Nifty Spot Weekly Profile (22nd to 26th Apr)
Nifty opened below the weekly VAL and in the singles of the previous week’s DD (Double Distribution) profile to continue the probe down it started last week after getting rejected from new all time highs of 11856. The auction went on to tag the weekly vPOC of 11586 which was mentioned in the previous week’s report as positional support and balanced around this zone before closing in a spike down on Tuesday as it made a low of 11565. This spike was rejected the next day as Nifty confirmed a FA at 11579 to reverse the auction to the upside and went on to complete the 2 ATR objective of 11789 on Thursday as it made a high of 11797 tagging the selling tail of 18/04 which was from 11797 to 11856. Nifty got rejected from this resistance zone as it then reversed the auction to the downside and trended lower to fall by 170 points as it closed in a spike of 11711 to 11624 on Thursday. Nifty got accepted in the spike on Friday & balanced in a narrow range of 36 points for most part of the day before giving a spike higher in the last 45 minutes to close at 11755. The weekly profile made lower Value though the close is above the VAH and Nifty looks to be in the process of completing a nice balance on the monthly time frame with a good probability to give a move away in the coming week(s). The weekly Value is 11582-11600-11702.
NF (Weekly Profile)
It was a week of spike closes in NF as the auction closed in a spike each day this week. NF opened the week with a drive down on Monday as it left a selling tail from 11753 to 11839 to make lows of 11681. Tuesday saw the auction balance in previous day’s Value and a range extension to the upside got rejected at 11741 after which NF spiked lower into close making a new low of 11655. Wednesday saw the auction make a balance in the spike zone The inability of the sellers to push price lower led to a massive short covering move in the closing hour on Wednesday as NF confirmed a FA at 11665 and left an extension handle at 11700 to almost tag the 2 ATR move of 11892 as it made a high of 11877 on Thursday just before noon. The auction then reversed the imbalance to the downside on Thursday as it probed lower and almost tagging that extension handle of 11700 as it closed in a spike of 11780 to 11714. Friday saw NF getting accepted in the spike & balancing in a narrow range of a 32 point IB till late afternoon and went on to give the customary spike close as it left an extension handle at 11765 and went on to make a high of 11828. This week’s Value of 11718-11742-11865 was overlapping to lower and has 2 nice distributions in the profile with the lower one from 11685 to 11750 and the upper one at 11787 to 11841. 11856 & 11742 are the 2 HVNs to be watched in the coming week as the auction could give a move away from one of them.
BankNifty Spot Weekly Profile (22nd to 26th Apr)
BankNifty opened the week with a drive down leaving a large selling tail from 30011 to 30290 on Monday (22/04) after which it probed lower to make a low of 29435 on Wednesday (24/04) but left a FA there to signal end of the downside move. The auction then probed higher as it marked an extension handle at 29599 & tagged the 1 ATR move of 29857 on the same day. BankNifty continued to rise the next day as it tested the selling tail making a high of 30057 but was swiftly rejected and went on to fall by more than 500 points as it tested that extension handle spiked lower into the close on Thursday (25/04) making a low of 29511. On Friday (26/04), the auction balanced in the spike for most part of the day followed by a failed range extension to the downside as it confirmed yet another FA at 29563 and then went on to tag the 1 ATR move higher of 29987 as it made a high of 30048 & left a new extension handle at 29733. The weekly profile represents a ‘b’ with the POC at 29730 which will be the level to watch on any dip in the coming week. On the upside, immediate resistance would be the singles of 30057 to 30290 above which we have the weekly vPOC of 30370. The weekly Value is 29630-29730-29970.
BNF (Weekly Profile)
BNF gave a move away from previous week’s Value at open in the form of singles from 30398 to 30207 after which it formed a wide balance for the week as the auction probed lower for the first half of the week as it made a low of 29625 on Wednesday afternoon from where it gave a good reversal to the upside as it moved higher to test the singles making a high of 30251 on Thursday but got rejected there leaving a FA and completed the 1 ATR move lower of 29825 on the same day to close in a spike lower of 29915 to 29750. The auction opened in the spike on Friday and an attempt to probe lower was rejected as BNF made a low of 29735 after which it balanced in the spike zone till late afternoon before giving a big rise as it moved out of the spike to confirm a new FA at 29735 & tagged the 1 ATR move higher of 30162 as it again tested that selling tail making a high of 30230 before closing at 30178 which was in the top quadrant of the weekly profile. Immediate resistance would be the FA of 30251 and the singles from 30251 to 30398 and on the downside BNF has 2 HVNs at 29960 & 29760 which could act as support. The weekly Value is 29832-29960-30192
