Nifty Spot Weekly Profile (8th to 12th Apr)
Nifty Spot was in consolidation mode as the entire week remained in Monday’s range of 11710 to 11549 making a ‘b’ shape weekly profile with a prominent POC at 11586 with overlapping to lower Value. The profile has a small tail at top from 11683 to 11710 and made similar lows of 11549 and 11550 made on Monday & Thursday and has closed around the 2 week composite POC of 11640 which will be the immediate support for the coming week and if Nifty stays below this then it could fill up the low volume zone between 11630 and 11590. Break of 11586 could bring a test of 11550 & the vPOC of 11508. On the upside, if the auction manages to stay above 11665 it could test the singles which starts from 11683 and the higher vPOC of 11739. The weekly Value is 11568-11586-11640.
NF (Weekly Profile)
NF rejected the spike close of Friday and gave a trending move down to break the previous week’s low as it made a low of 11622 on Monday but got rejected & closed higher after which it made an inside bar on Tuesday where it again got rejected below previous week’s low & then went on to make a double inside bar on Wednesday as it made a higher low of 11642 matching the previous week’s low of 11641 indicating that demand was coming in at lower levels though NF closed in a spike down. Thursday saw the auction accepting the spike lower confirming weakness & went on to make new weekly lows of 11605 but again was not able to sustain below 11641 as it closed at 11669 and continued to balance building volumes at 11655-660 on Friday before giving a spike higher which got rejected at the higher HVN of 11721 as NF closed at 11704 which was incidentally the previous week’s VAL. The weekly profile represents a ‘b’ shape with a small selling tail from 11780 to 11750 and an all important prominent POC at 11655 which will be the level to watch in the coming week. The weekly range contracted even further from previous week to just 175 points and the Value also was lower. For now the auction seems stuck between the 2 weekly HVNs of 11655 & 11721 and it needs to move away from one of these HVNs with volumes for a move away else can continue to balance in this zone. The weekly Value is 11631-11655-11712.
BankNifty Spot Weekly Profile (8th to 12th Apr)
BankNifty made a weak start to the week as it left a small selling tail on Monday from 30232 to 30167 to trend lower on the first day of the week as it made a low of 29716 and made a slightly lower low of 29706 on Tuesday completing a 524 point move from where it gave a bounce to spike into the close making a high of 30165 stopping just short of the selling tail. It made another attempt to probe higher on Wednesday but could only make a lower high of 30155 and this failure to get into the singles at top meant the auction wants to probe lower and BankNifty made another trending move matching the earlier 524 point move to make a new low of 29640 which was exactly 525 points from 30165. The auction stalled around these levels building a high volume zone around 29795-29770 which is also the previous month’s POC and could act as support for the coming week as BankNifty gave a ‘b’ type weekly profile with a close above this zone. The pull back high of 30001 will be the immediate level on the upside the auction would need to take out for a probe higher. The weekly Value is 29695-29770-29995.
BNF (Weekly Profile)
BNF opened this week with a gap up making a high of 30435 but was met with swift rejection as it got below the weekly VAL of 30288 leaving a selling tail from 30435 to 30360 and trended lower breaking below the first weekly support of 30144 and went on to tag the weekly HVN of 29920 on Monday itself as it made a low of 29875. Tuesday was an inside bar as the auction left a FA at 29890 and went on to tag the 1 ATR move of 30303 on the same day as it closed in a spike as it made a high of 30359. BNF not only rejected this spike on Wednesday but went on to leave a FA at 30335 almost tagging the 1 ATR move down of 29911 as it made a low of 29919. The auction continued to probe lower on Thursday as BNF negated that FA of 29890 to make a new weekly low of 29772 but was swiftly rejected to close at 29945. Friday saw another attempt by BNF to probe lower but it left a FA at 29833 and probed higher into the close. Value for the week was completely lower with a high volume zone at 29930 to 29960 with a prominent weekly POC at 29936 which could act as support in the coming week. The weekly Value is 29840-29960-30168
