Weekly Charts (25th to 29th January 2021) and Market Profile Analysis

Nifty Spot Weekly Profile (25th to 29th January 2021)

Spot Weekly – 13635 [ 14491 / 13597 ]

Previous week’s report ended with this ‘The weekly profile is a Neutral One which extended previous week’s range on both sides forrming an outside bar both in terms of range and Value which was overlapping at 14346-14604-14628 with a close near the VAL so the PLR for the coming week would be to the downside towards the daily VPOC of 14312 & the weekly POC of 14193. On the upside, Nifty would need to sustain above 14432 for a probable test of 14486 & 14537′

Nifty opened on Monday with a big gap and tagged the higher reference of 14486 but got swiftly rejected from 14491 confirming an Open Rejection Reverse on the weekly timeframe and gave a Trending move lower as it fell by 894 points and in the process made new lows for the month and closed in a spike from 13728 to 13597 which would be the opening reference for the coming week. Value for the week was completely lower at 13705-13825-14225.

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

Weekly Hypos for Nifty (Spot):

A) Nifty needs a drive above 13670 for a probe to 13728 / 13771 / 13823 / 13870 / 13929 / 13985 & 14016
B) Accepting below 13630 could lead to a test of 13575 / 13528 / 13493 / 13449 / 13396 / 13356 & 13282

NF (Weekly Profile)

13709 [ 14522 / 13666 ]

NF has formed a trending week lower forming lower lows on all 4 days of the week giving a huge 856 point range with tails at both ends as it closed in a spike from 13744 to 13666 which would be the zone to watch in the next session. Value for the week was completely lower at 13748-13844-14244.

BankNifty Spot Weekly Profile (25th to 29th January 2021)
Spot Weekly – 30679 [ 31760 / 29752 ]

Previous week’s report ended with this ‘On the weekly timeframe, BankNifty has formed a large outside bar with almost overlapping Value at 31800-32060-32600 with a Neutral Extreme Down profile and the Neutral Extreme zone for the coming week would be from 31120 to 31520

BankNifty opened higher on Monday and made a probe above previous week’s Neutral Extreme zone of 31120 to 31520 but thr dreaded C side extension where it made new highs for the day at 31697 signalled the return of aggressive supply as the auction made a trending move lower of 2010 points over the next 3 sessions as it made a low of 29687 on Thursday where it confirmed a daily FA triggering a bounce back as it completed the 2 ATR objective of 30858 the next day after yet another failed C side extension this time to the downside and was on track to leave the second successive Neutral Extreme profile but the K period extension got rejected resulting in a Neutral Centre close not just for the day but also the week. Value was completely lower at 31490-30489-30250 and the weekly POC of 30489 would be the immediate reference on the downside for the coming week below which the daily VPOC of 29980 & the FA of 29687 would be the levels to watch while on the upside, BankNify would need to negate the selling tail of 30912 to 31112 for a probe higher towards the daily VPOC of 31518.

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

Weekly Hypos for Bank Nifty (Spot):

A) BankNifty sustaining above 30625 could rise to 30730 / 30801 / 30912 / 31112 / 31330 / 31425 & 31518
B) Accepting below 30535, the auction could test 30450 / 30320 / 30172 / 29980 / 29880 / 29750 & 29688

BNF (Weekly Profile) 

30679 [ 31760 / 29752 ]

BNF has formed a Neutral Centre weekly profile with completely lower Value at 30316-30550-31525.