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 Thursday : A normal variation day with a close at the lower extremes of the day . Profile was however balanced with buying and selling activity seen throughout the day.
Bank Nifty October series :
Background :
1) Markets above the previous resistance zone of 9380
Wednesday’s charts :
1) Market spiked into the close. We have to follow spike rules at the open tomorrow.
2) Open above spike high is bullish. A reentry in the spike region will take it back to spike lows at 9394
3) Value was created sideways- dpoc stayed down which means that the later buyers were not buying value and may not be strong to withstand pressure
4) 9562/ 9730/ 9917 are now overhead resistances.
5) Profile was B shaped- which meant short covering took place.
Thursday’s charts :
1) A failed auction at 9664
2) A move above the FA point of 9664 is a new IPM.
3) Balanced profile with a prominent POC at 9390
4) A breakout of this balanced profile can give a 320 point move in one direction.
5) Exit of value n range is the best strategy for this market.
Nifty Future October series:
Back Ground :
1) Large move from the pull back low of 4940 may be nearing completion.
Wednesday’s charts :
1) A neutral day in NF with a FA below and close at extreme
2) Upper profile is non- symmetrical and having anomalies, which means that it will be revisited
3) Acceptance above day high is however bullish
4) Resistance above is 5151 and then 5235
5) Staying above 5062, the previous bracket high will mean that a new range will develop.
6) FA at 5001 will be revisited between 1-5 days
7) An auction below 5000 will change the trend to lower.
Thursday’s charts :
1) A normal variation day with bias going to the seller for day time control.
2) Auction still at the upper end of the previous 4900-5060 bracket.
3) A balanced profile to describe the day
4) the balanced profile breakout can project a 180 point move
5) exit of range n value is the better trading approach.
Broader Market of Thursday : A normal variation day with a close at the lower extremes of the day . Profile was however balanced with buying and selling activity seen throughout the day.
Bank Nifty October series :
Background :
1) Markets above the previous resistance zone of 9380
Wednesday’s charts :
1) Market spiked into the close. We have to follow spike rules at the open tomorrow.
2) Open above spike high is bullish. A reentry in the spike region will take it back to spike lows at 9394
3) Value was created sideways- dpoc stayed down which means that the later buyers were not buying value and may not be strong to withstand pressure
4) 9562/ 9730/ 9917 are now overhead resistances.
5) Profile was B shaped- which meant short covering took place.
Thursday’s charts :
1) A failed auction at 9664
2) A move above the FA point of 9664 is a new IPM.
3) Balanced profile with a prominent POC at 9390
4) A breakout of this balanced profile can give a 320 point move in one direction.
5) Exit of value n range is the best strategy for this market.
Nifty Future October series:
Back Ground :
1) Large move from the pull back low of 4940 may be nearing completion.
Wednesday’s charts :
1) A neutral day in NF with a FA below and close at extreme
2) Upper profile is non- symmetrical and having anomalies, which means that it will be revisited
3) Acceptance above day high is however bullish
4) Resistance above is 5151 and then 5235
5) Staying above 5062, the previous bracket high will mean that a new range will develop.
6) FA at 5001 will be revisited between 1-5 days
7) An auction below 5000 will change the trend to lower.
Thursday’s charts :
1) A normal variation day with bias going to the seller for day time control.
2) Auction still at the upper end of the previous 4900-5060 bracket.
3) A balanced profile to describe the day
4) the balanced profile breakout can project a 180 point move
5) exit of range n value is the better trading approach.
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