Profile charts for 18 th August

The Prime Levels for tomorrow are possible areas of demand and supply and the same are uploaded in an excel sheet here.

The most important number to watch in the sheet is Prime Point Zero or (PP0) which is the level where the market is neutral for the day.A market below PP0 and moving lower is a weak market intraday and vice versa.A BUY signal can be booked at the closest PR1, PR2, PR3 and a sell signal at PS1, PS2 or PS3.

Broader Market of Thursday : An inside day break lower led to long liquidation resulting in a b shaped profile/



Bank Nifty :





Back Ground : – Dominant seller at 10525.

Chart speak :

1) Profile again shows a normal variation day
2) large seller from 9985 open to 9755
3) pull back low is 9735 and resistance to any upmoves
4) 9670 is prominent poc and can be visited again.

Nifty :








Background :

– Huge gap between 5325 and 5233 which is a single print seller.
– FA at 5014
– single print buying from 4950 to 5010

Chartspeak :

— Neutral day broke to the lower side with long liquidation
— Mkt moved below FAlow of 5014 thus forming a new Initial price move
— 5015 is SL for all shorts now ( Moved from 5388/ 5234 and 5182) which are all previous FA’s
—

[learn_press_profile]