The Italics are the comments from yesterday and the previous days.
Again the markets saw an aggressive seller in the morning and a responsive buyer at the lows who reversed a lot of the losses from earlier.
Bank Nifty :
————-
– The pull back rally high is 11150 ( adjusted for Mar).
– Poor lows at 10200
– 10560 is the pull back high above which short term trend changes to up.
– 10755/780 is short term support and the market has to stay above this level for it to reach 11150 mentioned above
————
– after the initiative buying at at 10785 on 8/03, we saw responsive buying at 10900 to lower prices.
-10970 and 11060 represents the balance zone of today and the markets would have to auction out of this zone for a good move
-10887 is short term support for the market
-11104/ 11160 are resistances
-VWAP for the series is 10768/ dpoc at 10800
– positional sellers for march will get aggressive only below these levels.
Nifty :
————
– Buyers are holding the levels at 5304-5314, below which Nifty failed to auction today ( 28/2).
-again 5480 and above should produce a fast move to 5610 and then 5646.
– Nifty profile has a weak structure with a seller at the top.
-above 5512, we may see 5547/ 62 and 5580.
-for tomorrow, a retest of 5439 is the most probable scenario.
—————
– the retest at 5439 did not happen as the buyer showed up yesterday at VAH of the day.
– In 2 days we have seen single prints at lows, one initiative and another responsive, indicating buyer preference for the markets at lower levels.
– this is indicative of a ‘buy the dip’ attitude, which points to higher prices ahead.
-the market operated in the loop of the ‘p’ of yesterday and we need to see an auction between 5540-5580 for the upmove to continue
-5488 is the support and 5584 is the resistance above for the first half tomorrow.
-vwap for the series is 5454 and dpoc is 5324.
-the lower dpoc is indicative of short covering which has driven the market up thus far.
-sellers would return below 5438 positionally.
SBI :
———
– 2514 almost done. is a good support zone.
– an auction above 2674 will signal end of the downtrend and a start of a move which should give 2754 next.
– profile shows buying prints at 2630.
————
– Profile shows an initiative seller near 2674 today, but alos responsive buyer to lower prices.
-there is a balance developing now between 2672 and 2612 below.
-vwap for the series is 2655 and developing point of control is 2638
– the market may choose to trade for some more time around today’s prices.
RIL :
————–
– 966 represents upper end of the prior bracket, as also gap fill.
– One can take a long position here for 991/1010 with a stop at 952.
_RIL is forming another bracket between 966-1009.
—————-
-966 has served this market well and today’s short covering marked the visit to the upper end of the mentioned price level of 1010.
-today’s balance area is 998-1008 and acceptance or rejection of this area should setup the next 20 point move in RIL.
Again the markets saw an aggressive seller in the morning and a responsive buyer at the lows who reversed a lot of the losses from earlier.
Bank Nifty :
————-
– The pull back rally high is 11150 ( adjusted for Mar).
– Poor lows at 10200
– 10560 is the pull back high above which short term trend changes to up.
– 10755/780 is short term support and the market has to stay above this level for it to reach 11150 mentioned above
————
– after the initiative buying at at 10785 on 8/03, we saw responsive buying at 10900 to lower prices.
-10970 and 11060 represents the balance zone of today and the markets would have to auction out of this zone for a good move
-10887 is short term support for the market
-11104/ 11160 are resistances
-VWAP for the series is 10768/ dpoc at 10800
– positional sellers for march will get aggressive only below these levels.
Nifty :
————
– Buyers are holding the levels at 5304-5314, below which Nifty failed to auction today ( 28/2).
-again 5480 and above should produce a fast move to 5610 and then 5646.
– Nifty profile has a weak structure with a seller at the top.
-above 5512, we may see 5547/ 62 and 5580.
-for tomorrow, a retest of 5439 is the most probable scenario.
—————
– the retest at 5439 did not happen as the buyer showed up yesterday at VAH of the day.
– In 2 days we have seen single prints at lows, one initiative and another responsive, indicating buyer preference for the markets at lower levels.
– this is indicative of a ‘buy the dip’ attitude, which points to higher prices ahead.
-the market operated in the loop of the ‘p’ of yesterday and we need to see an auction between 5540-5580 for the upmove to continue
-5488 is the support and 5584 is the resistance above for the first half tomorrow.
-vwap for the series is 5454 and dpoc is 5324.
-the lower dpoc is indicative of short covering which has driven the market up thus far.
-sellers would return below 5438 positionally.
SBI :
———
– 2514 almost done. is a good support zone.
– an auction above 2674 will signal end of the downtrend and a start of a move which should give 2754 next.
– profile shows buying prints at 2630.
————
– Profile shows an initiative seller near 2674 today, but alos responsive buyer to lower prices.
-there is a balance developing now between 2672 and 2612 below.
-vwap for the series is 2655 and developing point of control is 2638
– the market may choose to trade for some more time around today’s prices.
RIL :
————–
– 966 represents upper end of the prior bracket, as also gap fill.
– One can take a long position here for 991/1010 with a stop at 952.
_RIL is forming another bracket between 966-1009.
—————-
-966 has served this market well and today’s short covering marked the visit to the upper end of the mentioned price level of 1010.
-today’s balance area is 998-1008 and acceptance or rejection of this area should setup the next 20 point move in RIL.
[learn_press_profile]