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 : The markets operated in a wide range again, but it was important to see that in both the Nifty and the bank Nifty the markets were successful in getting a positive range extension today. The inference is that there are buyers willing to bring the market up.
Bank Nifty :
Back Ground : – Huge unfilled gap between 10525 to 10380 is a dominant seller
Chart speak :
1) BN made an attempt to fill the gap, but fell short near the HVN of 10500
2) profile is a DD with single prints at 10175
3) holding 10175, it can make another attempt to close the gap and also touch 10645 above
Nifty :
Background : – Huge gap between 5325 and 5233 which is a single print seller.
– A failed auction at 5233
Chartspeak :
– NF profile is mixed with a buyer lower and a seller higher
– Day 1 of failed auction today
– above FA point the mkt will attempt gap fill at 5325
– lower supp is still 5050 now.
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 : The markets operated in a wide range again, but it was important to see that in both the Nifty and the bank Nifty the markets were successful in getting a positive range extension today. The inference is that there are buyers willing to bring the market up.
Bank Nifty :
Back Ground : – Huge unfilled gap between 10525 to 10380 is a dominant seller
Chart speak :
1) BN made an attempt to fill the gap, but fell short near the HVN of 10500
2) profile is a DD with single prints at 10175
3) holding 10175, it can make another attempt to close the gap and also touch 10645 above
Nifty :
Background : – Huge gap between 5325 and 5233 which is a single print seller.
– A failed auction at 5233
Chartspeak :
– NF profile is mixed with a buyer lower and a seller higher
– Day 1 of failed auction today
– above FA point the mkt will attempt gap fill at 5325
– lower supp is still 5050 now.
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