The Italics are the comments from yesterday and the previous days.
We had lots of volatility in the markets, with direction unclear for trading tomorrow.
Bank Nifty :
– The pull back rally high is 11150 ( adjusted for Mar).
– 10616 is the upper end of the minus development zone from 11/2.
– Poor lows at 10200
– 10560 is the pull back high above which short term trend changes to up.
– 10560 produced two good long trades today.
– profile shows a strong seller at 10800.
– single prints (buyer) from 10370-10400
– below 10370 can target 10190 again.
– closing very weak.
– an auction above 10620 can again give 200 points.
– 5367 is the top of the minus development region from 11/2.
– Below 5367 we can see 5229 all over again and a possible 4975.
– lower side support is 5229
– upper side resistance is the pull back high of 5391.
– Nifty closed at the developing POC indicating balance for the day
– Buyers are holding the levels at 5304-5314, below which Nifty failed to auction today.
– 5304 will be a stop and reverse level for longs with target of 5229 below and 5391 above
– an auction back to 5391 will complete a balance profile for a directional 150 point (min) move either side.
-Holding the lows it may consolidate upto 2662.
– 2514 almost done. is a good support zone.
– The profile of SBI throws interesting possibilities and seems to be one step ahead of the Nifty/ BN structures.
– Today’s move gives SBI a good 3 day balance and is ready to move directionally again.
– an auction above 2674 will signal end of the downtrend and a start of a move which should give 2754 next.
– The same level can be used as a stop n reverse for shorts at the open tomorrow.
– as a leader, it will throw decisive cues to the Nifty direction for the rest of the week.
– 966 represents upper end of the prior bracket, as also gap fill.
– One can take a long position here for 991/1010 with a stop at 952.
– Reliance closed at the lows after a failure to get up above 996 yest again.
-the stock is no longer producing interesting intra moves and we are looking for a replacement for it on the intra charts.Suggestions welcome with reasons.