Nifty & Bank Nifty Spot Week Composite Market Profile for the week ended 12-06-2015
Nifty Spot opened at 8129.35 on 08-06-2015, just at the WCPOC & got sold off towards the WCVAL. The index rotated around the WCVAL on Tuesday & made an attempt to push towards the WCPOC & WCVAH but the thick TPO zone in the range of 8140-8160 offered huge resistance & failed to sustain there. It got sold off again to push below the psychological level of 8000 & finally closed business on 12-06-2015 at 7982.90, below the dWCVAL, leaving behind a poor low formation We expect the index to find demand in the 7890-7930 zone & expect some rotation if it directly probes into the 8025-8065 zone & above that minor supply at 8150-8165 & above that strong supply in the range of 8210-8230 zone.
Below is the Weekly Composite Market Profile Chart for Nifty Spot.
Bank Nifty Spot opened at 17542.50 on 08-06-2015, just above the WCVAL & got sold off below the WCVAL. The index rotated around the WCVAL on Tuesday & made an attempt to push towards the WCPOC & WCVAH but the thick TPO zone in the range of 17800-17850 offered huge resistance & failed to sustain there. It got sold off again to push below the WCVAL & finally closed business on 12-06-2015 at 17523.55, a notch below the dWCVAH. We expect the index either rotate in 17500-17650 range or push downwards towards 17100-16950 to find demand in that zone & if it manages to negate the selling pressure above 17650 then will probe the next supply zone at 17950-18050.