Weekly Charts (23rd to 27th November 2020) and Market Profile Analysis

Nifty Spot Weekly Profile (23rd to 27th Nov 2020)

Spot Weekly – 12969 [ 13146 / 12790 ]

Previous week’s report ended with this ‘The weekly profile is a well balanced Neutral Centre one with completely higher Value at 12780-12846-12894 and needs an initiative move away from this week’s prominent POC to signal return of imbalance

Nifty continued the balance it was forming last week on Monday but confirmed a FA (Failed Acution) at lows of 12825 which activated a fresh leg on the upside over the next 2 days as the auction completed the 2 ATR objective of 13130 from this FA in form of a big gap up on Wednesday where it tagged 13146 but having hit the destination saw a huge liquidation move falling by more than 350 points to revisit that FA of 12825 in ‘T+3’ Days and in doing so left another FA at 12790 on Thursday which meant that the fall was more due to profit booking rather than initiative selling. Nifty then retraced more than 60% of the fall as it made highs of 13035 on Friday before closing the week with a Gaussian profile and right at the prominent POC of 12973. The weekly profile was a Neutral Centre one with Value was mostly higher at 12885-12981-13035.

Click here to view this week’s auction in Nifty with respect to the previous week on MPLite

Main Weekly Hypos for Nifty (Spot):

A) Nifty needs a drive above 13002 for a probe to 13056 / 13113 / 13168 / 13214 & 13285
B) Accepting below 12978 could lead to a test of 12930 / 12885 / 12845 / 12790 & 12685

NF (Weekly Profile)

13017 [ 13159 / 12835 ]

NF also left a perfect Neutral Centre weekly profile with the first 2 days probing higher which resulted in a gap up on Wednesday where it tagged 13160 but the narrow IB range of just 38 points meant that all the buying was getting exhausted and this led to a big move lower which began with an extension handle at 13122 and continued till the IB on Thursday as the auction hit new lows for the week at 12835 but the inability to extend the range on the downside along with the poor lows it left indicated lack of aggressive supply and this led to a bounce back into the close of the week as NF ended the week with a Gaussian profile on Friday. The weekly Value at 12922-13032-13084 was mostly higher but staying below the prominent POC of 13032, NF could fill up the low volume zone till 12890 in the coming week and on the upside, fresh buying needs to emerge above this week’s POC for NF to test that extension handle of 13122 and go for fresh All Time Highs (ATH).


BankNifty Spot Weekly Profile (23rd to 27th Nov 2020)
Spot Weekly – 29609 [ 30198 / 28853 ]

Previous week’s report ended with this ‘The weekly profie is a Neutral one with mostly higher Value at 28720-28900-29380 and staying above this week’s POC of 28900, BankNifty could fill up the low volume zone till 29400 first and above it could go for the daily VPOC of 29531 in the coming session(s). On the downside, acceptance below 28880 could lead to more weakness resulting in a probe towards the weekly VPOC of 28410 & daily VPOC of 28060

BankNifty opened higher above 29400 but made an ORR (Open Rejection Reverse) on the downside as it got back into previous week’s Value filling up the low volume zone as expected and tagged the weekly POC of 28900 and confrimed a FA at lows of 28853 which initiated a new probe higher as it completed the 1 ATR objective of 29567 with ease the next day and went on to made a big gap up on Wednesday and continued higher in the IB (Initial Balance) to hit highs of 30198 but the narrow IB range of just 226 points indicated poor trade facilitation in this new zone and triggered a massive liquidation drop of over 1050 points in the day as it left a Trend Day Down and followed it up with lower lows on Thursday where it tagged 28923 but ended up leaving a Neutral Extreme Day Up as it made a Re on upside too to hit highs of 29632. Friday saw a rare Normal Day being formed as the auction remained in the narrowest daily range of the month of just 348 points leaving a Gaussian profile with completely higher Value and a prominent POC at 29570 which would be the immediate reference in the coming week. Value for the week was overlapping to higher at 29140-29540-29680.

Click here to view this week’s auction in BankNifty with respect to previous week’s profile on MPLite

Main Weekly Hypos for Bank Nifty (Spot):

A) BankNifty needs to sustain above 29631 for a probe to 29717 / 29828 / 29972 / 30102 / 30210 & 30330
B) Accepting below 29573, the auction could test 29465 / 29368 / 29240 / 29166* / 28977 & 28853

Extended Weekly Hypos

C) Above 30330, BankNifty can probe higher to 30460 / 30582 / 30702 / 30805 / 31010 & 31124
D) Below 28853, lower levels of 28738 / 28580 / 28410 / 24240 / 28135 & 28050 could come into play

BNF (Weekly Profile) 

29667 [ 30167 / 28832 ]

BNF opened the week with a probe lower after a gap up open on Monday but took support at previous week’s prominent POC of 28910 as it left a small buying tail at lows of 28832 after which the auction filled up previous week’s low volume zone before giving a trending move on the upside over the next 2 days as it climbed above previous week’s high with a gap up on Wednesday where it hit 30167 in the IB but saw swift move lower from the ‘C’ period onwards resulting in the entire upmove being retraced as BNF tested Monday’s VPOC of 29013 on Thursday but left a daily FA at lows of 29000 which marked the end of the probe lower as the auction went on to tag the 1 ATR objective of 29677 to the dot on the same day. Friday saw a Normal Day being formed with mostly higher Value but inside a narrow range of just 398 points as BNF built volumes at 29650 and closed around it and would be the immediate reference in the coming session(s). This week’s Value was mostly higher at 29162-29512-29722 but has a selling tail from 29780 to 30167 which needs to be negated for the PLR to remain on the upside.