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 Friday: A successful 3 I day with a selling spike into the close
Bank Nifty :
BackGround :
– responsive buying from 11175 which is the POC of the balanced profile from 29/6
– 11195-11175 single prints will support the market.
– 11250 and 11175 are HVN’s which will support a falling BN
———
– poor lows at 11280 and poor highs at 11475 all rectified in today’s trade.
– 11520-11540 continues to be a resistance zone
———-
Chart Speak :
– Open drive down with seller at open at 11490 ( O at top of D)
– 11390-11410 is a prominent POC which will define trade bias for Monday
– single prints at 11325- 1135 have to be covered in Monday’s trade
– support is at base of buying single prints at 11276.
Nifty :
Background :
– 5617 represents a failed auction point.
– NF had a failed auction revisit ( 1/7) and a double distribution ( 1/7)
———-
– 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
Chart speak :
– open drive down on a 3 I day ( O on top of d)
– larger distribution in the zone of the single prints of yesterday
– spike into the close from 5700-5658
– acceptance below the spike lows on Monday is bearish
– support is at 5638, the base of the previous single print buying
– Market may choose to auction the single print zone of 5673-5705
SBI :
BackGround
– single print buying between 2392-2400 at the open.
– strong open drive at 2426
– single prints at 2426 to 2456 are big support
– overhead resistance at 2492
Chart Speak :
– SBI got support at 2456, top of the single prints on Friday early.
– profile shows 2 developments , one with center around 2476 and the other at 2506.
— 2460 is again support for Monday
RIL :
BackGround :
– 907 is resistance.
– RIL shows a single print seller at 910
– profile is irregular with another seller at 880
– support should come near 849 HVN during the week
– responsive buying near 845 seen.
————-
– RIL had a spike into the close btw 873-879 ( 8/7)
– acceptance above the spike high of 879 will be bullish ( 8/7)
Chart Speak :
– RIL did not go over the spike high of 879 and auctioned downwards,
– profile is b which is a bearish
– 844 is support.
LT :
BackGround
– LT had an initiative buyer at 1800 today ( 6/7)
– profile is p which may indicate shorts winding up.
– LT had a big trend day after the p shape of yesterday ( 7/7)
Chart speak :
– LT built volumes in the poor structure of yesterday
– 1828 is support for the current week.
ICICI Bank :
Back Ground :
– 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( 6/7)
– ICICI found support near the single prints of 1070
——–
Chart Speak :
– ICICI broke though support at close with minor single prints at 1069
– support now stands at 1052.
Tata Motors :
BackGround :
– Tata motors shows a p shape profile above the HVN of 994 ( 5/7)
– acceptance abv 1015 can bring 1035 later in the week.
– TTM closed at 1015 after a bounce from the previous HVN of 994.( 5/7)
————
– TTM hit 1035 and made poor highs which means a bit more upside ( 7/7)
– single prints at 1008-1015 are support for the market.
Chart speak :
– prominent POC at 1045
– 1026 is support now.
– 1060 would be resistance.
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 Friday: A successful 3 I day with a selling spike into the close
Bank Nifty :
BackGround :
– responsive buying from 11175 which is the POC of the balanced profile from 29/6
– 11195-11175 single prints will support the market.
– 11250 and 11175 are HVN’s which will support a falling BN
———
– poor lows at 11280 and poor highs at 11475 all rectified in today’s trade.
– 11520-11540 continues to be a resistance zone
———-
Chart Speak :
– Open drive down with seller at open at 11490 ( O at top of D)
– 11390-11410 is a prominent POC which will define trade bias for Monday
– single prints at 11325- 1135 have to be covered in Monday’s trade
– support is at base of buying single prints at 11276.
Nifty :
Background :
– 5617 represents a failed auction point.
– NF had a failed auction revisit ( 1/7) and a double distribution ( 1/7)
———-
– 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
Chart speak :
– open drive down on a 3 I day ( O on top of d)
– larger distribution in the zone of the single prints of yesterday
– spike into the close from 5700-5658
– acceptance below the spike lows on Monday is bearish
– support is at 5638, the base of the previous single print buying
– Market may choose to auction the single print zone of 5673-5705
SBI :
BackGround
– single print buying between 2392-2400 at the open.
– strong open drive at 2426
– single prints at 2426 to 2456 are big support
– overhead resistance at 2492
Chart Speak :
– SBI got support at 2456, top of the single prints on Friday early.
– profile shows 2 developments , one with center around 2476 and the other at 2506.
— 2460 is again support for Monday
RIL :
BackGround :
– 907 is resistance.
– RIL shows a single print seller at 910
– profile is irregular with another seller at 880
– support should come near 849 HVN during the week
– responsive buying near 845 seen.
————-
– RIL had a spike into the close btw 873-879 ( 8/7)
– acceptance above the spike high of 879 will be bullish ( 8/7)
Chart Speak :
– RIL did not go over the spike high of 879 and auctioned downwards,
– profile is b which is a bearish
– 844 is support.
LT :
BackGround
– LT had an initiative buyer at 1800 today ( 6/7)
– profile is p which may indicate shorts winding up.
– LT had a big trend day after the p shape of yesterday ( 7/7)
Chart speak :
– LT built volumes in the poor structure of yesterday
– 1828 is support for the current week.
ICICI Bank :
Back Ground :
– 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( 6/7)
– ICICI found support near the single prints of 1070
——–
Chart Speak :
– ICICI broke though support at close with minor single prints at 1069
– support now stands at 1052.
Tata Motors :
BackGround :
– Tata motors shows a p shape profile above the HVN of 994 ( 5/7)
– acceptance abv 1015 can bring 1035 later in the week.
– TTM closed at 1015 after a bounce from the previous HVN of 994.( 5/7)
————
– TTM hit 1035 and made poor highs which means a bit more upside ( 7/7)
– single prints at 1008-1015 are support for the market.
Chart speak :
– prominent POC at 1045
– 1026 is support now.
– 1060 would be resistance.
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