Nifty Spot Weekly Profile (7th Jan – 11th Jan)
Nifty Spot opened the week with a big Gap up on Monday much above the extension handle of 10750 & tried to probe higher but got rejected at 10836 and closed lower in the gap singles. It closed the gap on Tuesday when it made a low of 10733 from where it reversed to close higher making a nice 2-day balance. Nifty then opened with a gap up on Wednesday but got rejected just below the weekly POC of 10872 leading to big fall of 120 points but recovered late in the day to close almost at the open level giving a doji. The next 2 days saw Nifty probing lower almost tagging the lows of Tuesday but closed around the weekly open leaving a weekly doji plus an inside bar making a nice bell profile with the weekly Value also being totally inside the previous week’s Value filling up the low volume zone. The weekly Value is 10768-10816-10832 and can look for a move away from the balance in the coming week.
NF (Weekly Profile)
Last week’s report had this analysis ‘This week also has 2 HVNs at 10914 & 10755 so unless NF moves out from these HVNs on good volumes, looks like another range bound week ahead‘ and NF played this out to perfection making a nice bell on the weekly profile with both Value & Range completely inside previous week’s Value and in between the HVNs of 10755 and 10914. This week’s auction would depend on acceptance or rejection on a move below or above either of these 2 HVNs. The weekly Value is 10818-10866-10890
BankNifty Spot Weekly Profile (7th Jan – 11th Jan)
BankNifty Spot opened this week with a big gap up of almost 200 points moving away from previous week’s balance and probed higher but got rejected at 27478 where it left a FA which completed the 1 ATR move down at open on Tuesday when it tagged 27162 which was also around the weekly POC. Having filled the gap, BankNifty then reversed the auction to the upside closing above the FA of 27478 on Tuesday opening up the 1 ATR move to the upside which came to 27794. BankNifty continued the imbalance when it opened with a gap up of 150 points on Wednesday and made a balance in the first half after which it made a failed attempt to move higher and this triggered a big down move and the gap was closed as BankNifty entered into the Tuesday range making a low of 27409 but then gave a sharp reversal late in the day and went on to make new highs at 27754 to close in a spike giving a Neutral Extreme Day. On Thursday, BankNifty opened in the spike & probed lower thus rejecting the Neutral Extreme high and made Value lower. Friday saw BankNifty opening with another gap up but that got rejected & the auction again made Value lower for the day. On the weekly profile, BankNifty has made higher Value leaving a weekly VPOC at 27160 and a buying tail from 27234 to 27162. The weekly Value is 27390-27440-27630
BNF (Weekly Profile)
Last week’s report noted that ‘BNF has a high volume zone between 27285-27315 which could act as support in the coming week & staying above it, BNF has good chance of moving higher to test recent swing highs & more‘. BNF opened with a big gap up this week but could not sustain & probed lower taking support near the previous week’s POC of 27304 making a low of 27292. The auction then reversed to the upside & though BNF had another narrow range week similar, the value was completely higher. The weekly profile has 2 HVNs at 27536 & 27664 and the PLR is to the upside till BNF stays above them. The weekly Value is 27488-27536-27704