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 : all the gains of the day were through a gap up. The range extension was on the lower side today, but the Nifty closed above VAH.The tussle between buyers and sellers at swing lows is continuing and the day was neutral center.
Bank Nifty :
Back Ground : – Huge unfilled gap between 10525 to 10380 is a dominant seller
Chart speak :
1) The bank nifty operated entirely in the gap area mentioned above.
2) Gap is still not filled as resistance to the market is at the HVN of 10500
3) Prominent POC of today is 10440
4) Profile was a normal day within IB.
Nifty :
Background : – Huge gap between 5325 and 5233 which is a single print seller.
– A failed auction at 5233
– single print buying from 4950 to 5010
Chartspeak :
– range extension to the lower side was met with sharp responsive buying
– tomorrow is day 4 of FA at 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 Wednesday : all the gains of the day were through a gap up. The range extension was on the lower side today, but the Nifty closed above VAH.The tussle between buyers and sellers at swing lows is continuing and the day was neutral center.
Bank Nifty :
Back Ground : – Huge unfilled gap between 10525 to 10380 is a dominant seller
Chart speak :
1) The bank nifty operated entirely in the gap area mentioned above.
2) Gap is still not filled as resistance to the market is at the HVN of 10500
3) Prominent POC of today is 10440
4) Profile was a normal day within IB.
Nifty :
Background : – Huge gap between 5325 and 5233 which is a single print seller.
– A failed auction at 5233
– single print buying from 4950 to 5010
Chartspeak :
– range extension to the lower side was met with sharp responsive buying
– tomorrow is day 4 of FA at 5233
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