Here are the weekly profiles of NF and BNF
The Nifty chart above shows a weekly auction within the value and range of last week.
This was mostly expected behavior as we pointed out in the weekly section of the Blog all through the week where we did expect a bounce from last week which has come close to the imbalance objective .
From this chart above we see the market moving towards the weekly POC where it closed .
Accordingly this closing price or even the previous week POC ( From Market Profile Perspective ) becomes a pivot from where we gauge the auction of the coming week. These highs would be the KRA for us in the coming week.
In the early part of the coming week we will be watching for signs of the Market staying above 8636 F which we pointed out as resistance.
We also note the auction to be within the Low volume zone (fast zone) of the previous week and our preferred scenario would be for the market to rotate down from this levels on the weekly ( +/- 40 points) and move down to 8450 levels during the week.
The auction in BNF is similar though it moved up above 18630 levels in the last hour of the week. We did point out to the possibility of a side auction to fill that FA around 18800 levels.
The Volumes are in the lesser volume zone of the previous week which could invite a quick drop in the early part of the coming week if the BNF fails to move above last week’s high prices.
Even in BNF then our weekly pivot and KRA is the highs of last week.
This is a broader view of the profile as a process and we will break it down into smaller auctions on the blog as we get by in the coming week.