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.
Whilst using the Order Flow charts, it is necessary to book profits at each of the levels mentioned. Thus a BUY signal can be booked at the closest PR1, PR2, PR3 with every preceding level becoming a stop loss for the existing order. Depending on how the smaller OF reacts , one can re-initiate the booked order
Today’s updated comments are displayed in bold. Comments from yesterday and the previous days are above the bold print.
Broader market of Wednesday: A second Double distribution in a row. Trading is becoming extremely choppy in a range
Bank Nifty :
Back Ground :
– support for the week is at 11106 and resistance at 11466.
Chart Speak :
– a poor structure today
– 4 day price point of control is sideways at 11250
Nifty :
Background :
– 5617 represents a failed auction point.
– A failed auction at 5594
– support for the week is at 5511 and resistance may be seen at 5675
Chart speak :
– A DD ( double distribution ) with 5607 representing the wall between the 2 auctions
– single prints at 5658- 5646
– today’s gap up got accepted back in yesterday’s value area
– a break below 5553 may start a new auction to 5511.
SBI :
Back Ground
– single print buying between 2392-2400 at the open.
– large balanced profile with a prominent poc at 2410
– selling prints from the HVN of 2506
Chart Speak :
– open drive down with single prints 2530- 2518
– spike into the close with lows at 2466
– acceptance below the spike lows at 2466 is bearish
RIL :
BackGround :
– 907 is resistance.
– RIL shows a single print seller at 910
– profile is irregular with another seller at 880
– support should come near 849 HVN during the week
– responsive buying near 845 seen.
– large volumes showing up at 851.
– very prominent poc at 865 is a support.
Chart Speak :
– a move above 884 at the open was met with failure
– 11th day of sideways development in RIL between 844 and 880
LT :
BackGround
Chart speak :
– LT also shows a spike into the close at 1793 low point.
– acceptance below the spike is bearish
ICICI Bank :
Back Ground :
– a large b shaped profile with a very prominent POC at 1063
– b shape is bearish
– a break of 1060 can set up a trade to 1052
Chart Speak :
– A DD with poor lows represents an unfinished lower auction.
Tata Motors :
Back Ground :
large open drive down with single prints at 1031-1056
-profile is b shaped but balanced in the lower half of Thursday’s profile with single prints 1005-1014 below.
– a break of value 1027- 1014 can cause single prints either side to fill.
Chart speak :
– Again a DD
Whilst using the Order Flow charts, it is necessary to book profits at each of the levels mentioned. Thus a BUY signal can be booked at the closest PR1, PR2, PR3 with every preceding level becoming a stop loss for the existing order. Depending on how the smaller OF reacts , one can re-initiate the booked order
Today’s updated comments are displayed in bold. Comments from yesterday and the previous days are above the bold print.
Broader market of Wednesday: A second Double distribution in a row. Trading is becoming extremely choppy in a range
Bank Nifty :
Back Ground :
– support for the week is at 11106 and resistance at 11466.
Chart Speak :
– a poor structure today
– 4 day price point of control is sideways at 11250
Nifty :
Background :
– 5617 represents a failed auction point.
– A failed auction at 5594
– support for the week is at 5511 and resistance may be seen at 5675
Chart speak :
– A DD ( double distribution ) with 5607 representing the wall between the 2 auctions
– single prints at 5658- 5646
– today’s gap up got accepted back in yesterday’s value area
– a break below 5553 may start a new auction to 5511.
SBI :
Back Ground
– single print buying between 2392-2400 at the open.
– large balanced profile with a prominent poc at 2410
– selling prints from the HVN of 2506
Chart Speak :
– open drive down with single prints 2530- 2518
– spike into the close with lows at 2466
– acceptance below the spike lows at 2466 is bearish
RIL :
BackGround :
– 907 is resistance.
– RIL shows a single print seller at 910
– profile is irregular with another seller at 880
– support should come near 849 HVN during the week
– responsive buying near 845 seen.
– large volumes showing up at 851.
– very prominent poc at 865 is a support.
Chart Speak :
– a move above 884 at the open was met with failure
– 11th day of sideways development in RIL between 844 and 880
LT :
BackGround
Chart speak :
– LT also shows a spike into the close at 1793 low point.
– acceptance below the spike is bearish
ICICI Bank :
Back Ground :
– a large b shaped profile with a very prominent POC at 1063
– b shape is bearish
– a break of 1060 can set up a trade to 1052
Chart Speak :
– A DD with poor lows represents an unfinished lower auction.
Tata Motors :
Back Ground :
large open drive down with single prints at 1031-1056
-profile is b shaped but balanced in the lower half of Thursday’s profile with single prints 1005-1014 below.
– a break of value 1027- 1014 can cause single prints either side to fill.
Chart speak :
– Again a DD
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