Nifty Spot Weekly Profile (24th June to 28th June)
Last week’s report read ‘Nifty needs to open & sustain above 11712 in the coming week for a move first to 11772 and above it can attempt to tag 11894. Staying below 11712 would be weak.’
Nifty made a weak start on Monday as it probed below 11712 to test the weekly VAL of 11676 to mark a low of 11670 but was sent back into the Value as it made a high of 11711 but could not cross it indicating that PLR was still down. The auction then gave a lower open on Tuesday as it made a new low of 11651 but was swiftly rejected back into the weekly Value and this time gave a successful range extension to the upside scaling above 11712 and went on to make new highs for the week confirming a weekly FA at 11651 as it executed the 80% Rule in previous week’s Value by getting above 11772. Nifty continued to trend higher till Thursday afternoon as it tagged the weekly VPOC of 11894 & went on to complete the 1 ATR objective of 11906 from the weekly FA making a high of 11911 where it appeared that the imbalance to the upside was done as the auction then gave a retracement which continued till close on Friday as Nifty made a low of 11775 almost tagging that weekly VAH to give a Triple Distribution profile on the weekly with a close right at the mid-point. The Value for the week was mostly higher with this week’s Value at 11748-11812-11900 but Nifty needs to remain above 11775 and scale above 11812-825 to continue higher in the coming week for a probe to 11916 & the earlier weekly FA of 12000. Staying below 11775, the auction could go for a test of 11706 & below it the weekly FA of 11651.
Weekly Hypos for Nifty (Spot):
A) Nifty needs to get above 11802 for a move to 11824-827 / 11855 & 11882-900
B) Immediate support is at 11775-769 below which the auction can test 11748-736 / 11712-706 & 11682
C) Above 11900, Nifty can probe higher to 11920-931 / 11950-958 & 11976-980
D) Below 11682, lower levels of 11665-651 & 11614-611 could be tagged
E) If 11980 is taken out & sustained, Nifty can have a fresh leg up to 12000 /12018-25 & 12042-46
F) Break of 11611 could bring lower levels of 11576-557 / 11530-526 & 11503
NF (Weekly Profile)
NF started the week with a balance on Monday as it left poor lows which got repaired the next day but the new low of 11710 was rejected as NF confirmed a FA on the weekly time frame at that level and went on to trend higher till Thursday almost tagging the 1 ATR objective of 11962 as it hit 11955 where it left poor highs suggesting short term exhaustion after which the auction gave a retracement to 11828 on Friday before closing around the weekly VAL. The weekly Value was non-overlap & higher at 11841-11913-11940 so the PLR remains to the upside but NF needs to get above 11862 for a probe of 11913 and above it repair those poor highs along with a chance of tagging the weekly vPOC of 12102.
BankNifty Spot Weekly Profile (24th June to 28th June)
Last week’s report ended with this line ‘The weekly profile made completely lower Value but the range has been the lowest in 10 weeks plus has closed above this week’s VAH (Value Area High) indicating that the PLR in the coming week could be to the upside towards the weekly VPOC of 30975.’
BankNifty opened higher this week as it tagged 30784 in the ‘A’ period on Monday but could not scale above this high and began to form a balance making Value above the weekly VAH of 30610. The auction then looked below the weekly VAH as it made a low of 30451 on Tuesday again in the ‘A’ period to check if there is more downside but did not give any continuation as there was no range extension lower and in fact left a buying tail from 30512 to 30451 on the developing weekly profile. This buying tail then triggered a trending move to the upside as BankNifty made new weekly highs scaling above 30784 to tag that weekly VPOC of 30975 & in the process also confirmed a weekly FA at 30451 post which the auction went on to tag the 1 ATR objective of 31384 on Thursday as it made a high of 31490. This 1000 point imbalance was then followed by a retracement as BankNifty gave a dip to 31060 which will be the first level to watch on the downside in the coming week. The weekly profile is an elongated and trending one with higher Value and the close has been around the weekly POC of 31150 so staying above this POC the PLR would continue to remain Up in the coming week. Staying below 31150, BankNifty could fill up the low volume zone of 31060 to 30750 breaking below which the auction could test the important support of 30660. This week’s Value is 30755-31150-31435
Weekly Hypos for BankNifty (Spot):
A) BankNifty needs to stay above 30666 for a move to 30720 / 30770-805 & 30870-890
B) Sustaining below 30625-610, the auction can re-test 30550-515 / 30450 & 30370-362
C) Above 30890, BankNifty can probe higher to 30975-980 / 31035-65 & 31124-153
D) Below 30362, lower levels of 30310-275 / 30220-190 & 30105-100 could come into play
E) If 31153 is taken out, BankNifty could rise to 31241-265 / 31330-350 & 31405-418
F) Break of 30100 could trigger a move lower to 30040-15 / 29970-930 & 29850-840
BNF (Weekly Profile)
BNF has made a Triple Distribution Trend Up profile this week after it confirmed a FA at lows of 30580 on Tuesday after it started the week making a balance on the first 2 days after which it gave a breakout to the upside & trended higher to tag the 1 ATR move of 31511 as it made a high of 31513 on Thursday and having met this objective the auction made another balance at the top and closed the week around the POC of 31264. The Path of Least Resistance (PLR) will be to the upside in the coming week as long as BNF stays above 31200. Acceptance below 31200 could give a swift move down in the low volume zone till 30880. This week’s Value is 30888-31264-31512
