The Prime Levels for tomorrow are possible areas of demand and supply and the same are uploaded in an excel sheet here.
The most important number to watch in the sheet is Prime Point Zero or (PP0) which is the level where the market is neutral for the day.A market below PP0 and moving lower is a weak market intraday and vice versa.A BUY signal can be booked at the closest PR1, PR2, PR3 and a sell signal at PS1, PS2 or PS3.
Broader Market of Wednesday : A neutral extreme day with a close on one extreme of the range. A followup above serves as a bullish continuation.
Bank Nifty :
Back Ground : b shaped profile of the previous session.
Chart speak :
– a gap down with a rally into the close which did not close the gap
– failed auction at 10575
– a spike into the close
– auction above the spike high at 10715 will be bullish
Nifty :
Background : – poor lows and an unfinished lower auction from prev session
Chartspeak :
– neutral extreme day
– spike into the close, acceptance above spike high 5436 is bullish
– failed auction at 5387
ICICI Bank :
BackGround :
– Single prints below 1015 to 1004 represent a failed auction.
ChartSpeak :
– Failed auction revisited today on day three
– a move below today’s lows will be a new auction and a new initial price movement ( IPM)
– single print selling at 1017
– OrderFlow shows shorts being covered and no new shorts created
Reliance :
Back Ground :
– sideways running profile
ChartSpeak :
– Value created sideways
– Balanced distribution
– OrdferFlow does not show new shorts in the system.
The most important number to watch in the sheet is Prime Point Zero or (PP0) which is the level where the market is neutral for the day.A market below PP0 and moving lower is a weak market intraday and vice versa.A BUY signal can be booked at the closest PR1, PR2, PR3 and a sell signal at PS1, PS2 or PS3.
Broader Market of Wednesday : A neutral extreme day with a close on one extreme of the range. A followup above serves as a bullish continuation.
Bank Nifty :
Back Ground : b shaped profile of the previous session.
Chart speak :
– a gap down with a rally into the close which did not close the gap
– failed auction at 10575
– a spike into the close
– auction above the spike high at 10715 will be bullish
Nifty :
Background : – poor lows and an unfinished lower auction from prev session
Chartspeak :
– neutral extreme day
– spike into the close, acceptance above spike high 5436 is bullish
– failed auction at 5387
ICICI Bank :
BackGround :
– Single prints below 1015 to 1004 represent a failed auction.
ChartSpeak :
– Failed auction revisited today on day three
– a move below today’s lows will be a new auction and a new initial price movement ( IPM)
– single print selling at 1017
– OrderFlow shows shorts being covered and no new shorts created
Reliance :
Back Ground :
– sideways running profile
ChartSpeak :
– Value created sideways
– Balanced distribution
– OrdferFlow does not show new shorts in the system.
[learn_press_profile]