high of 11760 making a high of 11761 but could not extend the range higher which led to a big liquidation move lower as Nifty closed the weekly gap making a low of 11629 on Wednesday. This weakness continued on Thursday as Nifty confirmed a FA at 11662 and resumed the auction lower to tag the 1 ATR move of 11559 on the same day and was met with some rejection at lows as it left a small buying tail from 11576 to 11559 which is also visible in the weekly profile. This tail enable a gap up on Friday as Nifty probed higher making a high of 11666 in the first hour trying to negate that FA of 11662 but was once again rejected from there as the auction started to move lower and went on to make a range extension down as it made a low of 11609 almost closing the gap. Nifty Spot went on to close the day with a spike higher and has given a Neutral Centre profile on the weekly closing at 11666 which was around the Monday opening of 11669 and the weekly profile has a wide POC at 11636 which will be the support to hold this week for a move higher and the levels to watch on the upside would be 11739, 11766 and 11836. On the downside, if Nifty stays below 11630 it can move lower and the levels to watch would be 11557, 11508 and 11484-455. The weekly Value is 11624-11636-11708.
NF (Weekly Profile)
NF made a relatively narrow weekly range making a balanced profile on the weekly as its attempt to probe higher in the first part of the week after opening above previous week’s Value was rejected at 11834 where it left a weekly FA (Failed Auction) as the auction made a probe lower making new lows as it got back into previous week’s Value and broke below the weekly POC of 11673 finding support at 11641 which was also the Friday’s low. The auction then reversed from there to move higher as it made a high if 11783 on Friday leaving a prominent weekly POC at 11723. The weekly Value is higher though the range contracted and the next week also could be a range bound one. In case of a range expansion, NF has support at 11641 below which it can go for the 1 ATR move from the weekly FA which comes to 11552 and on the upside if 11834 is taken out, NF can move higher to 11913 & 11962 which will make the 2 ATR move from previous week’s FA of 11405. The weekly Value is 11706-11730-11787
BankNifty Spot Weekly Profile (1st to 5th Apr)
Report to be updated….
BNF (Weekly Profile)
BNF opened with a gap up on Monday and made a high of 30762 in the IB (Initial Balance) which was also the 2 ATR move from the weekly FA of 29340. BNF did attempt a range extension later in the day as it made a new high of 30812 but could not sustain it & saw a big long liquidation move as it left a FA at top which confirmed that the upmove in BNF from the last 2 weeks could be over & the first stage of a new IPM was done with. BNF then probed lower on Tuesday as it made a low of 30285 taking support at previous week’s HVN and went on to confirm a FA there and completed the 1 ATR move higher of 30705 next day at open as it made a high of 30729 in the opening period but could not extend higher & saw another long liquidation move happening in the late afternoon as it left an extension handle at 30580 to drop to 30260 negating that FA & making new weekly lows. The auction then attempted to probe higher the next day making a range extension higher to give a pull back high of 30494 but was again met with long liquidation at close as it continued the trend of the week to end the day with a spike as BNF made new lows for the week at 30029 almost completing the 2 ATR move from Monday’s FA of 30813 which was at 29999. Friday saw BNF making an inside bar as it balanced in the lower part of previous day’s profile for most of the day but again maintained the streak of spiking at close as it spiked higher to give a close right in the middle of the weekly profile which looks like a Triple Distribution Week with HVNs at 30656, 30392 and 30144. BNF could continue to balance in this week’s range for the coming week and the levels to watch on the upside would be 30495, 30580, 30660 and 30730. On the downside BNF has immediate support at 30280 and below that 30144. If 30144 fails to hold, BNF can move lower to tag that weekly HVN of 29920. The weekly Value is 30288-30392-30736