An auction above it would mean that buyers are back in control after yesterday's downmove.
Lower down 5355-5367 still continue as important supports.
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10.30
HDFC
We had discussed HDFC as an earnings candidate two days back. Girish had pointed out that it was reporting earnings on the 14th, but I was unsure whether it was at the opening bell or close.
It did report yesterday but not at the open. The stock managed another "P" at the open.
Have a look :
Once the news trigger was out, the stock just had to respect the profile.
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10.56
Here is the updated version of the chart I posted last night:
The minus development region or the low trade zone between 5383 and 5408 is being addressed as we speak. I was wanting this auction to go a bit higher to 5408 rather than the 5402 we have at the moment.
We'll not take trades here in this zone, but look to buy above 5411 as it is the previous day's value area.
On the other side, you can short below 5380 for 5355, but I don't rate it as a high probability trade.
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15.26
I was expecting a resolution to it today, but nothing in today's tape indicates a major change in the market pattern.
One can say that the sellers were unable to drive it down further, or the buyers were not able to take it above 5411.
My view is still positive as long as 5367 is protected EOD or 5355 is not taken out on the hourly.
But I'll suggest to lighten up, as the move which we wanted today can unfold tomorrow also.
Let's stick to our levels. The market is respecting them and we have no need to worry.
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Posts
50 comments:
GM all.
Gm Shai,
Try to catch 5367 today for a long.
& cover my overnight shorts.
Shai, Viren,
Man you guys are doing a fantastic job. I have to find some fault :)
Did you mean 5380 or 5408 in the last line of your previous post? Sorry abt being an ass!
From my OI land -- here's the update:
Banknifty OI: Up 4.49%
Nifty OI: Almost flat
Not many puts were covered at 5400 while some 3L puts were covered at 5300
Interestingly there was not much call writing at 5400.
So I agree with your conclusion that market might auction in the low volume areas.
Dear Viren and Shai, plz give positional views.
Thanks
The chart shows the swift move down from 5408 to 5384 matching the intensity of the move up from the same levels yesterday.The arrows show that the profile here is not developed or a low trade facilitation zone.
Ideally the market should auction between these two levels tomorrow in the first half before deciding what to do at 5308 which is to go up or come down.
Posted by Shai at 9:16 PM
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High and low of the first hour are 5402-5383.
Bizagra,
Positional views have been given already.
Staying above 5367 EOD we get to 5530.
On the hourly TF, a move above 5308-5311 eliminates the weakness shown yesterday.
A move blow 5355 on the hourly confirms it.
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Pls check Shai's views posted yesterday and this morning.
Girish,
5408/ 5411 eliminates yesterday's weakness. hence the need to auction above it to establish control.
Thanks Viren!
Will keep in mind those levels and trade.
Viren,
:) .
Market profile simply rocks! I wish I had got this methodology at the start of my trading career. Never mind.
Looks like we will remain in this range for some more time.
But the break-out will be violent.
Let's play it this way:
5355-5367-5383-5408-5438.
Either 5355 or 5438 will be reached today. use the levels for a guide.
Good Morning Shai, Viren & blogmates!
Dear Shai, keeping 5415 can b a good idea for my shorts??Plz suggest
Gm Shai n friends, BN lvls pls shai?
Shai Any views on Bank Nifty
Charts updated.
HDFC and Nifty.
BN levels are
9964-9990-10016.
Above day high, BN makes another attempt at yesterday's highs at 10024.
Thanks Shai
Nearing 2.5 hours in the range.
Don't get exhasuted.
The afternoon session will be entertaining.
HDFC on it's way to 3006.
quick question - what is the SBI MP telling you.
Thanks
Daruma,
The profile is not very lopsided.
When do they report?
Thanks for the chart of HDFC Shai.
Its a nice case study. I will save for future reference.
Let me know if you have copyright issues. Well you wont get much by filing lawsuit against a poor trader anyway :)
Shai - not sure when the report - was just wondering if anything stood out in the MP - thanks anyway.
Girish,
:) .
--
GK,
Below 5355 we head to 5308/ 15.
--
Daruma,
I also checked but didn't get a fate this month for them? Does anybody know when SBI reports?
*** read that as " date for them" not fate.
The date also decides their fate.. :) .
Shai buy NF with 5355 sl?
A safe buy would be above 5385 only.
5385 booked 1 :)
5410 not breaking x(
Dear rochak,
I know that you are doing a wonderful job but please don't post self-appraisals.
Thanks & regards.
Wonderful levels Shai, 20 points from 5385 to 5405 in 30 minutes!!
I'm back..
--
Anybody took that trade above 5385
yes Shai, this back-bencher did!
Went out for lunch and got caught in a traffic jam...
---
Missed a beautiful set-up.
Congrats RM.
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5408 is the top of the day.
Non resolution.
I was expecting an auction to clear out yesterday's downmove,
On the brighter side for longs, 5355/5367 was defended on the first attempt.
Let's see how we close today.
Shai enterd in 65 zone n booked partially @ 85 n rest near 5402. Will we close aboe 5385 ?
Thanks Shai!
Sorry friends posted wrong messages here, too much blogging. :)
Vj,
It should close near 5387. let's see.
14 mins to go.
Any indication for tomorrow Shai? Should we think positional 5530 is still on or would things be changing?
Dear Shai,
Your 5387 is the calculation just above VAL to-day? That means tomorrow you are bullish?
Pls revert back after market hours.For educative purpose.
Regards,
Veer
Gk,
I was expecting a resolution to it today, but nothing in today's tape indicates a major change in the market pattern.
One can say that the sellers were unable to drive it down further, or the buyers were not able to take it above 5411.
My view is still positive as long as 5367 is protected EOD or 5355 is not taken out on the hourly.
But I'll suggest to lighten up, as the move which we wanted today can unfold tomorrow also.
Let's stick to our levels. The market is respecting them and we have no need to worry.
From the morning..
Those of you who read my post last night posted here would know the importance of 5408-5411 as a reference level for today's action.
Posted by Shai at 9:20 AM
5407.5 is the high.
Still bullish, though I like to see an auction above this level tomorrow morning.
Bye Shai & friends.
Bye to Viren too, I guess he comes in night shift to trade SNP. :)
Neutral day with a close at 5384.7.
Markets are on hold and will decode the move tomorrow morning.
***decide..
5381.6 adjusted closing. Bi tc Friends
Thanks Shai,
I am really getting an education..
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