Weekly Spot Charts (20th to 24th Nov 2023) and Market Profile Analysis

Nifty made an OAIR start forming a very narrow 51 point range IB between 19701 to 19752 after which it made the dreaded C side extension to 19756 which was swiftly rejected resulting in a FA being confirmed but the downside also looked limited as seen in similar lows of 19673 & 19670 indicating lack of supply closing the day right the prominent POC of 19693 leaving a Neutral Centre profile

The auction opened away from previous Value with the help of a gap up sustaining above Monday’s FA of 19756 and scaling above last Friday’s VPOC of 19762 while making a high of 19790 in the A period but settled down into an OAOR forming a mere 36 point range IB and remained inside it for most part of the day except for an attempt it made in the G TPO to extend higher but could only leave a small responsive selling tail from 19812 to 19829 leaving a Gaussian Curve for the day closing yet again at the prominent POC of 19784

saw an OAIR start right at 19784 and yet another narrow 56 point range IB which took support right at Tuesday’s VAL of 19767 but for the second time in the week made a typical C side move to 19825 which was rejected triggering giving way to yet another FA at highs and this time it went on to complete the 1 ATR objective of 19713 while making a low of 19703 in the G period taking support just above Monday’s VPOC of 19693 as it left a small responsive buying tail till 19723 and retraced the entire fall bouncing back to 19822 into the close

Nifty opened above the FA of 19825 and probed higher in the A period hitting 19875 but could not get above previous week’s highs which led to the B TPO doing a rebel retracing the upmove which was followed by a C side extension lower after which it remained all day inside the range of C forming a ‘b’ shape profile for the day with a prominent POC at 19809

The auction opened right at yPOC of 19809 and continied to remain in narrow range forming a mere 64 point Normal Day with mostly overlapping Value and building yet another prominent POC at 19800 completing a nice 4-day balance above Monday’s VPOC of 19693 with Value at 19778-19812-19819

BankNifty opened with a look down below previous lows hitting 43450 but could not extend any further leaving a narrow 169 point range IB after which it made a C side extension to 43724 which stalled the upmove in typical manner leading to a nice Gaussian profile for the day with overlapping to lower Value

The auction opened with a gap up of over 200 points but made an OH (Open=High) start at 43790 after which it remained in a narrow 111 point range till the IB got over and followed it with another typical C side extension to 43672 which got rejected triggering a bounce back to 43778 in the G period but the failure to extend above IBH triggered a quick liquidation break down to 43586 in the H TPO where it left a small tail indicating lack of supply resulting in a close around the prominent POC of 43697

saw an Open Test Drive to the downside moving away from previous Value and making multiple REs (Range Extension) lower as it recorded new lows for the week at 43230 taking support just above the 03rd Nov low of 43221 which has formed the initiative buying tail for this month and this implied that those buyers were back defending this zone as it made a good pull back to 43481 into the close leaving a DD profile

BankNifty remained inside previous profile filling up the upper part of the structure after leaving a mini buying tail from 43496 to 43451 and formed yet another very narrow 198 point range Normal Day building a prominent POC at 43590 where it eventually closed

The auction made an OAIR start leaving the narrowest IB range of just 81 points but importantly left an A period buying tail at Thursday’s POC of 43590 after which it made a big C side extension higher to 43741 but could only manage marginal new highs of 43754 indicating exhaustion to the upside which in turn triggered a retracement lower to 43588 where the prominent yPOC of 43590 was once again defended and this resulting in a short covering move into the close as it made new highs of 43806 for the week