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 Friday : The market broke through the inside day of Thursday by moving lower into a double distribution after a news flow event.
Bank Nifty :
Back Ground : – Dominant seller at 10525. A DD on Friday
Chart speak :
1) A Double distribution ( DD)
2) profile remains bearish till upper end of 2nd distribution at 10255 is not taken out.
3) above 10255, it can race up to fill single prints upto 1028=90 and then 10340
4) below 10140 we may see 10065 again.
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 :
1) Inside day was broken to a DD day on the downside
2) Lower distribution between 5103 to 5052.
3) A DD has to be watched for acceptance below range lows or a move back into the single prints.
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 Friday : The market broke through the inside day of Thursday by moving lower into a double distribution after a news flow event.
Bank Nifty :
Back Ground : – Dominant seller at 10525. A DD on Friday
Chart speak :
1) A Double distribution ( DD)
2) profile remains bearish till upper end of 2nd distribution at 10255 is not taken out.
3) above 10255, it can race up to fill single prints upto 1028=90 and then 10340
4) below 10140 we may see 10065 again.
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 :
1) Inside day was broken to a DD day on the downside
2) Lower distribution between 5103 to 5052.
3) A DD has to be watched for acceptance below range lows or a move back into the single prints.
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