NIFTY 50 EOD ANALYSIS 03-11-21
Here is wishing you and your families Happy Festivities!
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 17947.95
H 17988.75
L 17757.95
C 17829.20
EOD - -59.75 points / -0.33%
India VIX = 16.13 / -5.45%
SGX Nifty 03-11-21 @ 1855h = -14 points
FII DII = Not yet updated. It is likely to be Net negative as FIIs keep selling every rise.
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened with a decent gap up and attempted to retest 18000 levels but was shown the downside at 17988 itself and it could never gather enough buying at lower levels to retest the day high.
It then took support the opening low and rallied a bit but then soon after 1100h, the infamous sell-off commenced and in the first round it broke 17800 by a few points and then rallied almost 100 points.
Thereafter it again fell almost 150 points and breached 17800 on the downside and made a low of 17757. Late recovery in Reliance helped Nifty close above 17800.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 74
Top 5 Draggers contributed = 113
Net = -39
POSITIVES
Nifty somehow managed to end above 17825.
SBIN post its result ended in the green.
LT made its presence felt today withstanding the selling pressure with robustness and was up 4%.
Infosys and TCS ended in the green.
NEGATIVES
The inability of Nifty to hold on to the opening gains indicates that there is weakness in-store and unless that excess supply is taken out, Nifty is likely to keep facing this kind of behavior.
The above were my words for yesterday and regrettably, today was no different.
Reliance and private banks maintained the pressure on indices throughout the day and especially in the PM session.
Bank Nifty fell 850 points from the day high and ended 500+ points lower than the previous close which is not a good sign.
TRADING RANGE FOR 04 November 2021 - The trading session is only for 60 minutes.
Nifty Support 17600-17700
Nifty resistance 17900-17950-18000-18100
Bank Nifty Support 39000-200
Bank Nifty Resistance 39600-800-40000.
INSIGHTS / OBSERVATIONS
Red is considered to be an auspicious color, but not in the financial world! However, indices were painted in red ahead of the Muhurat Trading which is not a good sign.
Looks live a Maths wizard is driving Nifty Algo as Nifty high for the day was 100 points higher than the previous close and Nifty close for the day was 100 points lower than the close of 01-11-21.
SBIN became an exceptional scrip as it was the only Bank Nifty member that ended in the green and that too post its results.
Indices have also been quite disciplined in following the FIB levels - the key point is when would they take these levels as support and when as resistance is difficult to make out.
HDFC Bank is losing its shine as it behaves like a cranky child who holds the key to happiness within the family of Bank Nifty.
It was unusual to see Kotak Bank also join the peers in ending the ongoing Samvat Year in red.
I am unable to understand what India Vix stands for and how would it go down despite the volatility is very high with very fast moves and wide spreads? It fell 5% today when there was bloodbath all over in the PM session.
What do you feel about this?
Here is the video link --
Thank you, and Happy Money Making!
Umesh
03-11--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.
---
Here is wishing you and your families Happy Festivities!
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 17947.95
H 17988.75
L 17757.95
C 17829.20
EOD - -59.75 points / -0.33%
India VIX = 16.13 / -5.45%
SGX Nifty 03-11-21 @ 1855h = -14 points
FII DII = Not yet updated. It is likely to be Net negative as FIIs keep selling every rise.
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened with a decent gap up and attempted to retest 18000 levels but was shown the downside at 17988 itself and it could never gather enough buying at lower levels to retest the day high.
It then took support the opening low and rallied a bit but then soon after 1100h, the infamous sell-off commenced and in the first round it broke 17800 by a few points and then rallied almost 100 points.
Thereafter it again fell almost 150 points and breached 17800 on the downside and made a low of 17757. Late recovery in Reliance helped Nifty close above 17800.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 74
Top 5 Draggers contributed = 113
Net = -39
POSITIVES
Nifty somehow managed to end above 17825.
SBIN post its result ended in the green.
LT made its presence felt today withstanding the selling pressure with robustness and was up 4%.
Infosys and TCS ended in the green.
NEGATIVES
The inability of Nifty to hold on to the opening gains indicates that there is weakness in-store and unless that excess supply is taken out, Nifty is likely to keep facing this kind of behavior.
The above were my words for yesterday and regrettably, today was no different.
Reliance and private banks maintained the pressure on indices throughout the day and especially in the PM session.
Bank Nifty fell 850 points from the day high and ended 500+ points lower than the previous close which is not a good sign.
TRADING RANGE FOR 04 November 2021 - The trading session is only for 60 minutes.
Nifty Support 17600-17700
Nifty resistance 17900-17950-18000-18100
Bank Nifty Support 39000-200
Bank Nifty Resistance 39600-800-40000.
INSIGHTS / OBSERVATIONS
Red is considered to be an auspicious color, but not in the financial world! However, indices were painted in red ahead of the Muhurat Trading which is not a good sign.
Looks live a Maths wizard is driving Nifty Algo as Nifty high for the day was 100 points higher than the previous close and Nifty close for the day was 100 points lower than the close of 01-11-21.
SBIN became an exceptional scrip as it was the only Bank Nifty member that ended in the green and that too post its results.
Indices have also been quite disciplined in following the FIB levels - the key point is when would they take these levels as support and when as resistance is difficult to make out.
HDFC Bank is losing its shine as it behaves like a cranky child who holds the key to happiness within the family of Bank Nifty.
It was unusual to see Kotak Bank also join the peers in ending the ongoing Samvat Year in red.
I am unable to understand what India Vix stands for and how would it go down despite the volatility is very high with very fast moves and wide spreads? It fell 5% today when there was bloodbath all over in the PM session.
What do you feel about this?
Here is the video link --
Thank you, and Happy Money Making!
Umesh
03-11--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.
---
