Profile charts for 6th June

Today’s updated comments are displayed in bold. Comments from yesterday and the previous days are above the bold print.

Broader market of Friday: A double distribution day.


Bank Nifty :



——-
– Like the NF, BN has weak structure but a strong buying tail at 10730
——–
– A dd in BN with distribution between 10720-10790 and 10845-10945
– Below 10690 it can see 10652/ 10610
– above 10785, it can fill single prints upto 10852


Nifty :




———-

– Mkt moved up on weak structure, which would invite rectification between 5560 and 5504 which are the value areas

—-
– A DD day with 2 distributions between 5556- 5608 and 5510-5540
– the weak structure from 31/ 5 has been addressed
– if market auctions below 5499, it can hit 5476/ 5464 (HVN) and 5420
– Above 5534 it can fill the single prints upto 5562

SBI :


– SBi also ad a DD day
– 2326-2306 and 2340 and 2364 represent the two auctions of friday
– below 2305 it can see 2285/ 80 and 2265
– above 2326 it will fill single prints upto 2346

RIL :



– Another DD
– 951-939 and 957-969 represent the 2 auctions
– 930 is support below which it can see 917

LT :




– Lt was sideways for the 8th consecutive day
– 8 day balance area is 1662-1650-1626
—————–
– LT had good volumes into the close and closed at the highs
– cluster of resistances ahead at 1710/ 1724/ 1740
-support is 1678
——–

-LT did well to buck the trend of the day but has overhead resistances now at 1730 and 1740
– 1700 and 1686 are supports


ICICI Bank :



– ICIC had poor structure and imbalance for friday’s move
– below 1048, it can slide to 1036
– 1072- 1048 will be the region for rectification

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