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 Tuesday : For the second straight day, we saw a range extension out of IB to the positive side. We maintain that there are buying efforts been made at session lows.However these efforts will be fruitful only when value is built higher and we get a close above the previous day’s VAH.
Bank Nifty :
Back Ground : – Huge unfilled gap between 10525 to 10380 is a dominant seller
Chart speak :
1) single print buying from 9935 to 10060
2) 10500 is still resistance and a move above should bring 10660/ 10740
Nifty :
Background : – Huge gap between 5325 and 5233 which is a single print seller.
– A failed auction at 5233
Chartspeak :
– single print buying from 4950 to 5010
– the gap area of 5233- 5326 is still resistance
– tomorrow will be day three for the FA point of 5233.
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 Tuesday : For the second straight day, we saw a range extension out of IB to the positive side. We maintain that there are buying efforts been made at session lows.However these efforts will be fruitful only when value is built higher and we get a close above the previous day’s VAH.
Bank Nifty :
Back Ground : – Huge unfilled gap between 10525 to 10380 is a dominant seller
Chart speak :
1) single print buying from 9935 to 10060
2) 10500 is still resistance and a move above should bring 10660/ 10740
Nifty :
Background : – Huge gap between 5325 and 5233 which is a single print seller.
– A failed auction at 5233
Chartspeak :
– single print buying from 4950 to 5010
– the gap area of 5233- 5326 is still resistance
– tomorrow will be day three for the FA point of 5233.
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