Nifty Spot Weekly Profile (25th to 29th Mar)
Last week’s report mentioned ‘Staying below 11518, the PLR would remain down below 11454 for a visit to the week’s low of 11412 and if that is taken out, Nifty could go for the weekly vPOC of 11336 and lower and that would also mean negating the weekly FA of 11412 which would put the auction on course for 11141. Resumption in uptrend will happen only above 11530-534′ and this week Nifty opened with a gap down on Monday and probed lower tagging that weekly VPOC of 11336 as it made a low of 11311 where it saw some swift rejection which was visible in the form of a small buying tail at lows on the profile. Nifty then opened higher on Tuesday leaving a probable vPOC at 11346 and along with it confirmed a FA on weekly timeframe at 11311 which was the first signal that a reversal could be in play as it started to make a balance higher. An attempt to probe lower was met on the same day with rejection as Nifty left a FA on daily charts at 11352 which was further confirmation of the PLR (path of least resistance) turning to the upside. The auction then trended higher leaving an extension handle at 11416 completing the 1 ATR move from the daily FA to close at highs and went on to give a gap open the next day as Nifty completed the 2 ATR objective of 11534 which marked an end to this leg of the auction as the range started to contract and poor highs confirmed the exhaustion of the move up which led to a swift move lower as Nifty made multiple range extensions to the downside and went on to test the extension handle of previous day where it seemed to have found support as it made a low of 11413. Nifty then opened higher on Thursday and drove up resuming the weekly trend and went on to repair the poor highs as it gave a trend up profile making a high of 11588 which also marked the completion of the 1 ATR move from the weekly FA of 11311. Friday saw yet another gap up in Nifty marking an end to the imbalance as the auction then closed the gap & remained within the first 30 minutes range for the entire day and failed to extend the range on both sides despite multiple attempts being made leaving both poor highs as well as poor lows although the close was at highs leaving a trending profile on the weekly with 3 distributions as well as 3 daily vPOCs at 11346, 11382 and 11508 which will be the levels to watch on any move lower. On the upside, if Nifty is able to stay above this week’s high then it can look to move towards the all time high of 11760 and the 2 ATR move from the weekly FA which comes to 11865. The weekly Value is 11356-11508-11556
NF (Weekly Profile)
NF has made an outside bar on the weekly with overlapping to higher Value after opening the week lower with a gap down but indicating a reversal as it left a weekly FA at 11405 and went on to leave another FA on daily timeframe at 11432 to give a strong confirmation that the PLR (Path of Least Resistance) is to the upside. The auction went on to tag the 2 ATR move of 11652 from the daily FA and also hit the 1 ATR objective of 11685 from the weekly FA on Friday as NF made highs of 11705 before closing around the weekly HVN of 11673 which will be the level to watch at open in the next week. The weekly Value is 11535-11589-11697
BankNifty Spot Weekly Profile (25th to 29th Mar)
‘Staying below 29547-530, the auction remains weak for a move to 29250 & 28895’ was how the previous week’s report was concluded and this week BankNifty opened with a gap down of 250 points and tagged 29250 in the opening hour after which it continued to probe lower making a low of 29156 but ended the day making a Gaussian profile with a close around the prominent POC of 29265 which was an indication that the move lower could be ending. This got more confirmation when it opened higher the next day leaving a vPOC at 29265 and probed above PDH confirming a weekly FA at 29156 which was a very bullish signal. BankNifty then spiked higher on Tuesday leaving an extension handle at 29539 and made a big move of 400+ points to make a high of 29950 thereby completing the 1 ATR move of 29931 from the weekly FA. The auction continued the imbalance to the upside on the next day also as it opened with a gap up of 150 points to make new all time highs of 30132 in the first hour and even made a range extension higher making a new high of 30262 after which it gave a retracement and a spike low at 29790 leaving a buying tail from 29966 to 29790. On Thursday, BankNifty opened above this tail to probe higher to confirm a multi-day FA at 29790 and went on to tag the 2 ATR objective of 30424 from this FA on the same day itself. Friday saw the auction making a marginal new high of 30499 at open after which it made a nice Gaussian profile with a wide POC at 30334 from where it could give a move away at the start of the new month & financial year. The weekly profile has 2 nice distributions in the upper half with singles from 29960 to 29540 and the weekly Value is 29680-30110-30480
BNF (Weekly Profile)
Report to be updated….