Nifty Spot Weekly Profile (3rd-7th Dec)
Nifty Spot had a ORR open to the week leaving a selling tail at 10941-10928 & made a Triple Distribution Down profile on weekly negating the bullish extension handles of 10757 & 10695 it made in the previous week. The top most distribution was from 10895-10845 with a HVN at 10862 below which it left an extension handle at 10835 along with another selling tail at 10835-10809 to make the second distribution from 10805-10775 and another HVN at 10794. Below 10775, Nifty made another extension lower leaving the second extension handle at 10748 leaving a third selling tail for the week at 10762-10705 which will be the immediate resistance to watch in the coming week. Nifty made a nice balance in the lowest part & the close was at the high of this balance. Nifty has support in the band of 10641-10665 below which it gets weaker. The weekly Value Area is 10664-10862-10936.
NF (Weekly Profile)
NF made an ORR start to the week opening above the previous week high probing a bit higher & getting rejected back into the previous week range. It left a selling tail from 10974 to 10949 which is a positional resistance now & gave an elongated profile on the weekly. We had a Triple Distribution Down profile on the weekly with the first extension handle at 10871 & singles between 10871-10849 and then the second weekly extension handle was at 10801 along with the second set of singles from 10801-10748. We have closed at the highs of the lowest distribution which also has a small buying tail at 10641-10611. In the coming week we can either balance here before resuming the trend lower with immediate support at 10680-675 level or if we get above 10750 we can look to tag the weekly POC of 10824 and above 10850 we have the weekly HVN of 10893 which could be the objective. The weekly Value Area is 10698-10893-10970.
BankNifty Spot Weekly Profile (3rd-7th Dec)
BankNifty made an ORR start to the week & made a trending profile to the downside negating the bullish extension handles of 26685 & 26191 made in the previous week once it got below the 26790 support mentioned in the previous week’s report. We have singles from 26791-26753 which will be a resistance zone to watch in the coming week. BankNifty closed in the mid of the elongated weekly profile so could remain in the bracket it has formed from the past 2 weeks filling up the low volume zones. The weekly Value Area is 26160-26585-26680.
BNF (Weekly Profile)
BNF also made a ORR start to the week opening above previous week highs but the gap up did not sustain leaving a selling tail at 27065-27018 & then BNF traversed almost the entire previous week’s range making multiple distributions on the way before closing the week almost at the mid of yet another elongated profile on the weekly which is also the POC for the week. The last 2 week range in BNF is 26200-27000 so it could continue the auction inside this bracket. We have HVNs higher at 26810 & 26960 and another one at 26280 at the lower end of the profile.
The weekly Value Area is 26256-26648-26784.
