Nifty Spot Weekly Profile (5th to 9th August)
11109 [ 11181 / 10782 ]
Nifty opened the week with a big gap down of 100 points and fell by another 100 inside the IB (Initial Balance) on Monday but confirmed a FA (Failed Auction) at lows of 10782 indicating that the imbalance to the downside could be coming to an end. The auction then made a balance for the next 3 days before spiking higher into the close on Thursday as it left a weekly extension handle at 11018 and almost tagged the 2 ATR objective of 11062 from the FA at 10782. This spike was accepted on Friday as Nifty made a gap up open & continued to probe higher for the first half of the day making a high of 11181 getting stalled just below previous week’s POC of 11192 after which it made a nice balance for the day leaving a DD profile on the weekly time frame which has a large lower distribution with a HVN at 10890 & a small upper distribution with singles from 11091 to 11018 separating both the distributions. Value for the week was lower at 10818-10890-10958 but the close was away from Value so the coming week may see a balance being formed between the HVNs of 11192 & 10890.
Weekly Hypos for Nifty (Spot):
A) Nifty needs to get above 11133-156 for a move to 11184-207 & 11237
B) Immediate support is at 11095-80 below which the auction fall to 11032-18 & 10975-958
C) Above 11237, Nifty can probe higher to 11267-290 & 11310-320
D) Below 10958, lower levels of 10920-890 & 10860-855 could come into play
E) If 11320 is taken out & sustained, Nifty can have a fresh leg up to 11343-355 / 11399 & 11419
F) Break of 10855 could bring lower levels of 10818-813 / 10782-765 & 10747
NF (Weekly Profile)
11123 [11187 / 10807]
NF opened the week with a gap down of 100 points & stayed below the weekly VAL as it probed lower to make a low of 10807 on Monday but ended the day with a nice Gaussian profile along with a probable FA at lows to give an indication that the imbalance to the downside could have ended with this balance. The confirmation of this came on Tuesday as the auction made an almost OL start at 10835 to give a drive higher to rise by more than 200 points as it made a high of 11054 where it got rejected swiftly to close at 10978 well above the 1 ATR move of 10946 from the FA of 10807 but falling short of the 2 ATR objective which was at 11085. The auction made an inside bar on Wednesday as it probed into the buying tail of Tuesday & in the process confirmed a FA at highs of 10994 as it closed in a spike down while making a low of 10862. NF then balanced in this spike for most part of the day on Thursday before closing in a huge spike higher from 10948 to 11088 as it negated that FA of 10994 and went on to complete the 2 ATR move from Monday’s FA of 10807 & this spike was accepted at open the next day as the auction stayed above 11088 and went on to complete the 1 ATR move of 11147 from the negated FA of 10994 and even tagged that weekly extension handle of 11176 as it made a high of 11187 but could not sustain above it as it closed at the HVN of 11120 leaving another Double Distribution type profile on the weekly with an extension handle at 11054 separating the 2 distributions. The weekly Value is 10821-10935-11001 which is overlapping to lower. NF needs to remain above 11120 to continue higher else could form a balance between 11120 & 10965 in the coming week.
BankNifty Spot Weekly Profile (5th to 9th August)
28432 [ 28603 / 27389 ]
Last week’s report ended with this ‘the PLR remains to the downside as the auction could test the weekly VPOC of 27600 & below it 26870 if stays below this week’s Value’ and BankNifty opened with a big gap down of 360 points on Monday & drove lower to tag the weekly vPOC of 27600 in the ‘A’ period itself after which it made a low of 27389 in the IB (Initial Balance) completing a 1000 point fall from Friday’s high. This fast imbalance in such a short period then led to a balance being formed till Thursday afternoon as the auction made higher highs on the daily time frame before it moved away from this balance in the form of a spike close leaving a weekly extension handle at 28175. BankNifty then gave a gap up on Friday and continued to probe higher as it retracted the entire fall of 1000 points to get back above Friday’s high of 28544 making new highs of 28603 where it stalled near the extension handle of 28618 it had left on the first day of this month and made a nice Gaussian profile for the day. The weekly profile resembles a Double Distribution Up and like Nifty has a big lower balance and singles from 28175 to 28294 separating the 2 distributions. The weekly Value was mostly lower at 27545-27655-28040 and would come into play in case the extension handle of 28175 is taken down. On the upside, immediate resistance remains at the extension handle of 28618 above which we have the weekly VPOC of 28750.
Weekly Hypos for BankNifty (Spot):
A) BankNifty needs to sustain above 28470-480 for a move to 28560 / 28612-646 & 28710-750
B) Immediate support is at 28390-358 below which the auction can test 28308-294 / 28225 & 28175-141
C) Above 28750, BankNifty can probe higher to 28816 / 28876-901 & 28980-985
D) Below 28141, lower levels of 28055-40 / 27983-973 & 27890-850 could come into play
E) If 28985 is taken out, BankNifty could rise to 29045-105 / 29156-175 & 29241
F) Break of 27850 could trigger a move lower to 27805/ 27725 & 27663-640
G) Sustaining above 29241, the auction can tag higher levels of 29296 / 29365 & 29415-457
H) Staying below 27640, BankNifty can probe down to 27570-545 / 27495-474 & 27405-390
BNF (Weekly Profile)
28474 [ 28625 / 27510 ]
BNF opened the week with a huge gap down of 500 points and continued to probe lower as it made a low of 27510 in the IB (Initial Balance) on Monday which made it a 1000+ point drop from Friday’s high of 28685 as the imbalance looked too stretched and called for a balance as the auction remained inside the IB range on Monday making a slow probe higher to tag 27952 leaving a balanced profile. On Tuesday, BNF gave a drive higher making a high of 28240 but ended up as a ‘p’ shape profile for the day indicating that the upmove was more because of short covering and this got more confirmation the next day as the auction made similar highs of 28242 on Wednesday but once again found no new demand at these new weekly highs & this led to a big probe lower as BNF fell by 550 points ending the day with a spike lower as it tagged 27690. Thursday saw the auction making a low of 27611 in the IB (Initial Balance) after which it started to make a balance for most part of the day & like NF gave a big spike into the close and in the process repairing those poor highs at 28240 & leaving a weekly extension handle there as it made new highs for the week at 28370. The last day of the week was a nice Gaussian profile on daily as the spike higher was accepted and BNF made new highs of 28625 before closing around the HVN of 28500. The weekly profile looks like a Double Distribution Up with a big lower distribution with an extension handle at 28240 and singles till 28350 separating the small upper distribution. The weekly Value however was mostly lower at 27688-27816-28144.
