Tables Turn - Bank Nifty ends above 40000, Nifty below 18200
NIFTY 50 EOD ANALYSIS 21-10-21
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 18382.70
H 18384.20
L 18048.00
C 18178.10
EOD - -88.50 points /-0.48%
India VIX = 18.04 / -1.47%
SGX Nifty @ 1745h = -19 points
FII DII = Not updated till the release of this article. DIIs may have bought 500+ Crores. FIIs may be the net selles.
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened with a strong gap up of 100+ points but immediately sold off to around 18120.
Then there was a relief rally of 50 odd points and it fell back to the same area and again rallied around the same area and then sold off about 100 points.
With today’s fall, Nifty has filled in 3 gaps that it created on its way up.
And then Nifty witnessed a 150 points rally thanks to Bank Nifty and finally ended at 18178.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 24
Top 5 Draggers contributed = 72
Net = -48
POSITIVES
Bank Nifty closed for the first time above 40000.
Kotak Bank was the star performer today and dominated the index throughout the day.
HDFC for a change did not support its sibling and chose to steady Nifty and the same was the case with Tata Motors and ICICI Bank.
Nifty managed to hold 18000 make or break level and made a good recovery from the same.
NEGATIVES
When Reliance, Infosys, and TCS are not in a mood to move up or stop from falling, there is little that anyone can do.
Nifty has clearly under performed ever since it hit the ATH at 18604 just 2 sessions ago.
TRADING RANGE FOR 22 October 2021
Nifty made sustained efforts to keep falling and it came close to 18000 make or break line.
So 18000-18050 is now the new line of defense and 18200-250-300 and above are the lines of resistance
Bank Nifty supports at 39000-39200 and no idea about the resistance levels as it has ended above 40000 for the day..
INSIGHTS / OBSERVATIONS
Is this a bull market and is it just 400+ points away from the ATH hit 2 sessions ago? The kind of negativity that the index has shown is unseen by me at least in a bull market. Today also, it appeared to be a Sell on Rising prices type of move in Nifty.
Kotak Bank showed that even it has the might to swing Bank Nifty on its own weight.
Kotak Bank has the tendency to be a contra mover compared to the market. It falls in a rising market and it rallies in a falling market. It is one of my likable scrips for the same reason.
What do you feel about this?
Here is the video link --
Thank you, and Happy Money Making!
Umesh
21-10-21
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 18382.70
H 18384.20
L 18048.00
C 18178.10
EOD - -88.50 points /-0.48%
India VIX = 18.04 / -1.47%
SGX Nifty @ 1745h = -19 points
FII DII = Not updated till the release of this article. DIIs may have bought 500+ Crores. FIIs may be the net selles.
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened with a strong gap up of 100+ points but immediately sold off to around 18120.
Then there was a relief rally of 50 odd points and it fell back to the same area and again rallied around the same area and then sold off about 100 points.
With today’s fall, Nifty has filled in 3 gaps that it created on its way up.
And then Nifty witnessed a 150 points rally thanks to Bank Nifty and finally ended at 18178.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 24
Top 5 Draggers contributed = 72
Net = -48
POSITIVES
Bank Nifty closed for the first time above 40000.
Kotak Bank was the star performer today and dominated the index throughout the day.
HDFC for a change did not support its sibling and chose to steady Nifty and the same was the case with Tata Motors and ICICI Bank.
Nifty managed to hold 18000 make or break level and made a good recovery from the same.
NEGATIVES
When Reliance, Infosys, and TCS are not in a mood to move up or stop from falling, there is little that anyone can do.
Nifty has clearly under performed ever since it hit the ATH at 18604 just 2 sessions ago.
TRADING RANGE FOR 22 October 2021
Nifty made sustained efforts to keep falling and it came close to 18000 make or break line.
So 18000-18050 is now the new line of defense and 18200-250-300 and above are the lines of resistance
Bank Nifty supports at 39000-39200 and no idea about the resistance levels as it has ended above 40000 for the day..
INSIGHTS / OBSERVATIONS
Is this a bull market and is it just 400+ points away from the ATH hit 2 sessions ago? The kind of negativity that the index has shown is unseen by me at least in a bull market. Today also, it appeared to be a Sell on Rising prices type of move in Nifty.
Kotak Bank showed that even it has the might to swing Bank Nifty on its own weight.
Kotak Bank has the tendency to be a contra mover compared to the market. It falls in a rising market and it rallies in a falling market. It is one of my likable scrips for the same reason.
What do you feel about this?
Here is the video link --
Thank you, and Happy Money Making!
Umesh
21-10-21
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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