Reliance & Metals drag Nifty below 17900

NSE:NIFTY   Nifty 50 Index

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 17970.90

H 18012.25

L 17847.60

C 17888.95

EOD - -40.7 points / -0.23%

India VIX = 17.06 / -1.04%

SGX Nifty 02-11-21 @ 1840h = +19 points

FII DII = Not yet updated. It is likely to be negative from FII side. The 1355h candle was from their side is what I read.


Nifty opened with a decent gap up and immediately shot up to 18000+ and then fell 100+ points and breached 17900 and then recovered and then again fell and yet again recovered mildly to hit 17940.

Thereafter it again fell more than 75 points and breached 17850 on the downside and in the last 90 minutes struggled to close above 17900 even on a 5-minute candle.

It was evident that the sentiment was not going to allow Nifty to close above 17900.

Nifty has thus made higher highs and higher lows.


Top 5 Lifters contributed = 27

Top 5 Draggers contributed = 50

Net = -23

Nifty hit a high above 18000.

Bank Nifty is for now looking better placed than Nifty. It also went past 40000 during the day.


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.

Reliance is dragging Nifty and even the private banks have shown some weakness which impacted Nifty during the day.

India Vix indicates that it is down but the volatility in Nifty was intense and the moves were fast and very choppy even within a narrow range.

For over 90 minutes Nifty made several attempts to breach past 17900+ levels but it could not manage to close above the line except for 1 candle where it tested the previous close.

TRADING RANGE FOR 03 November 2021

Nifty Support 17600-17700

Nifty resistance 17900-17950-18000-18100

Bank Nifty Support 39000-200

Bank Nifty Resistance 40000-40200-40400


Nifty was managed in such a way that it would end below 17900 - maybe this was to deflate 17900 CE premium or to simply let the call writers exit their positions intraday in gain.

Nifty has developed this not-so-good tendency to get sold off at the opening high and never retest during the day.

Previous Close level has never be so very well resisted as Nifty has been doing recently as if this is a bearish market.

What do you feel about this?

Here is the video link --

Thank you, and Happy Money Making!



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.



The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.