The Italics are the comments from yesterday and the previous days.
Broader market of today : An initiative buyer at the open would have been short covering as a profile resembled a ‘p’ at the close. No forward implication from the profile, but acceptance or rejection of the loop in ‘p’ will set up the next trades. Exit of value is a good strategy.
Bank Nifty :
————-
– The pull back rally high is 11150 ( adjusted for Mar).
– Poor lows at 10200
-above 10960 will see 11020
– Open drive from 10750 on 14/03 ( Buying single print and support)
-10910 and 10846 are first supports for the market.
– mkts put in a p shaped profile on the back of short covering from lower levels.
—–
– Again a p shaped profile by initiative activity at the open from 10775 ( 16/03)
-single prints between 10775-10865 are good supports now
-10920 is first line of support followed by 10865
-above 11020 can target 11070 and 11130-60
— VWAP for the series is still at 10800/ dpoc at 10800 also.
Nifty :
————
– Buyers are holding the levels at 5304-5314, below which Nifty failed to auction today ( 28/2).
– only a close above 5500 will eliminate some short term bearishness
– we still want to think about the NF as a bracket btw 5618 and 5400.
-upmove of today was based on short covering which can weaken the market structurally
– Nifty profile of today is p shaped with a small selling tail at the top.
– below the single print at 5427, this market can revisit 5391.
————
– vwap for the series is 5465 and the dpoc is at 5500 now.
-a p shaped profile caused by short covering at the open
– abreak of value can be best strategy for tomorrow,
– targets on the downside are 5486 and on up side are 5585 initially
SBI :
———
-downtrend will be broken only above 2652 now.
– support still at 2512-21
—-
– SBI did well to close above series vwap
–vwap for the series is 2631 and developing point of control is 2614
– staying above 2639 can easily target 2703 next.
RIL :
—–
– RIL broke out of the consolidation today
– RIL did well to hit 1050 today.
-1018 is support now.
-1063/70
———-
– Some strong volumes building up around 1050 which can cut the upmove short at 1063 now
– a dip to 1018 will be eventually good for RIL.
LT :
—
– LT can get some momentum above 1570 now.
—-
Broader market of today : An initiative buyer at the open would have been short covering as a profile resembled a ‘p’ at the close. No forward implication from the profile, but acceptance or rejection of the loop in ‘p’ will set up the next trades. Exit of value is a good strategy.
Bank Nifty :
————-
– The pull back rally high is 11150 ( adjusted for Mar).
– Poor lows at 10200
-above 10960 will see 11020
– Open drive from 10750 on 14/03 ( Buying single print and support)
-10910 and 10846 are first supports for the market.
– mkts put in a p shaped profile on the back of short covering from lower levels.
—–
– Again a p shaped profile by initiative activity at the open from 10775 ( 16/03)
-single prints between 10775-10865 are good supports now
-10920 is first line of support followed by 10865
-above 11020 can target 11070 and 11130-60
— VWAP for the series is still at 10800/ dpoc at 10800 also.
Nifty :
————
– Buyers are holding the levels at 5304-5314, below which Nifty failed to auction today ( 28/2).
– only a close above 5500 will eliminate some short term bearishness
– we still want to think about the NF as a bracket btw 5618 and 5400.
-upmove of today was based on short covering which can weaken the market structurally
– Nifty profile of today is p shaped with a small selling tail at the top.
– below the single print at 5427, this market can revisit 5391.
————
– vwap for the series is 5465 and the dpoc is at 5500 now.
-a p shaped profile caused by short covering at the open
– abreak of value can be best strategy for tomorrow,
– targets on the downside are 5486 and on up side are 5585 initially
SBI :
———
-downtrend will be broken only above 2652 now.
– support still at 2512-21
—-
– SBI did well to close above series vwap
–vwap for the series is 2631 and developing point of control is 2614
– staying above 2639 can easily target 2703 next.
RIL :
—–
– RIL broke out of the consolidation today
– RIL did well to hit 1050 today.
-1018 is support now.
-1063/70
———-
– Some strong volumes building up around 1050 which can cut the upmove short at 1063 now
– a dip to 1018 will be eventually good for RIL.
LT :
—
– LT can get some momentum above 1570 now.
—-
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