Selling pressure intensifies as Indices slide easily
NIFTY 50 EOD ANALYSIS 11-11-21
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 17967.45
H 17971.35
L 17798.20
C 17873.60
EOD - -143.60 points / -0.15%
India VIX = I am now dropping this from the analysis as it is not reflecting the reality.
SGX Nifty 11-11-21 @ 1925h = +13 points
FII DII = -1100+ Crores
CHART BASED CONCLUSIONS using 5 Minutes Chart
What began as a minor gap-down opening, ended up as a 200+ points fall in Nifty and at one stage it appeared that 17830-50 is going to be a big ask!
Relentless selling till 1030h in Nifty was paused when there were a few attempts to lift it above 17880 but those failed miserably and finally, expiry push may have propelled it up to the closing point.
Bank Nifty was even more relentless as it crawled up only in the last 90 minutes.
The indices have breached what appeared to be a good set of support levels.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 14
Top 5 Draggers contributed = 62
Net = -48
POSITIVES
To write something here today is a test of Optimism!
Reliance managed to end non-negative and remained restrained to mildly positive and that is what helped Nifty regain sanity.
IndusInd Bank of the Bank Nifty pack ended as a nonnegative scrip.
NEGATIVES
Bank Nifty key supports were around 38800 and 38600 and these were easily pierced and it went down to test 38350 area.
This is a cause of concern as it did not find enough buyers around the level and possibly only due to expiry day pressure helped it lift above 38500.
It is red all over the indices so it is a sign of caution for now.
TRADING RANGE FOR 11-12 November 2021
Nifty Support 17800-17900 now revised to 17700-800
Nifty resistance 17900-50-18000.
Bank Nifty Support 38000-200-400
Bank Nifty Resistance 38600-800-39000
INSIGHTS / OBSERVATIONS
Well-coordinated and managed index movements is now becoming frequent. Here is my tweet to that effect:
HDFC close for 10 Nov was 2945 and it had breached 2900 yesterday as well. Today also, it made a low of 2885, went up to 2920+ but then fell again and finally closed above 2900.
In my view, HDFC, ICICI Bank & Reliance may hold the key for tomorrow [precisely for the same reason, I have positions in each of the scrips].
FIIs have kept the “Sell” button depressed leading to depression in prices and indices!
What do you feel about this?
Here is the video link --
Thank you, and Happy Money Making!
Umesh
11-11--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 17967.45
H 17971.35
L 17798.20
C 17873.60
EOD - -143.60 points / -0.15%
India VIX = I am now dropping this from the analysis as it is not reflecting the reality.
SGX Nifty 11-11-21 @ 1925h = +13 points
FII DII = -1100+ Crores
CHART BASED CONCLUSIONS using 5 Minutes Chart
What began as a minor gap-down opening, ended up as a 200+ points fall in Nifty and at one stage it appeared that 17830-50 is going to be a big ask!
Relentless selling till 1030h in Nifty was paused when there were a few attempts to lift it above 17880 but those failed miserably and finally, expiry push may have propelled it up to the closing point.
Bank Nifty was even more relentless as it crawled up only in the last 90 minutes.
The indices have breached what appeared to be a good set of support levels.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 14
Top 5 Draggers contributed = 62
Net = -48
POSITIVES
To write something here today is a test of Optimism!
Reliance managed to end non-negative and remained restrained to mildly positive and that is what helped Nifty regain sanity.
IndusInd Bank of the Bank Nifty pack ended as a nonnegative scrip.
NEGATIVES
Bank Nifty key supports were around 38800 and 38600 and these were easily pierced and it went down to test 38350 area.
This is a cause of concern as it did not find enough buyers around the level and possibly only due to expiry day pressure helped it lift above 38500.
It is red all over the indices so it is a sign of caution for now.
TRADING RANGE FOR 11-12 November 2021
Nifty Support 17800-17900 now revised to 17700-800
Nifty resistance 17900-50-18000.
Bank Nifty Support 38000-200-400
Bank Nifty Resistance 38600-800-39000
INSIGHTS / OBSERVATIONS
Well-coordinated and managed index movements is now becoming frequent. Here is my tweet to that effect:
HDFC close for 10 Nov was 2945 and it had breached 2900 yesterday as well. Today also, it made a low of 2885, went up to 2920+ but then fell again and finally closed above 2900.
In my view, HDFC, ICICI Bank & Reliance may hold the key for tomorrow [precisely for the same reason, I have positions in each of the scrips].
FIIs have kept the “Sell” button depressed leading to depression in prices and indices!
What do you feel about this?
Here is the video link --
Thank you, and Happy Money Making!
Umesh
11-11--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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