The Power 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.
Whilst using the Order Flow charts, it is necessary to book profits at each of the levels mentioned. Thus a BUY signal can be booked at the closest PR1, PR2, PR3 with every preceding level becoming a stop loss for the existing order. Depending on how the smaller OF reacts , one can re-initiate the booked order
Today’s updated comments are displayed in bold. Comments from yesterday and the previous days are above the bold print.
Broader market of Thursday: A normal variation day with a range extension which was 3 times the initial balance. Overall a weak structure to the day
Bank Nifty :
Back Ground :
– responsive buying from 11175 which is the POC of the balanced profile from 29/6
– 11195-11175 single prints will support the market.
– 11520-11540 continues to be a resistance zone
– Open drive down with seller at open at 11490 ( 8/7)
– selling prints at the open at 11295-11240 ( 11/7)
– single prints at 11195, a previous reference level
– responsive selling again at 11175
– single prints at 11175-11145
– Minor buying prints at 10975-10995.
– single prints 11085-11115
– market auctioned above vah and filled the single prints of yesterday ( 12/7)
– Value area of 11180-11140 is crucial today as the market is at the center of 2 previous auctions of the past three days.
Chart Speak :
– 11335- 11280 structure needs to be repaired.
– prominent poc at 11250 to support the market
Nifty :
Background :
– 5617 represents a failed auction point.
– NF had a failed auction revisit ( 1/7) and a double distribution ( 1/7)
– a 3I day which gives high odds for the day highs to be made during the first 90 minutes of trade ( 8/7)
– spike into the close from 5700-5658
– acceptance below the spike lows on Monday is bearish
– support is at 5638, the base of the previous single print buying
– – Market stayed below the spike lows and broke through the 5638 support to move lower ( 11/7)
——-
– A failed auction at 5594 ( revisit pending- day 1)
– single print buying between 5512-5504
– large distribution at 5526 and 5564.
– A normal variation day with range extension and a close above VAH.
– single print buying between 5550-5560
– spike into the close 5598-5608
– acceptance above the spike high is bullish
Chart speak :
– a 3 I day with a large value area
– consolidation can be expected within the value again.
SBI :
Back Ground
– single print buying between 2392-2400 at the open.
– strong open drive at 2426
– single prints at 2426 to 2456 are big support
– overhead resistance at 2492
– – profile shows 2 developments , one with center around 2476 and the other at 2506.( 8/7)
– Open drive ( 11/7)
– auctioned largely in the single prints of 7/7.
– 2410/ 2388 are supports.
– large balanced profile with a prominent poc at 2410
– minor selling prints from 2434, the poc of the previous profile
– small open drive at 2418
– poor highs at the close
Chart Speak :
– again a large value area for the day.
– 2460 is support.
RIL :
BackGround :
– 907 is resistance.
– RIL shows a single print seller at 910
– profile is irregular with another seller at 880
– support should come near 849 HVN during the week
– responsive buying near 845 seen.
————-
– RIL had a spike into the close btw 873-879 ( 8/7)
– acceptance above the spike high of 879 will be bullish ( 8/7)
– large volumes showing up at 851.
Chart Speak :
– 8th day of sideways development in RIL between 844 and 880
– very prominent poc at 865 is a support.
LT :
BackGround
– LT had an initiative buyer at 1800 today ( 6/7)
– profile is p which may indicate shorts winding up.
– LT had a big trend day after the p shape of yesterday ( 7/7)
– LT built volumes in the poor structure of yesterday
– 1828 is support for the current week.
– Inside day in LT. ( 11/7)
– Inside day mentioned yesterday, broke down to the lower side
– structure is poor between 1785 and 1811 and may need to be repaired.
– 1759 is support below 1775
– LT auctioned btw 1811-1788 all day today
– 2 day balance area of 1810-1785 will decide next bias
– POC at 1800.
Chart speak :
– 2 day balance area was broken to the upside before the market gave all those gains back.
ICICI Bank :
Back Ground :
– ICICI moved lower after a failed open drive
– 2 day profile represents a DD
– single prints near 1070 are expected to provide strong support to the market( 6/7)
– ICICI found support near the single prints of 1070
– ICICI broke though support at close with minor single prints at 1069
– support now stands at 1052.
– ICICI auctioned in the single prints of 8/7
– a Normal day with a balanced profile in ICICI would give rise to the possibility of a vertical move, some time in next 1-2 sessions.
———-
– selling prints between 1069-1063
– 1033 is next support
– Inside day in ICICI.
Chart Speak :
– Inside day broke to the upside
Tata Motors :
Back Ground :
– Tata motors shows a p shape profile above the HVN of 994 ( 5/7)
– acceptance above 1015 can bring 1035 later in the week.
– TTM closed at 1015 after a bounce from the previous HVN of 994.( 5/7)
————
– TTM hit 1035 and made poor highs which means a bit more upside ( 7/7)
– single prints at 1008-1015 are support for the market.
– prominent POC at 1045
– 1026 is support now.
– 1060 would be resistance.
– resisted at POC, supported at 1026
– a normal distribution.
