The Prime Levels for tomorrow are possible areas of demand and supply and the same are uploaded in an excel sheet here.
The most important number to watch in the sheet is Prime Point Zero or (PP0) which is the level where the market is neutral for the day.A market below PP0 and moving lower is a weak market intraday and vice versa.A BUY signal can be booked at the closest PR1, PR2, PR3 and a sell signal at PS1, PS2 or PS3.
Broader Market of Friday : A wide profile with heavy volumes and a gap above and single prints below.We consider a GAP to be invisible single prints, so technically we have bigger selling prints above than buying prints below.
Till the volatility subsides, we will take cues from the NIFTY and the BANKNIFTY only as other instruments tend to feed off these for their moves.
Bank Nifty :
Back Ground : A double distribution lower which was unfinished.
Chart speak :
– Huge unfilled gap between 10525 to 10380 is a dominant seller
– single print buying between 10155 to 10195
– prominent POC at 10290 is supportive of a move up, IF IT HOLDS
– A close below 10215 can bring 9993 and 97770 during the week
– single print of Thursday’s DD at 10645/ 10660 will be biggest resistance above the gap fill zone
Nifty :
Background : An unfinished lower DD from thursday and new IPM from FA point of 5387
Chartspeak :
– Huge gap between 5325 and 5233 which is a single print seller
– A failed auction at 5233
– single print buying between 5112 to 5137
– Above FA point of 5233-5239, the market can attempt gap fill upto 5325-5333, but will get resisted at 5388- 5428 during the week
– A close below 5144 can bring 4955 and 5050 during the week.
The most important number to watch in the sheet is Prime Point Zero or (PP0) which is the level where the market is neutral for the day.A market below PP0 and moving lower is a weak market intraday and vice versa.A BUY signal can be booked at the closest PR1, PR2, PR3 and a sell signal at PS1, PS2 or PS3.
Broader Market of Friday : A wide profile with heavy volumes and a gap above and single prints below.We consider a GAP to be invisible single prints, so technically we have bigger selling prints above than buying prints below.
Till the volatility subsides, we will take cues from the NIFTY and the BANKNIFTY only as other instruments tend to feed off these for their moves.
Bank Nifty :
Back Ground : A double distribution lower which was unfinished.
Chart speak :
– Huge unfilled gap between 10525 to 10380 is a dominant seller
– single print buying between 10155 to 10195
– prominent POC at 10290 is supportive of a move up, IF IT HOLDS
– A close below 10215 can bring 9993 and 97770 during the week
– single print of Thursday’s DD at 10645/ 10660 will be biggest resistance above the gap fill zone
Nifty :
Background : An unfinished lower DD from thursday and new IPM from FA point of 5387
Chartspeak :
– Huge gap between 5325 and 5233 which is a single print seller
– A failed auction at 5233
– single print buying between 5112 to 5137
– Above FA point of 5233-5239, the market can attempt gap fill upto 5325-5333, but will get resisted at 5388- 5428 during the week
– A close below 5144 can bring 4955 and 5050 during the week.
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