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 Friday :A trend day.
Bank Nifty :
– prominent POC at 10750 remains
—————
– support is at 10385 single prints.
————-
– BN rectified the poor lows of 21/6 & 22/6 with a minor buying tail at open
– the selling prints of the previous day were covered.
– Overhead resistance still at 10610
—————
– Single print buying tail from 10610 levels mentioned above
– 10610-10705 buying tail will be big support for the market going forward
– Pull Back low of 10785 is another support for the short term.
– resistance at 11000 HVN.
Nifty :
———–
– 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 selling prints at top and buyers at the open.
– Initiative buyers controlled the market for the most part
– 5316/10 is the prominent POC for the day
———-
– Large single prints from 5234- 5382 are confirmation of the initiative buying seen the previous day
– pull back low is 5418 and new support for the market
– overhead resistance at HVN of 5514
SBI :
– 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
– responsive buying 2154-2124
———-
– Open drive in SBI managed to take it to 2170 again.
– a small p shaped would indicate some shorts covering their positions.
———–
– SBI had an open drive from 2170 level mentioned above
– single prints 2170-2210 are new support for the market
– pull bacl low of 2230 should not be violated if rally has to continue in short term
– 2330 is now resistance and top of the previous bal zone which has got a single print seller at the open.
RIL :
– High volumes at close near 905
– 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
– 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
—————-
– P shaped profile in RIL would indicate shorts coming out.
– auction still contained within the profile of 20/6
———–
– RIL has overhead resistance at 897 and 905 which are HVN’s
– Profile is again balanced and may give a big move in next session.
LT :
————
– 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, and was met by strong responsive buyers
————-
– A trend day in LT on weak structure
– LT finished at top of it’s recent range.
ICICI Bank :
– Larger monthly trend is still sideways
– Large responsive buying seen at 1001-1017
——
– ICICI showed a p shaped profile which is indicative of short-covering
– single prints from 1036 to 1047 are support now.
Tata Motors :
– Tata Motors shows a sideways to a down trend
– TTM seems to follow a pattern of a large move down followed by 2-3 days of sideways activity
—————–
– TTM was relatively quite on a day when other majors had large trend days
– range still contained in the profile of 20/6 which was 988-929
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 Friday :A trend day.
Bank Nifty :
– prominent POC at 10750 remains
—————
– support is at 10385 single prints.
————-
– BN rectified the poor lows of 21/6 & 22/6 with a minor buying tail at open
– the selling prints of the previous day were covered.
– Overhead resistance still at 10610
—————
– Single print buying tail from 10610 levels mentioned above
– 10610-10705 buying tail will be big support for the market going forward
– Pull Back low of 10785 is another support for the short term.
– resistance at 11000 HVN.
Nifty :
———–
– 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 selling prints at top and buyers at the open.
– Initiative buyers controlled the market for the most part
– 5316/10 is the prominent POC for the day
———-
– Large single prints from 5234- 5382 are confirmation of the initiative buying seen the previous day
– pull back low is 5418 and new support for the market
– overhead resistance at HVN of 5514
SBI :
– 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
– responsive buying 2154-2124
———-
– Open drive in SBI managed to take it to 2170 again.
– a small p shaped would indicate some shorts covering their positions.
———–
– SBI had an open drive from 2170 level mentioned above
– single prints 2170-2210 are new support for the market
– pull bacl low of 2230 should not be violated if rally has to continue in short term
– 2330 is now resistance and top of the previous bal zone which has got a single print seller at the open.
RIL :
– High volumes at close near 905
– 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
– 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
—————-
– P shaped profile in RIL would indicate shorts coming out.
– auction still contained within the profile of 20/6
———–
– RIL has overhead resistance at 897 and 905 which are HVN’s
– Profile is again balanced and may give a big move in next session.
LT :
————
– 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, and was met by strong responsive buyers
————-
– A trend day in LT on weak structure
– LT finished at top of it’s recent range.
ICICI Bank :
– Larger monthly trend is still sideways
– Large responsive buying seen at 1001-1017
——
– ICICI showed a p shaped profile which is indicative of short-covering
– single prints from 1036 to 1047 are support now.
Tata Motors :
– Tata Motors shows a sideways to a down trend
– TTM seems to follow a pattern of a large move down followed by 2-3 days of sideways activity
—————–
– TTM was relatively quite on a day when other majors had large trend days
– range still contained in the profile of 20/6 which was 988-929
[learn_press_profile]