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 : We spoke about the neutral days resolving to a trend day in our post yesterday. The Sellers gave way to the aggressive buyers who moved the market up in the IB and beyond.
Whilst consolidation is needed after a 100 point move up, care should be taken by buyers that they defend the PS1 level for tomorrow.The market will stay positive as long as it remains above PP0 which will invite more short covering.
The 5140-5180 zone is a strong seller zone and a market which stays within this zone will set up for further up moves in the coming sessions.
Bank Nifty :
Back Ground : – Dominant seller at 10525./
Chart speak from Monday :
1) BN had a seller off the open and operated mainly below PP0 toward PS1
2) Today’s day was a random non trend day
3) Such days are marked by the absence of longer time frame players who are on sidelines waiting for news announcement or a resolution to jump in the market
4) 9415 & 9716 continue to be on watch for signs of change happening.
Today’s charts :
1) The longer time frame was visible through single prints at the bottom of the chart
2) Single prints in the middle of the profile are considered ” unhealthy” and are taken out.
3) 9793/ 9730 are the single prints
4) Prominent POC of 9674 may be visited again.
Nifty :
Background :
– Huge gap between 5325 and 5233 which is a single print seller.
Chart speak from Monday :
1) Like in BN, we see a thick short profile as the market prepares to move closer to a big trending move.
2) A close above 5118 and below 4932 will serve as confirmation.
3) Longer time frame players were missing from the market.
Today’s charts :
1) Single prints upto 5080 are big support for the market from the longer time frame
2) Structure above 5130 needs a bit of repair and further auction.
Broader Market of Tuesday : We spoke about the neutral days resolving to a trend day in our post yesterday. The Sellers gave way to the aggressive buyers who moved the market up in the IB and beyond.
Whilst consolidation is needed after a 100 point move up, care should be taken by buyers that they defend the PS1 level for tomorrow.The market will stay positive as long as it remains above PP0 which will invite more short covering.
The 5140-5180 zone is a strong seller zone and a market which stays within this zone will set up for further up moves in the coming sessions.
Bank Nifty :
Back Ground : – Dominant seller at 10525./
Chart speak from Monday :
1) BN had a seller off the open and operated mainly below PP0 toward PS1
2) Today’s day was a random non trend day
3) Such days are marked by the absence of longer time frame players who are on sidelines waiting for news announcement or a resolution to jump in the market
4) 9415 & 9716 continue to be on watch for signs of change happening.
Today’s charts :
1) The longer time frame was visible through single prints at the bottom of the chart
2) Single prints in the middle of the profile are considered ” unhealthy” and are taken out.
3) 9793/ 9730 are the single prints
4) Prominent POC of 9674 may be visited again.
Nifty :
Background :
– Huge gap between 5325 and 5233 which is a single print seller.
Chart speak from Monday :
1) Like in BN, we see a thick short profile as the market prepares to move closer to a big trending move.
2) A close above 5118 and below 4932 will serve as confirmation.
3) Longer time frame players were missing from the market.
Today’s charts :
1) Single prints upto 5080 are big support for the market from the longer time frame
2) Structure above 5130 needs a bit of repair and further auction.
[learn_press_profile]