Today’s updated comments are displayed in bold. Comments from yesterday and the previous days are above the bold print.
Broader market of Friday: Another trending type day caused by short covering near swing lows.
Bank Nifty :
————
– single prints at 12020 at the top.
– 11580 had the largest volumes and the region of 11580/ 11625 will resist all up moves
———–
– Profile shows single prints at 10540 which may be evidence of short covering/ buying
– the region around 10530-40 is expected support for the market, below which it can slide to 10450
– the spot BN shows a failed auction around 10510 spot levels
– 10700 is again resistance, above which BN may try to reach 10780.
Nifty :
– single print selling from 5930 again today
– Large volumes at 5760 and 5794
-5666/76 is pull back high and single prints and resistance for any upmoves
——–
– profile again has a seller at the top
– the region of 5455-5475 will resist all upmoves. A close above 5480 can bring 70 points to 5550 again
– support is again 5400/03
——-
– Profile was a trending type day, with an afternoon adjustment of inventory. Follow through awaited
– Pull back low of 5446/ 5437 is strong support if the upmove has to continue.
– below 5437, mkt sees 5420/ 5404
– 5535/ 5568 are resistances tomorrow.
SBI :
——-
– SBI showed a seller at the top at 2358
– a break above 2358 should bring 2394
– the profile is developing a balance after the big move on 17/5
——–
– SBI is in step 2 of the Steidlmayer 4 step process. We wait for a ‘b’ or a ‘p’ to indicate an end to the process of balancing
– -2299 is strong support
– above 2366 it will see 2394
RIL :
——–
– RIL formed a b shaped profile with seller at top indicating long liquidation
– 891/ 879 are tgts below 903 tomorrow
– 914/ 926 will resist upmoves.
———-
– RIl showed buyers appearing at 906 today
– the profile was within the b of yesterday
-a close above 935 will negate the bearishness of the past few profiles.
– ——
– RIL remained within the b profile of 18/5
– a move above 926, should bring 931/ 938
– 906 is last support
LT :
———
– LT also had a balanced profile, indicating another break of range to watch for
– 1519/ 1496 are initial resistance and support respectively
– above 1519, can see 1531 and 1543
– below 1496, 1485 and 1473
———
– LT broke out of the bal zone today on strong results
– 1646 will resist upmoves tomorrow
– 1561 should support on downside
————-
– LT broke above 1646 at the open and stayed above it all day
– Profile is p shaped indicating short covering
– It remains to be seen whether new buyers can take it above 1680 now.
– 1643 is support for tomorrow, below which it will see 1625/ 1607
ICICI Bank :
———–
– ICICI had an inside day
– 1020 is support and 1045 initial resistance
– move abv 1045 can bring 1057/ 1068
————
– still inside day in ICICi
– above 1046, an easy move to 1054 min is possible
-1020/1016 continues to be support
—————
– ICICI showed a buyer at the open
– the region of 1020-28 continues to be good support
– above vah 1054, a move towards 1062/ 1074 will come.
Broader market of Friday: Another trending type day caused by short covering near swing lows.
Bank Nifty :
————
– single prints at 12020 at the top.
– 11580 had the largest volumes and the region of 11580/ 11625 will resist all up moves
———–
– Profile shows single prints at 10540 which may be evidence of short covering/ buying
– the region around 10530-40 is expected support for the market, below which it can slide to 10450
– the spot BN shows a failed auction around 10510 spot levels
– 10700 is again resistance, above which BN may try to reach 10780.
Nifty :
– single print selling from 5930 again today
– Large volumes at 5760 and 5794
-5666/76 is pull back high and single prints and resistance for any upmoves
——–
– profile again has a seller at the top
– the region of 5455-5475 will resist all upmoves. A close above 5480 can bring 70 points to 5550 again
– support is again 5400/03
——-
– Profile was a trending type day, with an afternoon adjustment of inventory. Follow through awaited
– Pull back low of 5446/ 5437 is strong support if the upmove has to continue.
– below 5437, mkt sees 5420/ 5404
– 5535/ 5568 are resistances tomorrow.
SBI :
– SBI showed a seller at the top at 2358
– a break above 2358 should bring 2394
– the profile is developing a balance after the big move on 17/5
——–
– SBI is in step 2 of the Steidlmayer 4 step process. We wait for a ‘b’ or a ‘p’ to indicate an end to the process of balancing
– -2299 is strong support
– above 2366 it will see 2394
RIL :
——–
– RIL formed a b shaped profile with seller at top indicating long liquidation
– 891/ 879 are tgts below 903 tomorrow
– 914/ 926 will resist upmoves.
———-
– RIl showed buyers appearing at 906 today
– the profile was within the b of yesterday
-a close above 935 will negate the bearishness of the past few profiles.
– ——
– RIL remained within the b profile of 18/5
– a move above 926, should bring 931/ 938
– 906 is last support
LT :
———
– LT also had a balanced profile, indicating another break of range to watch for
– 1519/ 1496 are initial resistance and support respectively
– above 1519, can see 1531 and 1543
– below 1496, 1485 and 1473
———
– LT broke out of the bal zone today on strong results
– 1646 will resist upmoves tomorrow
– 1561 should support on downside
————-
– LT broke above 1646 at the open and stayed above it all day
– Profile is p shaped indicating short covering
– It remains to be seen whether new buyers can take it above 1680 now.
– 1643 is support for tomorrow, below which it will see 1625/ 1607
ICICI Bank :
———–
– ICICI had an inside day
– 1020 is support and 1045 initial resistance
– move abv 1045 can bring 1057/ 1068
————
– still inside day in ICICi
– above 1046, an easy move to 1054 min is possible
-1020/1016 continues to be support
—————
– ICICI showed a buyer at the open
– the region of 1020-28 continues to be good support
– above vah 1054, a move towards 1062/ 1074 will come.
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