Weekly Charts (30th March to 01st April 2021) and Market Profile Analysis

Nifty Spot Weekly Profile (30th Mar to 01st Apr 2021)

Spot Weekly – 14867 [ 14883 / 14617 ]

Previous week’s report ended with this ‘The weekly profile is a Neutral one with overlapping to lower Value at 14499-14643-14871 with an extension handle at 14598 which would be the reference on the upside above which we have the daily VPOCs of 14635 & 14793 whereas on the downside, Nifty has immediate support at 14416 below which the reference would be the VPOC of 14317 for the coming week’

Nifty made a strong start to the holiday shortened 3-day week as it moved away from previous week’s POC of 14643 with the help of a buying tail from 14688 to 14617 in the IB (Initial Balance) on Tuesday and made multiple REs (Range Extension) higher leaving couple of extension handles at 14783 & 14813 as it made a high of 14876 stalling right at previous week’s poor highs of 14878 which meant that the demand was still not good enough to take out this zone and this led to a gap down on Wednesday as the auction negated the 2 buying extension handles and continued to probe lower after leaving a selling tail in the IB from 14785 to 14813 as it formed a prominent POC at 14738 and went on to make a low of 14670 taking support in the initiative singles of the week forming a ‘b’ shape profile for the day. Thursday open saw a gap up of more than 100 points but the auction once again left a selling tail in the IB and probed lower completing the 80% Rule in previous Value as it made couple of REs in the ‘C’ & ‘D’ period where it made a low of 14692 where it took support not only marking the end of the downside probe but started a fresh OTF (One Time Frame) move to the upside into the close as Nifty made new highs for the week at 14883 leaving a Neutral Extreme Day Up.

The weekly profile is a narrow 266 point one due to the 2 holidays with Value being completely inside at 14694-14742-14790 and has a prominent POC at 14742 along with a buying tail from 14670 to 14507 which would be the important references on the downside for the coming week whereas staying above 14878, the levels to watch on the upside would be the daily VPOCs of 14986 & 15283 and in between them the weekly FA and positional reference of 15052.

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 14878 for a probe to 14930 / 14986 / 15052 / 15120 / 15153 / 15196 & 15262
B) Accepting below 14834 could lead to a test of 14791 / 14737 / 14694 / 14640 / 14573 / 14535 & 14474

NF (Weekly Profile)

14953 [ 14975 / 14687 ]

NF opened with a gap up on Tuesday continued to drive higher as it left a buying tail from 14775 to 14687 and went on to tag the daily VPOC of 14913 but saw good profit booking coming in as the dPOC shifted higher and this led to a gap down open on Wednesday as the auction reversed the probe to the downside and tested the buying tail while making a low of 14720 but like the previous day, the dPOC once again shifted into the close this time to the downside to 14753 indicating that the shorts were booking out. Thursday then saw a higher open and a probe lower which got stopped at 14760 just above the POC of 14753 and this led to a late RE to the upside in form of an extension handle at 14879 in the ‘H’ period as the auction went on to make new highs for the week at 14975 leaving a Neutral Extreme profile for the day but once again saw the dPOC shifting higher to 14952 into the close. This week formed an inside week both in terms of range & value as it stayed above the HVN of 14630 to form a balanced profile with Value at 14749-14805-14861.


BankNifty Spot Weekly Profile (30th Mar to 01st Apr 2021)
Spot Weekly – 33858 [ 33991 / 33152 ]

Previous week’s report ended with this ‘The weekly profile formed completely lower Value at 33180-33420-33960 as it remained below previous week’s extension handle of 34405 & POC of 34500 and seems to have completed the lower distribution with this week’s POC of 33420 being the immediate reference for the coming week on the upside along with the PBHs of 33527 & 33686 along with the extension handle at 33833 whereas on the downside, BankNifty could go for a test of the daily VPOC of 32966 in case it drives away from 33391 and stays below 33180′

BankNifty made a gap up open on Tuesday above previous week’s POC of 33420 & the first PBH of 33527 and continued to probe higher making the dreaded C side extension as it made a high of 33977 but got rejected from the weekly VAH which triggered a reversal of the probe to the downside as the auction went on to test the IBL and even made marginal new lows of 33564 where it once again got rejected leading to a bounce back to the day’s high where it once again got rejected from the weekly VAH after making a marginal new high of 33991 forming a Neutral Centre Day with a close at the prominent POC of 33872. The sellers then took control at open on Wednesday as BankNifty started with an Open Drive Down and probed lower for the first half of the day completing the 80% Rule in the weekly Value as it made a low of 33152 in the ‘E’ period but just like it had got rejected from the weekly VAH, the auction could not sustain below the weekly VAL too as it left a small buying tail at lows and ended the day as a ‘b’ shape profile with the close around the prominent POC of 33313. Thursday saw the second gap up open of the week but was swiftly rejected fom the selling singles of previous day as it probed lower swiping through previous Value while making couple of REs in the ‘C’ & ‘D’ periods as it made a low of 33209 stalling just above buying tail which meant that the sellers were losing control and this led to a big short covering move from the ‘I’ period onwards completing another round of the 80% Rule in the weekly Value this time to the upside with BankNifty making a high of 33949 before closing the day at 33858.

This week’s range remained inside previous week’s Value hence the Value also was completely inside at 33210-33330-33750 and the weekly profile looks like a DD (Double Distribution) with the 2 HVNs at 33872 and 33330 and would need an initiative move away from one of them for the auction to change from balance mode to an imbalance in the coming week.

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 33872 for a rise to 34002 / 34140 / 34405 / 34513 / 34640 / 34745 & 34875
B) Accepting below 33850, the auction could test 33656 / 33453 / 33330 / 33210 / 33125 / 32966 & 32867

BNF (Weekly Profile) 

34155 [ 34250 / 33266 ]

BNF continued to build on the previous week’s Neutral Centre profile as the upside was capped at the weekly VAH on Tuesday after which the probe to the downside on Wednesday stalled at 33266 just above the VPOC of 33250 and after building a base at 33450, the auction gave another bounce into the close on Thursday as it made new highs for the week at 34250 before closing at 34155. Value for the week was slightly overlapping to lower at 33345-33495-33930.