Nifty Spot
Weekly Profile (19th – 22nd Nov)
We had a completely contrasting open & a close in Nifty Spot for the week. The week opened with a nice gap up on Monday and got into that weekly selling tail of 10713-10821 & was making value higher closing with a spike higher on the day which eventually became a new selling tail on weekly profile after which the next 3 days, Nifty kept probing lower breaking the support of 10650-10630 and tagging the weekly POC of 10586 before it gave a bounce to check that 10650 levels again. Earlier support became resistance as it reversed from just below 10650 to make new lows tagging the weekly VAL and ended in a spike lower ending the week with a Double Distribution Down profile in between the 2 excess. The selling tail is from 10747-10775 & we have a weekly FA at 10775 and the 1 ATR move down comes to 10417. The spike at close is at 10545-10512 which will be the first band to watch in the coming week. 10586 & 10610 will be the resistance levels to watch above the weekly spike and we have a low volume zone above 10630 till 10695. The weekly Value Area is 10600-10706-10726.
NF (Weekly Profile)
NF opened the week with a gap up on Monday along with closing at highs but could not sustain the new highs as it gapped lower on Tuesday & after a small balance above the previous week’s high extended the weekly range lower first doing a 80% in the previous week’s value area from 10680 to 10584. After this it made another small balance between 10650 to 10600 before moving away resuming the down move. Once it broke 10580, it made a sharp fall as it often happens in a low volume zone (which was 10580 to 10460 given in the last week’s report) & NF spiked into the close of the week making a low of 10512 & closing at lows. The weekly profile resembles a Double Distribution Down where we have 2 HVNs (high volume nodes) at 10626 & 10712. The weekly Value Area is 10608-10752.
BankNifty Spot
Weekly Profile (19th – 22nd Nov)
Balance is followed by imbalance & imbalance is followed again by balance is one of the main concepts in Market Profile, last week we had an imbalanced profile in BN as the week before it was a balanced one in a very narrow range. This week again we made a nice bell profile on weekly as we stayed in a narrow range making a bigger balance right where we had the mini balance last week above the weekly extension of 26045. We moved away from the balance we were forming all week in a spike of 26040-25947 so we will need to see if this spike gets accepted the coming week or we get back in to the balance. The weekly Value Area is 26125-26247-26260
BNF (Weekly Profile)
BNF after the elongated weekly profile of previous week settled down in a narrow range making a nice bell profile on weekly around the mini balance it made previous week at top (26160-26299). The weekly value was higher than previous week but it spiked lower at the close entering into the previous week’s Value & almost tagging the weekly POC of 25952. Focus in the expiry week will be to see if BNF gets accepted below that 25950 zone which make it weaker or if it can get back above the spike high & into that balance above 26145. The weekly Value Area is 26144-26288-26304.
