Today’s updated comments are displayed in bold. Comments from yesterday and the previous days are above the bold print.
Broader market of Wednesday: A normal distribution creating lower value
Bank Nifty :
– single prints at 12020 at the top.
– 11580 had the largest volumes and the region of 11580/ 11625 will resist all up moves
——-
– BN did a DD with the lower distribution below 10705
– we treat the day as two separate auctions with 10662 first and then 10744 providing resistance to any upmove
– Below 10580, 10498 will be done.
——-
– BN went on to finish the DD of yesterday
– 10656 is again res tomorrow above which BN will see 10721 easily.
– an easier move can happen above 10722 towards 10780/ 10800 as the area has single prints
– 10527 is support for tommm.
Nifty :
– single print selling from 5930 again today
– Large volumes at 5760 and 5794
-5666/76 is pull back high and single prints and resistance for any upmoves
———
– Mkt respected all the levels pointed out in profile
– the day was a DD with a new seller stepping in at 5464
– again below 5464 we treat as separate auction and look for acceptance or rejection tomorrow
– below 5428, 5400/ 5372 will be done
————
– The mkt hit 5397 where it got minor responsive buying
– Profile is balanced with a seller at the top near 5465 and a buyer below
– resistance for tomorrow is 5473/77
– support will come at 5388, below which we will see 5360
SBI :
– Large volumes visible below prev support of 2850
– support expected between 2580-90 which are HVN’s
——–
– SBI had a DD wityh single prints at 2596
– 2596/ 2601 will be resistance tomorrow
– below 2574, tgts are 2560/2546/ 2533s
———
– SBI formed an incomplete DD with the upper end of the lower distribution at 2475/85 serving as change of momentum for short term
– below 2363, 2325 and 2287 are possible
———–
– SBI formed a balance profile after a strong move yesterday
– 2361/ 2349/ 2337 are the value areas for a directional bias tomorrow.
– above 2366, can go to 2397/ 2428
– below 2331 will see 2304/ 2273
RIL :
– RIL continues to be weak below 1005.
– RIL formed an inside day around HVN of 976.
– region of 929-35 to provide support after the poor lows seen at 940
———-
– still a very narrow range in RIL
-972/961/ 950 would be the most probable distribution for Monday.
———-
– poor lows in RIL would invite more selling
———–
– RIL sold off from the poor lows of 943
– 910 is support tomorrow.
——–
– RIL formed a b shaped profile with seller at top indicating long liquidation
– 891/ 879 are tgts below 903 tomorrow
– 914/ 926 will resist upmoves.
LT :
–
– Inside day in LT with a balanced profile
– 1508 is support below which 1492 will be done again
– Resistance will remain at 1538
———
– LT made a low of 1505 and a high of 1539
– Below 1504, it will visit 1490 again and a further breakdown can bring 1476/ 1462
– First resistance is at 1518 then 1532 to any upmove
———
– LT also had a balanced profile, indicating another break of range to watch for
– 1519/ 1496 are initial resistance and support respectively
– above 1519, can see 1531 and 1543
– below 1496, 1485 and 1473
ICICI Bank :
-responsive buying from 1045 in ICICI.
– single prints at 1071 are initial support
– above VAH 1094, 1116 possible in ICICI
————–
– ICICI will gain momentum only above 1063,
—————
– ICICI has good support near 1020 and can bounce strongly from there
– 1050/ 1063 will continue to resist
———–
– ICICI had an inside day
– 1020 is support and 1045 initial resistance
– move abv 1045 can bring 1057/ 1068
Broader market of Wednesday: A normal distribution creating lower value
Bank Nifty :
– single prints at 12020 at the top.
– 11580 had the largest volumes and the region of 11580/ 11625 will resist all up moves
——-
– BN did a DD with the lower distribution below 10705
– we treat the day as two separate auctions with 10662 first and then 10744 providing resistance to any upmove
– Below 10580, 10498 will be done.
——-
– BN went on to finish the DD of yesterday
– 10656 is again res tomorrow above which BN will see 10721 easily.
– an easier move can happen above 10722 towards 10780/ 10800 as the area has single prints
– 10527 is support for tommm.
Nifty :
– single print selling from 5930 again today
– Large volumes at 5760 and 5794
-5666/76 is pull back high and single prints and resistance for any upmoves
———
– Mkt respected all the levels pointed out in profile
– the day was a DD with a new seller stepping in at 5464
– again below 5464 we treat as separate auction and look for acceptance or rejection tomorrow
– below 5428, 5400/ 5372 will be done
————
– The mkt hit 5397 where it got minor responsive buying
– Profile is balanced with a seller at the top near 5465 and a buyer below
– resistance for tomorrow is 5473/77
– support will come at 5388, below which we will see 5360
SBI :
– Large volumes visible below prev support of 2850
– support expected between 2580-90 which are HVN’s
——–
– SBI had a DD wityh single prints at 2596
– 2596/ 2601 will be resistance tomorrow
– below 2574, tgts are 2560/2546/ 2533s
———
– SBI formed an incomplete DD with the upper end of the lower distribution at 2475/85 serving as change of momentum for short term
– below 2363, 2325 and 2287 are possible
———–
– SBI formed a balance profile after a strong move yesterday
– 2361/ 2349/ 2337 are the value areas for a directional bias tomorrow.
– above 2366, can go to 2397/ 2428
– below 2331 will see 2304/ 2273
RIL :
– RIL continues to be weak below 1005.
– RIL formed an inside day around HVN of 976.
– region of 929-35 to provide support after the poor lows seen at 940
———-
– still a very narrow range in RIL
-972/961/ 950 would be the most probable distribution for Monday.
———-
– poor lows in RIL would invite more selling
———–
– RIL sold off from the poor lows of 943
– 910 is support tomorrow.
——–
– RIL formed a b shaped profile with seller at top indicating long liquidation
– 891/ 879 are tgts below 903 tomorrow
– 914/ 926 will resist upmoves.
LT :
–
– Inside day in LT with a balanced profile
– 1508 is support below which 1492 will be done again
– Resistance will remain at 1538
———
– LT made a low of 1505 and a high of 1539
– Below 1504, it will visit 1490 again and a further breakdown can bring 1476/ 1462
– First resistance is at 1518 then 1532 to any upmove
———
– LT also had a balanced profile, indicating another break of range to watch for
– 1519/ 1496 are initial resistance and support respectively
– above 1519, can see 1531 and 1543
– below 1496, 1485 and 1473
ICICI Bank :
-responsive buying from 1045 in ICICI.
– single prints at 1071 are initial support
– above VAH 1094, 1116 possible in ICICI
————–
– ICICI will gain momentum only above 1063,
—————
– ICICI has good support near 1020 and can bounce strongly from there
– 1050/ 1063 will continue to resist
———–
– ICICI had an inside day
– 1020 is support and 1045 initial resistance
– move abv 1045 can bring 1057/ 1068
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