Reliance & ITC steady Nifty, HDFC Bank drags Bank Nifty
NIFTY 50 EOD ANALYSIS 09-12-21
In this post, I talk about the analysis for the day and the trading range for tomorrow. The video discusses with the help of the charts how the indices as well as leading stocks performed during the day and their likely play tomorrow.
O 17524.40
H 17543.25
L 17379.60
C 17516.85
EOD +47.10 points / +0.27%
SGX Nifty 09-12-21 @ 1540h = -27 points
FII DII = -803 Crores
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened with a gap up and then FIIs would have pressed the Sell button and it fell 100+ points and then recovered a bit but then fell another 100+ points.
Once this shake out was done, it consolidated around 17425 and then rallied but could not clear the opening high.
It then experienced the customary expiry sell off and finally managed to end above 17500.
Even though there was positivity throughout and India Vix is also showing a good downward move, the market was choppy and many SLs may have been hit on either side.
Nifty has in the process, made a higher high and a higher low.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 71
Top 5 Draggers contributed = 41
Net = +30
BANK NIFTY WEIGHT LIFTERS & DRAGGERS
Top 3 Lifters contributed = 21
Top 3 Draggers contributed = 216
Net = -195
POSITIVES
Nifty closed above 17500.
Reliance, ITC and LT helped Nifty steady and end in the green otherwise it would have also ended in the red.
ITC waking up again is a good sign giving Savings Account equivalent return in a day.
India Vix keeps falling.
NEGATIVES
Bank Nifty was unable to hold on to the positive approach and closed well below yesterday’s close.
FII DII are net sellers as FIIs keep selling and DIIs have not been buying enough indicating that there may be a further slide in store.
TRADING RANGE FOR 10 Dec 21
Nifty Support = 16900-17000 may well be the new base.
Nifty resistance = 17550-600-625
Bank Nifty Support = 36500-800
Bank Nifty resistance = 37500-700-38000
INSIGHTS / OBSERVATIONS
Nifty ended the day at 17516 and this is the highest EOD close in this month and the first after 23 Nov 21.
If Reliance and ITC had not performed well, Nifty too would have caved in like Bank Nifty as traders/investors may have started banking gains after a significant up move from the latest swing low.
Yesterday I exited the remainder of my position in HDFC Bank as I feel it's a sick stock as it moves up 10 points and slips 20. And good that I did so as today, it is the leader in dragging the indices.
Bank Nifty ended with a -202 points and HDFC Bank contributed 175 of these. This is the power of the heavyweight though I would prefer to stay away from it. It is strange that yesterday HDFC Bank contributed 200+ points and today almost that but in the opposite direction.
And here is my take on ITC - please click the link to read the tweet:
What do you feel about this?
Here is the video link --
Thank you, and Happy Money Making!
Umesh
9-12-21
NOTE --
This write-up is not a prediction mechanism for the movement of Indices in the Indian markets as the markets are unpredictable in nature. I may refer to many data points in the article but I do not base my view on any of these standalone. In fact, I prefer to react to the price moves than predict the price moves. I also do not review Open Interest. Whatever data points I am using, are all stated in the article. The article title, as well as its contents, can at best be stated as --- This Is How I Read Nifty. I hope I have been able to set the expectations right.
---
In this post, I talk about the analysis for the day and the trading range for tomorrow. The video discusses with the help of the charts how the indices as well as leading stocks performed during the day and their likely play tomorrow.
O 17524.40
H 17543.25
L 17379.60
C 17516.85
EOD +47.10 points / +0.27%
SGX Nifty 09-12-21 @ 1540h = -27 points
FII DII = -803 Crores
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened with a gap up and then FIIs would have pressed the Sell button and it fell 100+ points and then recovered a bit but then fell another 100+ points.
Once this shake out was done, it consolidated around 17425 and then rallied but could not clear the opening high.
It then experienced the customary expiry sell off and finally managed to end above 17500.
Even though there was positivity throughout and India Vix is also showing a good downward move, the market was choppy and many SLs may have been hit on either side.
Nifty has in the process, made a higher high and a higher low.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 71
Top 5 Draggers contributed = 41
Net = +30
BANK NIFTY WEIGHT LIFTERS & DRAGGERS
Top 3 Lifters contributed = 21
Top 3 Draggers contributed = 216
Net = -195
POSITIVES
Nifty closed above 17500.
Reliance, ITC and LT helped Nifty steady and end in the green otherwise it would have also ended in the red.
ITC waking up again is a good sign giving Savings Account equivalent return in a day.
India Vix keeps falling.
NEGATIVES
Bank Nifty was unable to hold on to the positive approach and closed well below yesterday’s close.
FII DII are net sellers as FIIs keep selling and DIIs have not been buying enough indicating that there may be a further slide in store.
TRADING RANGE FOR 10 Dec 21
Nifty Support = 16900-17000 may well be the new base.
Nifty resistance = 17550-600-625
Bank Nifty Support = 36500-800
Bank Nifty resistance = 37500-700-38000
INSIGHTS / OBSERVATIONS
Nifty ended the day at 17516 and this is the highest EOD close in this month and the first after 23 Nov 21.
If Reliance and ITC had not performed well, Nifty too would have caved in like Bank Nifty as traders/investors may have started banking gains after a significant up move from the latest swing low.
Yesterday I exited the remainder of my position in HDFC Bank as I feel it's a sick stock as it moves up 10 points and slips 20. And good that I did so as today, it is the leader in dragging the indices.
Bank Nifty ended with a -202 points and HDFC Bank contributed 175 of these. This is the power of the heavyweight though I would prefer to stay away from it. It is strange that yesterday HDFC Bank contributed 200+ points and today almost that but in the opposite direction.
And here is my take on ITC - please click the link to read the tweet:
What do you feel about this?
Here is the video link --
Thank you, and Happy Money Making!
Umesh
9-12-21
NOTE --
This write-up is not a prediction mechanism for the movement of Indices in the Indian markets as the markets are unpredictable in nature. I may refer to many data points in the article but I do not base my view on any of these standalone. In fact, I prefer to react to the price moves than predict the price moves. I also do not review Open Interest. Whatever data points I am using, are all stated in the article. The article title, as well as its contents, can at best be stated as --- This Is How I Read Nifty. I hope I have been able to set the expectations right.
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