Profile charts for Wed- 18/10

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 Tuesday : A gap down at the open was met by responsive buying to close the market almost at the open price.

Bank Nifty October series :

Bn Mp91 Profile Charts For Wed- 18/10

Background :

1) Markets above the previous resistance zone of 9380
2) FA Point of 9664 visited.
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.

Monday’s charts :

1) FA Point was re-visited during the session today
2)  Value was created higher and POC migrated higher
3) Breakdown below FA point of 9665 can quickly test 9590

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.

Nifty Future October series:

Nifty Mp10 Profile Charts For Wed- 18/10

Back Ground :

1) Market in a second bracket of 5060-5181
2) Larger bracket is 4725-5233

Monday’s charts :

1) Friday’s attempt to auction higher at the close was rejected swiftly this morning, sending the markets back through the entire area.
2) 3 day profile is now completely balanced and the market looks to put in a move anytime now.
3) The balancing act confirms step 2 of the 4 part Steidlemayer auction process.
4) A move away from this zone with a POC at 5109, can set up a trend like day.

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.