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 : An open drive which closed the market at recent bracket highs.
Bank Nifty October series :
Background :
1) Balanced profile with a prominent POC at 9390
2) A breakout of this balanced profile can give a 320 point move in one direction.
Tuesday’s charts :
1) A gap down with an open gap between 9614 and 9665
2) The profile shows a ledge pattern
3) There was no selling below 9480 today
4) Today was the first day when value was accepted lower
5) An 80 % rule trade is possible if market opens above value area tomorrow.
Wednesday’s charts :
1) Yesterday’s ledge formation helped BN break away to new swing highs as VAH was protected.
2) 9835 is an anomaly which should be visited again
3) 9835 can be a good buying opp with a sl below 9800.
4) 9913 is the upper side breakout level for intraday tom
5) 9779 is the breakdown point.
Nifty Future October series:
Back Ground :
1) Market in a second bracket of 5060-5181
2) Larger bracket is 4725-5233
3) The balancing act confirms step 2 of the 4 part Steidlemayer auction process.
Tuesday’s charts :
1) Markets gapped lower and a gap between 5063 and 5083 stays.
2) Looks like we are in step 3 of the Steidlamyer 3 step process, as long as the market holds above 5018
3) FA point at 5004 still open. Tomorrow is the 5th day.
4) A move below 5004 can take the market to 4940, the previous pull back low.
Wednesday’s charts :
1) Today’s move was through the entire value area of the three day profile.
2) Open drive closed at upper resistance
3) 5175 is the breakout level for tomorrow’s intraday activity
4) a move below 5125 would mean that the market is not wanting to go above the bracket highs.
Broader Market of Wednesday : An open drive which closed the market at recent bracket highs.
Bank Nifty October series :
Background :
1) Balanced profile with a prominent POC at 9390
2) A breakout of this balanced profile can give a 320 point move in one direction.
Tuesday’s charts :
1) A gap down with an open gap between 9614 and 9665
2) The profile shows a ledge pattern
3) There was no selling below 9480 today
4) Today was the first day when value was accepted lower
5) An 80 % rule trade is possible if market opens above value area tomorrow.
Wednesday’s charts :
1) Yesterday’s ledge formation helped BN break away to new swing highs as VAH was protected.
2) 9835 is an anomaly which should be visited again
3) 9835 can be a good buying opp with a sl below 9800.
4) 9913 is the upper side breakout level for intraday tom
5) 9779 is the breakdown point.
Nifty Future October series:
Back Ground :
1) Market in a second bracket of 5060-5181
2) Larger bracket is 4725-5233
3) The balancing act confirms step 2 of the 4 part Steidlemayer auction process.
Tuesday’s charts :
1) Markets gapped lower and a gap between 5063 and 5083 stays.
2) Looks like we are in step 3 of the Steidlamyer 3 step process, as long as the market holds above 5018
3) FA point at 5004 still open. Tomorrow is the 5th day.
4) A move below 5004 can take the market to 4940, the previous pull back low.
Wednesday’s charts :
1) Today’s move was through the entire value area of the three day profile.
2) Open drive closed at upper resistance
3) 5175 is the breakout level for tomorrow’s intraday activity
4) a move below 5125 would mean that the market is not wanting to go above the bracket highs.
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