The Prime Levels for tomorrow are possible areas of demand and supply and the same are uploaded in an excel sheet here.
Broader Market of Wednesday : In view of the opinion expressed on Tuesday here, the market resorted to part 2 choosing to auction in the middle part of the previous day’s profile. Whilst this auction of the market chooses to neutralize the selling (in part) of the previous day, it can be attributed more to short covering of the previous seller than any new buying from the market.
The market again closed below value, showing again the presence of more sellers than buyers in the market.
.
Bank Nifty October series :
Background :
1) 4 day value area from 27/9 to 30/9 broken down.
2) Market moving below the previous HVN of 9380
3) New seller at 9100
Tuesday’s charts :
1) A double distribution day with a profile looking like 2 D’s below each other
2) The session was dominated by buyers in the value area of yesterday in the earlier part, but were unable to move it above the previous day’s high
3) As the previous distribution was a normal bell shaped curve, a break of value and range sets up a very good trade
4) The lower bell requires auction and is incomplete at the moment
5) Single print at 8939 is an anomaly and should get taken out.
Wednesday’s Charts :
1) Single print seller at 8995
2) Value established lower indicating a seller in control
3) Minor responsive buying at 8638
4) Price closed at developing point of control
Nifty Future October series:
Background :
1) 4 day value area from 27/9 to 30/9 broken down.
2) Market moving below the previous HVN of 4896
3) FA from 4814 revisited and new auction tracked below it.
Tuesday’s charts :
1) On Monday we spoke about a break of the consolidation between 5010 and 5130 projecting 300-370 points as a target
2) Today’s move was divided into 2 different auction with news flow generally producing a day like today or a DD day
3) In the earlier auction the market moved away from value high of the previous day, but was unable to break over the previous day’s range
4) From failed moves, generally come fast moves in opp direction
5) The FA point of 4814 was violated and a new auction is underway
6) the FA point can be used as a SAR for swing trades on an hourly closing or daily closing basis
7) Auction looks incomplete in the lower half
8) There is evidence of a small buying tail at the base of today’s profile.
Wednesday’s charts :
1) Auction in the single prints of the previous day
2) The price POC and Volume poc resolved as value was established sideways
3) Volume POC stayed sideways, indicating no new selling in the market
4) 4848 and 4899 are resistances to any upmove
Broader Market of Wednesday : In view of the opinion expressed on Tuesday here, the market resorted to part 2 choosing to auction in the middle part of the previous day’s profile. Whilst this auction of the market chooses to neutralize the selling (in part) of the previous day, it can be attributed more to short covering of the previous seller than any new buying from the market.
The market again closed below value, showing again the presence of more sellers than buyers in the market.
.
Bank Nifty October series :
Background :
1) 4 day value area from 27/9 to 30/9 broken down.
2) Market moving below the previous HVN of 9380
3) New seller at 9100
Tuesday’s charts :
1) A double distribution day with a profile looking like 2 D’s below each other
2) The session was dominated by buyers in the value area of yesterday in the earlier part, but were unable to move it above the previous day’s high
3) As the previous distribution was a normal bell shaped curve, a break of value and range sets up a very good trade
4) The lower bell requires auction and is incomplete at the moment
5) Single print at 8939 is an anomaly and should get taken out.
Wednesday’s Charts :
1) Single print seller at 8995
2) Value established lower indicating a seller in control
3) Minor responsive buying at 8638
4) Price closed at developing point of control
Nifty Future October series:
Background :
1) 4 day value area from 27/9 to 30/9 broken down.
2) Market moving below the previous HVN of 4896
3) FA from 4814 revisited and new auction tracked below it.
Tuesday’s charts :
1) On Monday we spoke about a break of the consolidation between 5010 and 5130 projecting 300-370 points as a target
2) Today’s move was divided into 2 different auction with news flow generally producing a day like today or a DD day
3) In the earlier auction the market moved away from value high of the previous day, but was unable to break over the previous day’s range
4) From failed moves, generally come fast moves in opp direction
5) The FA point of 4814 was violated and a new auction is underway
6) the FA point can be used as a SAR for swing trades on an hourly closing or daily closing basis
7) Auction looks incomplete in the lower half
8) There is evidence of a small buying tail at the base of today’s profile.
Wednesday’s charts :
1) Auction in the single prints of the previous day
2) The price POC and Volume poc resolved as value was established sideways
3) Volume POC stayed sideways, indicating no new selling in the market
4) 4848 and 4899 are resistances to any upmove
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