Profile charts for 23rd June

The Power Levels for tomorrow are possible areas of demand and supply and the same are uploaded in an excel sheet here. A market below PP0 and moving lower is a weak market intraday and vice versa.

Whilst using the OrderFlow 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

All levels are taken from that excel sheet. We will discuss auction theory, role of buyers and sellers and market structure in these next few lines.

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 normal distribution on an inside day, give two reasons to watch for break of range and a more actionable day time frame environment.

Bank Nifty :

Bank Nifty Mp244 Profile Charts For 23Rd June

-single prints at 10535-10565 and 10695-10735 needs to be monitored on break of value
– prominent POC at 10750 remains

– A move to go higher was met by sellers at single prints of 16/6
– A minor incomplete DD with poor lows would mean that BN may move lower
– Single prints at 10515 may be a new institutional seller
– support is at 10385 single prints.
– BN operated in the lower part of 21/6 profile
– A normal distribution with single print at top and poor lows below would imply a negative bias
– 10385/ 10335 single prints are support.

Nifty :

Nifty Mp111 Profile Charts For 23Rd June

profile would indicate longs liquidation
– selling prints at 5424-5400
– poor lows at 5360 need to be revisited
– HVN at 5346 is the last support

– A initiative seller at the open with single prints at 5348-5376
– responsive buying at 5180
– single prints at 5180-5224 will support the market short term.

– NF had a normal distribution in an inside day
– prominent POC at 5286 will be day bias
– a failed auction at 5312 which is a short term ref point for a min 70 point move lower.
– poor lows at 5256 and 5266 today


Sbi Mp12 Profile Charts For 23Rd June

– Larger monthly trend is sideways
– lows at 2170 inviting short covering on 25/5, 26/5 and recently on 16/6.
– HVN of bal profile at 2244 is resistance to upside moves
– single prints between 2190-2170
– An inside day
– Break of value can set up a good trade to be monitored at the HVN and single prints

– single print selling 2228-2206
– responsive buying 2154-2124
– SBI had a spike into the close.
– new seller at 2182 as evidenced by the single print there
– below spike lows will be a new auction.
– SBi had a b shaped profile indicating short term long liquidation
– price was rejected at 2170 ref level mentioned in text above
– action was in the single prints of 20/6.
– further weakness below 2122 single prints


Ril Mp13 Profile Charts For 23Rd June

– High volumes at close near 905
– poor structure below 915
– A normal distribution below yesterday’s lows
– RIL will continue to be weak below those heavy volumes at 906
– We are waiting for sideways distribution ( step 2) to confirm a pause in the downtrend from 960.
– single prints 895-885
– a spike into the close
– acceptance below the spike will be a new auction.
– RIL stayed below the spike lows and continues lower
– prominent POC at 852
– profile looks incomplete in the lower part of the day
– RIL looks to have a p shaped profile indicating some shorts coming out today
– RIL is now is step 2 and the pause we talked about earlier is here

LT :

Lt Mp101 Profile Charts For 23Rd June

– LT established value lower than 16/6
– A breakdown below 1673 was averted by responsive buying at the lows.
– The possibility of LT moving down to 1638 is still possible if it trades below the single prints & the HVN at 1673
– LT hit the HVN at 1638 today, but was met by strong responsive buyers
– LT operated in the value areas of 21/6
– an inside day in LT
– a break of value would set up a lucrative trade.Watch ps1/ pr1

ICICI Bank :

Icici Mp10 Profile Charts For 23Rd June

– Larger monthly trend is still sideways
– An inside day spent in the value of 16/6
– break of value and then range will set up a good intra day trade
– Large responsive buying seen at 1001-1017
– ICICI moved lower as an incomplete DD
– Filling the single prints at 1001 should be done tomorrow
– ICICI again exhibited a profile similar to BN
– It filled the single prints of the previous DD.

Tata Motors :

Tata Motors7 Profile Charts For 23Rd June

– Tata Motors shows a sideways to a down trend
– Double inside day on friday
– TTM rejected the balance area of the previous few days by moving lower
– a revisist to the bal zone of 877-1001 will be met with more selling.
– TTM had a normal distribution today
– a break away from value area will be a go
– TTM seems to follow a pattern of a large move down followed by 2-3 days of sideways activity
– If the past is an indication, TTM should go sideways for one more day