– – single print buying between 1007-1015
Chart speak :
– poor highs near 1060
Whilst using the Order Flow charts, it is necessary to book profits at each of the levels mentioned. Thus a BUY signal can be booked at the closest PR1, PR2, PR3 with every preceding level becoming a stop loss for the existing order. Depending on how the smaller OF reacts , one can re-initiate the booked order
Today’s updated comments are displayed in bold. Comments from yesterday and the previous days are above the bold print.
Broader market of Thursday: A normal variation day with a range extension which was 3 times the initial balance. Overall a weak structure to the day
Bank Nifty :
Back Ground :
– responsive buying from 11175 which is the POC of the balanced profile from 29/6
– 11195-11175 single prints will support the market.
– 11520-11540 continues to be a resistance zone
– Open drive down with seller at open at 11490 ( 8/7)
– selling prints at the open at 11295-11240 ( 11/7)
– single prints at 11195, a previous reference level
– responsive selling again at 11175
– single prints at 11175-11145
– Minor buying prints at 10975-10995.
– single prints 11085-11115
– market auctioned above vah and filled the single prints of yesterday ( 12/7)
– Value area of 11180-11140 is crucial today as the market is at the center of 2 previous auctions of the past three days.
Chart Speak :
– 11335- 11280 structure needs to be repaired.
– prominent poc at 11250 to support the market
Nifty :
Background :
– 5617 represents a failed auction point.
– NF had a failed auction revisit ( 1/7) and a double distribution ( 1/7)
– a 3I day which gives high odds for the day highs to be made during the first 90 minutes of trade ( 8/7)
– spike into the close from 5700-5658
– acceptance below the spike lows on Monday is bearish
– support is at 5638, the base of the previous single print buying
– – Market stayed below the spike lows and broke through the 5638 support to move lower ( 11/7)
——-
– A failed auction at 5594 ( revisit pending- day 1)
– single print buying between 5512-5504
– large distribution at 5526 and 5564.
– A normal variation day with range extension and a close above VAH.
– single print buying between 5550-5560
– spike into the close 5598-5608
– acceptance above the spike high is bullish
Chart speak :
– a 3 I day with a large value area
– consolidation can be expected within the value again.
SBI :
Back Ground
– single print buying between 2392-2400 at the open.
– strong open drive at 2426
– single prints at 2426 to 2456 are big support
– overhead resistance at 2492
– – profile shows 2 developments , one with center around 2476 and the other at 2506.( 8/7)
– Open drive ( 11/7)
– auctioned largely in the single prints of 7/7.
– 2410/ 2388 are supports.
– large balanced profile with a prominent poc at 2410
– minor selling prints from 2434, the poc of the previous profile
– small open drive at 2418
– poor highs at the close
Chart Speak :
– again a large value area for the day.
– 2460 is support.
RIL :
BackGround :
– 907 is resistance.
– RIL shows a single print seller at 910
– profile is irregular with another seller at 880
– support should come near 849 HVN during the week
– responsive buying near 845 seen.
————-
– RIL had a spike into the close btw 873-879 ( 8/7)
– acceptance above the spike high of 879 will be bullish ( 8/7)
– large volumes showing up at 851.
Chart Speak :
– 8th day of sideways development in RIL between 844 and 880
– very prominent poc at 865 is a support.
LT :
BackGround
– LT had an initiative buyer at 1800 today ( 6/7)
– profile is p which may indicate shorts winding up.
– LT had a big trend day after the p shape of yesterday ( 7/7)
– LT built volumes in the poor structure of yesterday
– 1828 is support for the current week.
– Inside day in LT. ( 11/7)
– Inside day mentioned yesterday, broke down to the lower side
– structure is poor between 1785 and 1811 and may need to be repaired.
– 1759 is support below 1775
– LT auctioned btw 1811-1788 all day today
– 2 day balance area of 1810-1785 will decide next bias
– POC at 1800.
Chart speak :
– 2 day balance area was broken to the upside before the market gave all those gains back.
ICICI Bank :
Back Ground :
– ICICI moved lower after a failed open drive
– 2 day profile represents a DD
– single prints near 1070 are expected to provide strong support to the market( 6/7)
– ICICI found support near the single prints of 1070
– ICICI broke though support at close with minor single prints at 1069
– support now stands at 1052.
– ICICI auctioned in the single prints of 8/7
– a Normal day with a balanced profile in ICICI would give rise to the possibility of a vertical move, some time in next 1-2 sessions.
———-
– selling prints between 1069-1063
– 1033 is next support
– Inside day in ICICI.
Chart Speak :
– Inside day broke to the upside
Tata Motors :
Back Ground :
– Tata motors shows a p shape profile above the HVN of 994 ( 5/7)
– acceptance above 1015 can bring 1035 later in the week.
– TTM closed at 1015 after a bounce from the previous HVN of 994.( 5/7)
————
– TTM hit 1035 and made poor highs which means a bit more upside ( 7/7)
– single prints at 1008-1015 are support for the market.
– prominent POC at 1045
– 1026 is support now.
– 1060 would be resistance.
– resisted at POC, supported at 1026
– a normal distribution.
– – single print buying between 1007-1015
Chart speak :
– poor highs near 1060
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