The Italics are the comments from yesterday.
Bank Nifty :
——
-Clearly the mkt stalled at the upper end of yesterday’s profile
-Momentum from the DD seems to be losing
– above 11020 seems to be a clear move to 11144
-but mkt now seems to be a “p’ in the 2 day profile.
—-
– The BN did not find willing sellers below val.
– first part was the 80 % rule from VAL to VAH.
– strength abv the DD took the market straight up to 11144.
– “p” failed as the close was in the top part of the profile and not in the stem below ( an erroneous view in the prev comment, as the close was not considered properly)
– 11008/ 11064 are new short term supports)
——
Nifty :
——
-Symmetry came in through bal profile
– 2 day profile is another pointer to a move lower to 5435
-strength above highs will lead to the prev 5567/ 5577.
——-
– good volumes seen above 5508
– a DD pattern is a sign of continuity
– a previous failure at 5567 needs to be considered
– 5508/ 5494 are short term supports.
SBI :
——-
-Profile shows single print buying at 2721.
——-
–2787 almost hit.
–a low volume zone between 2787 and 2841 now.
— this market can easily rush up those points between the levels.
–2718 is minor support.
RIL :
——
– RIL operated completely in the upper end of the bracket.
-This profile is also balanced and should give a directional move tomorrow.
– In a weak mkt rejection at 953, should set up good stops with a 3 point stop.
—-
-Reliance did come off the bracket and should move higher
– Do not expect the pace to be on the higher side as it moves away from the congestion zone
– 943 will be support on downside.
Bank Nifty :
——
-Clearly the mkt stalled at the upper end of yesterday’s profile
-Momentum from the DD seems to be losing
– above 11020 seems to be a clear move to 11144
-but mkt now seems to be a “p’ in the 2 day profile.
—-
– The BN did not find willing sellers below val.
– first part was the 80 % rule from VAL to VAH.
– strength abv the DD took the market straight up to 11144.
– “p” failed as the close was in the top part of the profile and not in the stem below ( an erroneous view in the prev comment, as the close was not considered properly)
– 11008/ 11064 are new short term supports)
——
Nifty :
——
-Symmetry came in through bal profile
– 2 day profile is another pointer to a move lower to 5435
-strength above highs will lead to the prev 5567/ 5577.
——-
– good volumes seen above 5508
– a DD pattern is a sign of continuity
– a previous failure at 5567 needs to be considered
– 5508/ 5494 are short term supports.
SBI :
——-
-Profile shows single print buying at 2721.
——-
–2787 almost hit.
–a low volume zone between 2787 and 2841 now.
— this market can easily rush up those points between the levels.
–2718 is minor support.
RIL :
——
– RIL operated completely in the upper end of the bracket.
-This profile is also balanced and should give a directional move tomorrow.
– In a weak mkt rejection at 953, should set up good stops with a 3 point stop.
—-
-Reliance did come off the bracket and should move higher
– Do not expect the pace to be on the higher side as it moves away from the congestion zone
– 943 will be support on downside.
[learn_press_profile]