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 : A large balanced profile and a normal day. Significance- market is waiting for new information.
Bank Nifty :
Back Ground : 2 balanced profile back-to back after a b shaped profile.
Chartspeak :
– single prints at top and bottom of profile
– 2 day prominent POC at 10910, same as Thursday
– HVN at 11000 above and 10720 below
Nifty :
Background : Outside day with 2 balanced profiles.
Chartspeak :
– Bell shaped profile with a prominent POC at 5490, marginally lower than Thursday
– HVN’s at 5553 above and 5442 below.
ICICI Bank :
BackGround :
– a break of the previous bracket and a revisit done today.
ChartSpeak :
– Single prints below 1015 to 1004 represent a failed auction.
– single print seller at 1052-1046
– Friday’s news driven move stopped at the base of the single prints from 26/7
–
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 : A large balanced profile and a normal day. Significance- market is waiting for new information.
Bank Nifty :
Back Ground : 2 balanced profile back-to back after a b shaped profile.
Chartspeak :
– single prints at top and bottom of profile
– 2 day prominent POC at 10910, same as Thursday
– HVN at 11000 above and 10720 below
Nifty :
Background : Outside day with 2 balanced profiles.
Chartspeak :
– Bell shaped profile with a prominent POC at 5490, marginally lower than Thursday
– HVN’s at 5553 above and 5442 below.
ICICI Bank :
BackGround :
– a break of the previous bracket and a revisit done today.
ChartSpeak :
– Single prints below 1015 to 1004 represent a failed auction.
– single print seller at 1052-1046
– Friday’s news driven move stopped at the base of the single prints from 26/7
–
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