Today’s updated comments are displayed in bold. Comments from yesterday and the previous days are above the bold print.
Broader market of Friday: The market opened above the late spike high of Thursday and continued to push short covering into the close.
Bank Nifty :
– The marked opened at the top of the 3 day balance and covered the single prints of 23/5 in quick time causing a p shaped profile into the close
– the close was at the HVN of 20/5, leaving bias open for new activity here.
– above 10688, the mkt can hit 10749 and 10810.
-10560 is support below
Nifty :
– The NF opened above the failed auction high and created value in the gap open of Monday between 5450 and 5484
– the close was slightly below the HVN of 5484
– 5507/ 5524 remain targets on upside probes
– 5422- 5434 is support area
SBI :
– SBi shows value being created lower everyday
– today’s profile was within the one from 25/5
– broader range for tomorrow remains 2253- 2165
——-
– SBI formed value slightly higher after 5 days of successive lower probes
– -2286 is resistance if upmove continues
– support is at 2202
RIL :
——–
– RIL formed a classic P indicating some shorts coming out of the system
– staying above 936 tomorrow, it can target 946 and 955
———-
– RIL formed a p shaped profile for the second day, indicating some more shorts coming out of the system
– above 956, it can do 963/ 970
– support is at 947
LT :
– LT has a poor low at 1652 which covered the single prints of yesterday
– If 1645 holds, LT will target 1657/ 1669
– 1634 and 1622 are supports below 1645
————
– LT is in step 2 of Steidlmayer 4 step process after the big move on results.
– profile balanced for the 6th day yesterday
– above 1667, it can go to 1686/ 1704
– support is 1630
ICICI Bank :
– ICICI june has a HVN at 1037 which will resist upmoves
– today’s profile has a poor low at 1026, which is taken out will bring a move of 9 points to 1037
– 1016 is support
——–
– Like the BN, ICICI had single prints from 3 day balance high and a p shaped profile
– above 1069, it should target 1077/ 1086
– support is at 1043
Broader market of Friday: The market opened above the late spike high of Thursday and continued to push short covering into the close.
Bank Nifty :
– The marked opened at the top of the 3 day balance and covered the single prints of 23/5 in quick time causing a p shaped profile into the close
– the close was at the HVN of 20/5, leaving bias open for new activity here.
– above 10688, the mkt can hit 10749 and 10810.
-10560 is support below
Nifty :
– The NF opened above the failed auction high and created value in the gap open of Monday between 5450 and 5484
– the close was slightly below the HVN of 5484
– 5507/ 5524 remain targets on upside probes
– 5422- 5434 is support area
SBI :
– SBi shows value being created lower everyday
– today’s profile was within the one from 25/5
– broader range for tomorrow remains 2253- 2165
——-
– SBI formed value slightly higher after 5 days of successive lower probes
– -2286 is resistance if upmove continues
– support is at 2202
RIL :
——–
– RIL formed a classic P indicating some shorts coming out of the system
– staying above 936 tomorrow, it can target 946 and 955
———-
– RIL formed a p shaped profile for the second day, indicating some more shorts coming out of the system
– above 956, it can do 963/ 970
– support is at 947
LT :
– LT has a poor low at 1652 which covered the single prints of yesterday
– If 1645 holds, LT will target 1657/ 1669
– 1634 and 1622 are supports below 1645
————
– LT is in step 2 of Steidlmayer 4 step process after the big move on results.
– profile balanced for the 6th day yesterday
– above 1667, it can go to 1686/ 1704
– support is 1630
ICICI Bank :
– ICICI june has a HVN at 1037 which will resist upmoves
– today’s profile has a poor low at 1026, which is taken out will bring a move of 9 points to 1037
– 1016 is support
——–
– Like the BN, ICICI had single prints from 3 day balance high and a p shaped profile
– above 1069, it should target 1077/ 1086
– support is at 1043
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