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 Monday : Gap up open gave the highs of the day, before the market gave up all it’s gains through a range extension below IB lows.
Bank Nifty :
Back Ground : Balanced profile on 1st Aug
Chart speak :
– single print seller 10910 to 10840
– Profile is now b shaped which is bearish
– The break way from the balance zone has the makings of a new auction, which given the structure is dominated by sellers.
– Value area of 10815-10740 is important for the auction tomorrow
Nifty :
Background : Outside day with 2 balanced profiles.
Chartspeak :
– single print seller from 5496 to 5482
– poor lows is an unfinished lower auction
ICICI Bank :
BackGround :
– Single prints below 1015 to 1004 represent a failed auction.
ChartSpeak :
– single print seller from 1043 to 1036
– profile is b shaped which is bearish
– value areas determine the next auction.
Reliance :
Back Ground :
– Balanced diostribution on 1st aug
ChartSpeak :
– Value created sideways
– Balanced distribution
– high volumes into the close.
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 Monday : Gap up open gave the highs of the day, before the market gave up all it’s gains through a range extension below IB lows.
Bank Nifty :
Back Ground : Balanced profile on 1st Aug
Chart speak :
– single print seller 10910 to 10840
– Profile is now b shaped which is bearish
– The break way from the balance zone has the makings of a new auction, which given the structure is dominated by sellers.
– Value area of 10815-10740 is important for the auction tomorrow
Nifty :
Background : Outside day with 2 balanced profiles.
Chartspeak :
– single print seller from 5496 to 5482
– poor lows is an unfinished lower auction
ICICI Bank :
BackGround :
– Single prints below 1015 to 1004 represent a failed auction.
ChartSpeak :
– single print seller from 1043 to 1036
– profile is b shaped which is bearish
– value areas determine the next auction.
Reliance :
Back Ground :
– Balanced diostribution on 1st aug
ChartSpeak :
– Value created sideways
– Balanced distribution
– high volumes into the close.
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