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 Thursday: A 3 I day with a positive range extension, the first of the July series.
Bank Nifty :
– responsive buying from 11175 which is the POC of the balanced profile from 29/6
– 11195-11175 single prints will support the market.
– staying above the single prints of friday can bring 11519 later in the week.
– support for the week will be at 11125, the open drive level of 29/6
————-
– poor highs at 11475
– 11520- 11540 represent a resistance zone.
———
– poor lows at 11280
– 11250 and 11175 are HVN’s which will support
———
– poor lows at 11280 and poor highs at 11475 all rectified in today’s trade.
– 11520-11540 continues to be a resistance zone
Nifty :
– 5617 represents a failed auction point.
————–
– NF had a failed auction revisit and a double distribution
– single print selling at 5702-5684 will be resistance now
– Only a move above 5702 can bring 5742 and 5808 later in the week.
– poor lows at 5616
———-
– a 3I day which gives high odds for the day highs to be made during the first 90 minutes of trade
– open test drive with single prints at 5630-5654
– Minor single prints at 5714 and 5726 need to be visited in subsequent auctions
SBI :
– single print buying between 2392-2400 at the open.
————
– an incomplete DD
– poor highs at 2490
– resistance at 2492-2498
———
– strong open drive at 2426
– single prints at 2426 to 2456 are big support
– overhead resistance at 2492
RIL :
– 907 is resistance.
——
– RIL shows a single print seller at 910
– profile is irregular with another seller at 880
– support should cone near 849 HVN during the week
————
– responsive buying near 845 seen.
————-
– RIL had a spike into the close btw 873-879
– acceptance above the spike high of 879 will be bullish
LT :
————
– LT showed a seller at 1854
– single prints between 1854-1839
———-
– seller again at the open in LT
– single print seller at 1834-1824
——–
– LT had an initiative buyer at 1800 today
– profile is p which may indicate shorts winding up.
——
– LT had a big trend day after the p shape of yesterday
– poor highs would mean that some more upside left.
ICICI Bank :
– AN NV day in ICICI where the bias moved lower during intra day
——-
– Profile is sideways after a 100 point up move last month
——–
– ICICI moved lower after a failed open drive
– 2 day profile represents a DD
– single prints near 1070 are expected to provide strong support to the market
——
– ICICI found support near the single prints of 1070
– profile is balanced at close.
Tata Motors :
——-
– Tata motors shows a p shape profile above the HVN of 994
– 1-15 is resistance HVN
– acceptance abv 1015 can bring 1035 later in the week.
———-
– TTM closed at 1015 after a bounce from the previous HVN of 994.
————
– TTM hit 1035 and made poor highs which means a bit more upside
– single prints at 1008-1015 are support for the market.
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 Thursday: A 3 I day with a positive range extension, the first of the July series.
Bank Nifty :
– responsive buying from 11175 which is the POC of the balanced profile from 29/6
– 11195-11175 single prints will support the market.
– staying above the single prints of friday can bring 11519 later in the week.
– support for the week will be at 11125, the open drive level of 29/6
————-
– poor highs at 11475
– 11520- 11540 represent a resistance zone.
———
– poor lows at 11280
– 11250 and 11175 are HVN’s which will support
———
– poor lows at 11280 and poor highs at 11475 all rectified in today’s trade.
– 11520-11540 continues to be a resistance zone
Nifty :
– 5617 represents a failed auction point.
————–
– NF had a failed auction revisit and a double distribution
– single print selling at 5702-5684 will be resistance now
– Only a move above 5702 can bring 5742 and 5808 later in the week.
– poor lows at 5616
———-
– a 3I day which gives high odds for the day highs to be made during the first 90 minutes of trade
– open test drive with single prints at 5630-5654
– Minor single prints at 5714 and 5726 need to be visited in subsequent auctions
SBI :
– single print buying between 2392-2400 at the open.
————
– an incomplete DD
– poor highs at 2490
– resistance at 2492-2498
———
– strong open drive at 2426
– single prints at 2426 to 2456 are big support
– overhead resistance at 2492
RIL :
– 907 is resistance.
——
– RIL shows a single print seller at 910
– profile is irregular with another seller at 880
– support should cone near 849 HVN during the week
————
– responsive buying near 845 seen.
————-
– RIL had a spike into the close btw 873-879
– acceptance above the spike high of 879 will be bullish
LT :
————
– LT showed a seller at 1854
– single prints between 1854-1839
———-
– seller again at the open in LT
– single print seller at 1834-1824
——–
– LT had an initiative buyer at 1800 today
– profile is p which may indicate shorts winding up.
——
– LT had a big trend day after the p shape of yesterday
– poor highs would mean that some more upside left.
ICICI Bank :
– AN NV day in ICICI where the bias moved lower during intra day
——-
– Profile is sideways after a 100 point up move last month
——–
– ICICI moved lower after a failed open drive
– 2 day profile represents a DD
– single prints near 1070 are expected to provide strong support to the market
——
– ICICI found support near the single prints of 1070
– profile is balanced at close.
Tata Motors :
——-
– Tata motors shows a p shape profile above the HVN of 994
– 1-15 is resistance HVN
– acceptance abv 1015 can bring 1035 later in the week.
———-
– TTM closed at 1015 after a bounce from the previous HVN of 994.
————
– TTM hit 1035 and made poor highs which means a bit more upside
– single prints at 1008-1015 are support for the market.
[learn_press_profile]