Nifty Spot Weekly Profile (27th May to 31st May)
Nifty stayed above previous week’s VAH all week making a nice 3-1-3 balanced profile in the excess of 11884 to 12041 it left at top last week making an inside bar on weekly timeframe with a close around the prominent POC of 11920 for this week from where it could give a move away in the coming week. Value for the week was higher so the PLR remains to the upside plus we also have poor highs at top as this week’s high of 12039 matched the previous week’s high of 12041. Friday was an outside bar on daily which will be the reference to watch for if there is a move away from this This week’s Value is at 11880-11920-11644.
Weekly Hypos for Nifty (Spot):
A) Nifty needs to sustain above 11920-936 for a move to 11985-991 & 12041-50
B) Staying below 11920-910, the auction can test 11882-873 & 11836-827
C) Above 12050, Nifty can probe higher to 12101-105 & 12148-156
D) Below 11827, lower levels of 11773-763 & the weekly vPOC of 11738 could be tagged
E) If 12156 is taken out & sustained, Nifty can have a fresh leg up to 12201-225 / 12262-266 & 12322-340
F) Break of 11730-719 could bring lower levels of 11696-682 / 11660-658 & 11614-611
NF (Weekly Profile)
NF made a nice balanced profile for the week which was an inside week but stayed mostly above previous week’s Value as the first four days of the week were almost in a similar range giving a nice Gaussian profile on the 4-day composite before NF making a big outside bar on Friday which marked new high & low for the week at 12047 & 11828 respectively and closed below the prominent POC of 11949 which will be the immediate level to watch on the upside above which we have a HVN at 11979. The auction would be weak if it remains below 11905 for a probable move down to test that weekly vPOC of 11793. The weekly Value is 11907-11949-11988
BankNifty Spot Weekly Profile (27th May to 31st May)
BankNifty has made a nice 3-1-3 Neutral Centre profile for the week forming higher Value in the previous week’s excess of 31275-31705 as it went on to make new all time highs of 31784 on Friday which was an outside bar engulfing the entire week and where the auction left a big tail at lows from 31216 to 30623. BankNifty has closed around the prominent weekly POC of 31415 and has a very good chance of giving a move away from there in the coming week. On the upside, the auction needs to get accepted above 31570 for a move to the weekly HVN of 31685 and higher and on the downside, BankNifty will get weak if stays below 31310 for a probe to test that big tail of 31210 to 30620. The weekly Value is 31310-31415-31570.
Weekly Hypos for BankNifty (Spot):
A) BankNifty needs to stay above 31415-420 for a move to 31510-516 / 31570-595 & 31630
B) Immediate support is in the zone of 31330-310 below which could test 31240-210 & 31155-105
C) Above 31630, the auction can probe higher to 31685-715 / 31775-785 & 31850-865
D) Below 31105, BankNifty can probe lower to 31065-55 / 30980-960 & 30889-858
E) If 31865 is taken out, higher levels of 31950 / 32025-040 & 32125-130 could come into play
F) Break of 30858 could trigger a move lower to 30801 / 30750-713 & 30670-625
BNF (Weekly Profile)
BNF also made a nice balanced profile for the week which was completely inside previous week’s range though the Value formed was higher. Similar to NF, BNF also made a big daily outside bar on Friday which marked the high & low of the week at 31815 & 30562 respectively but with a long tail at lows on the weekly profile from 31242 to 30562 which will act as immediate support in the coming week. Above 31390-395, BNF could go for the 80% Rule in this week’s Value with the first objective being the HVN of 31584. The weekly Value is 31392-31528-31720
