Weekly charts (4th to 8th November) and Market Profile Analysis

Weekly charts (4th to 8th November) and Market Profile Analysis 1

Nifty Spot Weekly Profile (4th to 8th November)
Spot Weekly 11908 [ 12034 / 11850 ]

Nifty made the joint second lowest (5-day) weekly range of just 184 points for the year 2019 forming a nice Gaussian Neutral profile with mostly higher Value at 11916 -11968 -12000 as it was was unable to extend the range by much in spite of making higher highs on 4 days of the week which also included 3 Neutral daily profiles indicating that there were 2 opposite side forces in play. Nifty took support just above the multi-day FA of 11843 as it made a lows of 11850 on Wednesday where it left not just a daily but also a weekly FA which was a very bullish signal and from where it went on to make new highs for the week at 12034 on Friday but left poor highs indicating exhaustion and this triggered a big move to the downside resulting in a Neutral Extreme profile on the daily as Nifty ended the week with an outside day closing at 11908. The balance & narrow range of this week could lead to a range expansion in the coming week with probable objective on the downside at 11584 & 11460 provided it gets accepted below 11880 and on the upside, sustaining above 11991 could bring a move to 12208-240 & 12320

Weekly charts (4th to 8th November) and Market Profile Analysis 2

Weekly Hypos for Nifty (Spot):

A) Nifty needs to get above 11922 for a move to 11967-991/ 12034-46 & 12088-100
B) Immediate support is at 11881 below which the auction could test 11867-843 / 11827 & 11784-773
C) Above 12100, Nifty can probe higher to 12156 & 12208-211
D) Below 11773, lower levels of 11731-719 & 11665-656 could come into play
E) If 12211 is taken out & sustained, Nifty can have a fresh leg up to 11240-265 & 11320
F) Break of 11656 could bring lower levels of 11611-*584* & 11553-540

NF (Weekly Profile)
11945 [12069 / 11885]

Report to be updated…

Weekly charts (4th to 8th November) and Market Profile Analysis 3


BankNifty Spot Weekly Profile (4th to 8th November)
30330 [ 30415 / 29385 ]

BankNifty also made a Neutral profile on the weekly with a range of 1095 points as it opened the week with a rejection at new highs of 30607 where if left a FA on daily time frame from where it went on to tag the 1 ATR objective down of 30091 to the dot on Tuesday and continued this imbalance on Wednesday morning as it made new lows for the month at 30013 and went on leave poor lows which indicated the exhaustion of the probe down and this led to a trending move in the opposite direction as the auction negated the FA of 30607 and almost went on to tag the 1 ATR move on the upside which was at 31123 as it got stalled at 31108 on Friday afternoon and gave a quick retracement to 30690 before closing the week at 30754 leaving a Triple Distribution elongated profile with mostly higher Value at 30280-30570-30800. Immediate support in the coming week would be the high volume zone of 30620-570 below which the auction could probe lower to 30418 & 30204 and on the upside, BankNifty needs to sustain above 30800 to continue making higher Value with probable targets at 31082 & 31330

Weekly charts (4th to 8th November) and Market Profile Analysis 4

Weekly Hypos for Bank Nifty (Spot):

A) BankNifty needs get above 30801 & sustain for a move to 30860-890 / 30980-985 & 31065-082
B) Immediate support is at 30680 below which the auction could test 30625-620 / 30535 & 30451-418
C) Above 31082, BankNifty can probe higher to 31130-150 / 31241-250 & 31330
D) Below 30418, lower levels of 30365 / 30303-277 & 30204 could come into play
E) If 31330 is taken out, BankNifty could rise to 31383-418 / 31475-505 & 31565-595
F) Break of 30204 could trigger a move lower to 30105-090 / 30015 & 29945-930
G) Sustaining above 31595, the auction can tag higher levels of 31660-685 / 31753-785 & 31853-865
H) Staying below 29930, BankNifty can probe down to 29840-810 / 29770-757 & 29690-671

BNF (Weekly Profile)
30759 [ 31099 / 30052 ]

Report to be updated…

Weekly charts (4th to 8th November) and Market Profile Analysis 5

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