Today’s updated comments are displayed in bold. Comments from yesterday and the previous days are above the bold print.
Broader market of Monday: A open below the pull back low of Monday, resulted in a double distribution trend day down
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 formed a b shaped profile indicating some more longs coming out of the system
– below 10323, 10270/ 10220 and 10168 will be tested.
– resistance will be 10374 and 10426 tomorrow.
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
– Profile was a trending type day, with an afternoon adjustment of inventory. Follow through awaited
– Pull back low of 5446/ 5437 is strong support if the upmove has to continue.
– below 5437, mkt sees 5420/ 5404
– 5535/ 5568 are resistances tomorrow.
———-
– A DD with single prints at 5404
– the auction was below pull back low of 5446 from friday
– we will consider the move below 5404 as a fresh distribution which should target 6340/ 5309 on downside
– resistance will be 5407/ 5427/ 5427
SBI :
——-
– SBI showed a seller at the top at 2358
– a break above 2358 should bring 2394
– the profile is developing a balance after the big move on 17/5
——–
– SBI is in step 2 of the Steidlmayer 4 step process. We wait for a ‘b’ or a ‘p’ to indicate an end to the process of balancing
– -2299 is strong support
– above 2366 it will see 2394
——-
– SBi had a seller at the top
-2230 is support for tomorow’s auction
RIL :
——–
– RIL remained within the b profile of 18/5
– a move above 926, should bring 931/ 938
– 906 is last support
——–
– RIL came back to auction in the b profile of 18/5
– below 907, 898 and 890 are possible
– 923 will resist upmoves.
LT :
———
– 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
————-
– LT broke above 1646 at the open and stayed above it all day
– Profile is p shaped indicating short covering
– It remains to be seen whether new buyers can take it above 1680 now.
– 1643 is support for tomorrow, below which it will see 1625/ 1607
————–
– LT operated below the 1646 level and covered the single prints of 20/5
– 1602 is supp/ 1646 will resist gain
ICICI Bank :
———–
– ICICI had an inside day
– 1020 is support and 1045 initial resistance
– move abv 1045 can bring 1057/ 1068
————
-ICICI had a seller at 1039, who broke below 1020 HVN
– 987 is support for tomorrow
– 1025 will resist
Broader market of Monday: A open below the pull back low of Monday, resulted in a double distribution trend day down
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 formed a b shaped profile indicating some more longs coming out of the system
– below 10323, 10270/ 10220 and 10168 will be tested.
– resistance will be 10374 and 10426 tomorrow.
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
– Profile was a trending type day, with an afternoon adjustment of inventory. Follow through awaited
– Pull back low of 5446/ 5437 is strong support if the upmove has to continue.
– below 5437, mkt sees 5420/ 5404
– 5535/ 5568 are resistances tomorrow.
———-
– A DD with single prints at 5404
– the auction was below pull back low of 5446 from friday
– we will consider the move below 5404 as a fresh distribution which should target 6340/ 5309 on downside
– resistance will be 5407/ 5427/ 5427
SBI :
——-
– SBI showed a seller at the top at 2358
– a break above 2358 should bring 2394
– the profile is developing a balance after the big move on 17/5
——–
– SBI is in step 2 of the Steidlmayer 4 step process. We wait for a ‘b’ or a ‘p’ to indicate an end to the process of balancing
– -2299 is strong support
– above 2366 it will see 2394
——-
– SBi had a seller at the top
-2230 is support for tomorow’s auction
RIL :
——–
– RIL remained within the b profile of 18/5
– a move above 926, should bring 931/ 938
– 906 is last support
——–
– RIL came back to auction in the b profile of 18/5
– below 907, 898 and 890 are possible
– 923 will resist upmoves.
LT :
———
– 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
————-
– LT broke above 1646 at the open and stayed above it all day
– Profile is p shaped indicating short covering
– It remains to be seen whether new buyers can take it above 1680 now.
– 1643 is support for tomorrow, below which it will see 1625/ 1607
————–
– LT operated below the 1646 level and covered the single prints of 20/5
– 1602 is supp/ 1646 will resist gain
ICICI Bank :
———–
– ICICI had an inside day
– 1020 is support and 1045 initial resistance
– move abv 1045 can bring 1057/ 1068
————
-ICICI had a seller at 1039, who broke below 1020 HVN
– 987 is support for tomorrow
– 1025 will resist
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