Weekly Charts (26th to 30th April 2021) and Market Profile Analysis

Nifty Spot Weekly Profile (26th to 30th Apr 2021)

Spot Weekly – 4631 [ 15044 / 14421 ]

Nifty opened the week with a gap up on Monday where it took support just above the weekly VAH of 14409 and as expected formed an imbalance to the upside till Thursday morning which saw another gap up open new highs for the month at 15044 on 29th Apr with a gap up open and a probe higher but got rejected right below the weekly FA & positional reference of 15052 triggering a pull back which continued on Friday as it formed lower Value on the daily time frame first time in the week closing with a spike down to 14602. The weekly profile is a trending one with completely higher Value at 14605-14785-14955 but the close has been in the lower half just above the daily VPOC of 14600 below which the auction remains weak for a probe towards the lower VPOCs of 14399 / 14315 & 14252 in the coming week whereas on the upside, Nifty would need to get above the spike reference of 14672 for a probable test of the higher VPOC of 14904 in the new month.

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 14641 for a probe to 14725 / 14768 / 14807 / 14852 / 14904 / 14958 & 15019
B) Accepting below 14600 could lead to a test of 14523 / 14461 / 14399 / 14341 / 14290 / 14252 & 14223

Extended Weekly Hypos

C) Above 15019, can expect higher levels of 15095 / 15120 / 15153 / 15196 / 15262 / 15303 & 15340
D) Below 14223, the auction could fall to 14151 / 14110 / 14060 / 14108 / 13984 / 13925 & 13870

NF (Weekly Profile)

14691 [ 15085 / 14476 ]

NF made a trending move higher for the first 4 days of the week after opening higher on Monday and stalled right below the previous swing high of 15091 of 8th Apr on Thursday as it made a high of 15085 and formed a balanced profile with a prominent POC at 14927 and gave a move away from it on Friday as it formed lower daily Value for the first time in the week spiking lower into the close stopping just above the Trend Day VWAP of 14646 which would be the immediate reference on the downside in the coming week. The weekly profile is an elongated one with completely higher Value at 14630-14819-14980 with a HVN at 14923.


BankNifty Spot Weekly Profile (26th to 30th Apr 2021)
Spot Weekly – 32781 [ 34287 / 32145 ]

BankNifty signalled intent to move away from the 2-week overlapping Value with a gap up open on Monday but ended up forming a Normal Day with the narrowest daily range of just 459 points indicating supply coming in but the auction not only absorbed the selling but gave a Trend Day Up on Tuesday where it made new highs for the week at 32807 and followed it up with a big range expansion in the form of a Double Distribution Trend Day Up on Wednesday as it went on to hit 33778. This imbalance to the upside continued at open on Thursday as BankNifty made new highs for the month but left an initiative selling tail in the IB from 34135 to 34287 marking the end of the upmove as it formed a balanced profile with a prominent POC at 33677 and opened lower on Friday as it confirmed a daily FA at 33455 and went on to close the week with a Neutral Extreme Down Day. The weekly profile is an elongated one with completely higher Value at 32700-33660-33840 with a close well below the prominent POC at 33660 which will be the important reference on the upside for the coming week whereas on the downside, BankNifty would remain weak below 32660 for a probe towards 32485 & 31949.

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 needs a drive from 32785 for a rise to 32959 / 33130 / 33264 / 33455 / 33560 / 33677 & 33765
B) Accepting below 32761, the auction could test 32660 / 32485 / 32260 / 32130 / 32019 / 31949 & 31833

Extended Weekly Hypos

C) Above 33765, can expect higher levels of 33870 / 33958 / 34136 / 34230 / 34405 / 34513 / 34640 & 34745
D) Below 31833, the auction could fall to 31722 / 31545 / 31411 / 31308 / 31216 / 31074 / 30955 & 30786

BNF (Weekly Profile) 

32893 [ 34413 / 32226 ]

BNF started with a 2-day balance above previous week’s Value but shifted gears mid-week with a big range Double Distriubtion Trend Day on Wednesday as it hit 33900 and continued this imbalance at open on Thursday where it went on to scale above 1st Apr highs of 34349 forming new highs at 34412 but could not sustain above 34349 leading to a big liquidation move to 33426 after which it opened lower on Friday and an attempt to probe higher resulted in a FA being confirmed on the daily timeframe at 33599 along with forming a Neutral Extreme Down Day. The weekly Value at 32715-33765-33975 was completely higher and has a HVN at 33195 which would be the reference on the upside in the coming week.