Weekly Charts (28th Dec 2020 to 01st Jan 2021) and Market Profile Analysis

Nifty Spot Weekly Profile (28th Dec 2020 to 01st Jan 2021)

Spot Weekly – 14018 [ 14049 / 13811 ]

Previous week’s report ended with this ‘The weekly profile remained in Monday’s range of 646 points all week with Value at 13197-13282-13605 with a prominent HVN at 13735 which would be the immediate reference for the coming week along with the 2 FAs at 13777 & 13627 so the last week of 2020 could give a move in the direction of which of these FAs get negated and the weekly Hypo read as – A) Nifty needs a drive above 13755 for a probe to 13796 / 13860 / 13920 / 13965 / 14001 & 14043

Nifty made a gap up open this week negating the FA of 13777 leaving an extension handle there on the larger timeframe and set up a slow but trending move higher all week with the help of 2 more daily FAs at 13811 & 13865 on Monday & Wednesday respectively as it made new ATHs each day of the week as it tagged 14049 on Friday and in the process left daily VPOCs at 13838 / 13920 & 13987 which would be the important references to watch out for on the downside in the coming week. This week’s Value was completely higher at 13875-13920-14007 with a close above VAH so the PLR for the coming week remains to the upside for objectives of 14202 & 14267 as long as the HVN of 13987 is held.

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

Main Weekly Hypos for Nifty (Spot):

A) Nifty needs a drive above 14046 for a probe to 14100 / 14150 / 14202 / 14267 / 14307 & 14343
B) Accepting below 13987 could lead to a test of 13920 / 13865 / 13811 / 13769 / 13728 & 13696

NF (Weekly Profile)

14054 [ 14074 / 13836 ]

NF opened the week with a drive away from previous week’s Value on the upside as it left a buying tail from 13875 to 13836 on Monday and made a slow trending move for the rest of the week forming higher highs & higher lows on all days leaving PBLs in the 13920-13930 zone as it went on to scale the 14000 peak and made a high of 14074 before closing the week at 14054 leaving a relatively narrow range of 238 points. The weekly profile is a well balanced one with completely higher Value at 13958-14022-14054.


BankNifty Spot Weekly Profile (28th Dec 2020 to 01st Jan 2021)
Spot Weekly – 31225 [ 31510 / 30538 ]

Previous week’s report ended with this ‘Value for the week was mostly lower at 29474-30338-30600 with a low volume zone from 30280 to 29880 which would be the zone to watch below 30338 and on the upside we have the weekly VPOC of 30760 which would be the level to watch

BankNifty opened the week with a gap up plus a drive as it moved away from previous week’s Value in the forming a ‘p’ shape profile on Monday as it not only tagged the weekly VPOC of 30760 but also closed in near the monthly highs of 30945 with a spike and continued this imbalance on Tuesday with yet another higher open as it once again drove higher in the IB making new highs for the month at 31320 but saw good profit booking which led to the retracement of the entire day’s move in the next hour even resulting in marginal new lows for the day at 31002. However, the auction rejected this IB break and formed yet another ‘p’ shape profile for the day as it went on to make a late RE on the upside which confirmed a FA at lows with a close around the day high for the second successive day leading to a hat-trick of gap up open on Wednesday as BankNifty completed the 1 ATR target of 31502 from the FA of 31002 but made an ORR (Open Rejection Reverse) start confirming that the imbalance on the upside was over. The end of imbalance led to a balance being formed for the rest of the week as the auction formed an inside day on Thursday and continued to coil on Friday also where it formed an Double Inside bar leaving a 4-day balance with Value at 31189-31290-31356 closing the week at 31225. The weekly profile represents a composite ‘p’ with completely higher Value at 31120-31300-31340 and has an ultra prominent POC at 31300 which would be the immediate reference for the coming week and staying below it BankNifty could test the FA of 31002 & the daily VPOC of 30729 which if broken could bring the weekly VPOC of 30338 into play. On the upside, the auction needs to form Value above 31340 and get accepted in this week’s selling tail of 31410 to 31510 for a probe towards the 2 ATR objective of 32001 from the FA of 31002.

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

Main Weekly Hypos for Bank Nifty (Spot):

A) BankNifty needs to sustain above 31245 for a probe to 31340 / 31415 / 31510 / 31645 / 31752 & 31888
B) Accepting below 31209, the auction could test 31120 / 31002 / 30921 / 30840 / 30729 / 30633 & 30538

Extended Weekly Hypos

C) Above 31888, BankNifty can probe higher to 32001 / 32100 / 32225 / 32311 / 32400 & 32491
D) Below 30538, lower levels of 30444 / 30338 / 30262 / 30150 / 30012 & 29920 could come into play

BNF (Weekly Profile) 

31309 [ 31607 / 30608 ]

BNF gave a drive higher at open on Monday leaving singles from 30796 to 30608 as it went on to make a high of 31045 and continued this imbalance on Tuesday with another Drive up as it tagged 31420 in the IB but the break of this drive led to new lows for the day as the auction made a RE lower but got rejected and went on to confirm a daily FA at 31080 as it made new highs for the week at 31468. The 1 ATR objective of 31596 was hit on Wednesday with the help of a gap up but it also signalled the end of the upmove as BNF left a selling tail in the IB and retraced the entire rise from the FA as it made a low of 31102 after which it began to coil in this range for the rest of the week forming an inside bar on Thursday & a double inside bar on Friday with both range & Value shrinking and building volumes at the very prominent POC of 31330. Value for the week was completely higher at 31218-31332-31434 and the weekly profile has tails at both ends with the upper one from 31458 to 31607.