NIFTY 50 EOD ANALYSIS 15-11-21
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 18140.95
H 18210.15
L 18071.30
C 18109.45
EOD - +6.70 points / +0.04%
SGX Nifty 15-11-21 @ 1840h = +28 points
FII DII = +1948 Crores
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened gap-up and hit an intraday resistance around 18200 and then never made any serious efforts to go back up again.
Nifty made a higher high and a higher low.
Another key point was that Nifty OHLC was above 18050.
Nifty ended on a flat note thanks to the weighted average close method.
It is hard to say if Nifty is weaker or Bank Nifty is weaker.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 57
Top 5 Draggers contributed = 64
Net = -7
POSITIVES
Nifty OHLC was above 18050.
The sleeping giant ITC saved the day for Nifty along with Kotak Bank, TCS, and Infosys.
Bank Nifty somehow managed to close above 38700.
HDFC made a good up move at the open and immediately fell by 40+ points but managed to close at 3000.
FII-DIIs are both net buyers which is a good sign on a day when the indices ended flat.
NEGATIVES
The inability of indices to stay at higher levels is not a good sign.
Despite HDFC Bank being positive, it lacked buying interest for it to lift the indices.
TRADING RANGE FOR 16-18 November 2021
Nifty Support 17800-900
Nifty resistance 18150-18200-18250-300
Bank Nifty Support 38000-200-400
Bank Nifty Resistance 38800-39000-39200
INSIGHTS / OBSERVATIONS
Bank Nifty finding it hard to clear 38900 on spot and 39000+ on Futures.
During the day at many stages, it appeared that there are selling orders getting executed by the big players as some of the key stocks that I was tracking went down together, then halted for a few minutes before going back up again and then again coming down. This happened a few times.
I recollect having read on similar lines in one of the books that related to using the price action to read what the bigger players were doing in the market. I am unable to recollect the name of the book.
In technical analysis, it is generally stated that buy what is going up and sell what is going down. In my view, this does not hold good for HDFC Bank. In its case, it should be the other way. Buy when it is going down and sell when it is going up. It rarely follows a consistent price action - it may be a good scrip for patient investors, but for a trader like me, I would rather trade in other banks than in HDFC Bank. The intent is to make money and not show loyalty.
Today also, Bank Nifty ended below 765-775.
What do you feel about this?
Here is the video link --
Thank you, and Happy Money Making!
Umesh
15-11--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 18140.95
H 18210.15
L 18071.30
C 18109.45
EOD - +6.70 points / +0.04%
SGX Nifty 15-11-21 @ 1840h = +28 points
FII DII = +1948 Crores
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened gap-up and hit an intraday resistance around 18200 and then never made any serious efforts to go back up again.
Nifty made a higher high and a higher low.
Another key point was that Nifty OHLC was above 18050.
Nifty ended on a flat note thanks to the weighted average close method.
It is hard to say if Nifty is weaker or Bank Nifty is weaker.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 57
Top 5 Draggers contributed = 64
Net = -7
POSITIVES
Nifty OHLC was above 18050.
The sleeping giant ITC saved the day for Nifty along with Kotak Bank, TCS, and Infosys.
Bank Nifty somehow managed to close above 38700.
HDFC made a good up move at the open and immediately fell by 40+ points but managed to close at 3000.
FII-DIIs are both net buyers which is a good sign on a day when the indices ended flat.
NEGATIVES
The inability of indices to stay at higher levels is not a good sign.
Despite HDFC Bank being positive, it lacked buying interest for it to lift the indices.
TRADING RANGE FOR 16-18 November 2021
Nifty Support 17800-900
Nifty resistance 18150-18200-18250-300
Bank Nifty Support 38000-200-400
Bank Nifty Resistance 38800-39000-39200
INSIGHTS / OBSERVATIONS
Bank Nifty finding it hard to clear 38900 on spot and 39000+ on Futures.
During the day at many stages, it appeared that there are selling orders getting executed by the big players as some of the key stocks that I was tracking went down together, then halted for a few minutes before going back up again and then again coming down. This happened a few times.
I recollect having read on similar lines in one of the books that related to using the price action to read what the bigger players were doing in the market. I am unable to recollect the name of the book.
In technical analysis, it is generally stated that buy what is going up and sell what is going down. In my view, this does not hold good for HDFC Bank. In its case, it should be the other way. Buy when it is going down and sell when it is going up. It rarely follows a consistent price action - it may be a good scrip for patient investors, but for a trader like me, I would rather trade in other banks than in HDFC Bank. The intent is to make money and not show loyalty.
Today also, Bank Nifty ended below 765-775.
What do you feel about this?
Here is the video link --
Thank you, and Happy Money Making!
Umesh
15-11--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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