Here is an analysis posted every evening at our subscriber site www.vtrender-2.com.
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The Italics are the comments from the previous day.
Bank Nifty :
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– Clearly the mkt stalled at the upper end of yesterday’s profile
– Momentum from the DD seems to be losing
– above 11020 seems to be a clear move to 11144
– but mkt now seems to be a “p’ in the 2 day profile.
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– The BN did not find willing sellers below val.
– first part was the 80 % rule from VAL to VAH.
– strength above the DD took the market straight up to 11144.
– 11008/ 11064 are new short term supports
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Nifty :
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– Symmetry came in through balance profile
– 2 day profile is another pointer to a move lower to 5435
– strength above highs will lead to the previous 5567/ 5577.
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– good volumes seen above 5508
– a DD pattern is a sign of continuity
– a previous failure at 5567 needs to be considered
– 5508/ 5494 are short term supports.
SBI :
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-Profile shows single print buying at 2721.
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— 2787 almost hit.
— a low volume zone between 2787 and 2841 now.
— this market can easily rush up those points between the levels.
— 2718 is minor support.
RIL :
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– RIL operated completely in the upper end of the bracket.
– This profile is also balanced and should give a directional move tomorrow.
– In a weak market rejection at 953, should set up good stops with a 3 point stop.
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– Reliance did come off the bracket and should move higher
– Do not expect the pace to be on the higher side as it moves away from the congestion zone
– 943 will be support on downside.
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I will be back with a report EOD.
