Nifty in catch up mode & Bank Nifty takes a breather
NIFTY 50 EOD ANALYSIS 26-10-21
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 18154.50
H 18310.45
L 18099.30
C 18268.40
EOD - +143 points /+0.79%
India VIX = 16.75 / -4.89%
SGX Nifty 26-10-21 1830h = Flat
FII DII = Unavailable till 1830h but likely to be net positive.
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty managed to reclaim the lost ground to some extent and closed above 18250.
After a mild gap-up opening, Nifty rose sharply but failed to hold higher levels around the FIB resistance of 18250-60. It then made a 150 point downward move.
It found support at 18100 and then made yet another failed attempt head higher but upon witnessing a positive FTSE open, it then rose sharply over the rest of the session and hit a high of 18310.
It thus made a higher high and a higher low.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 86
Top 5 Draggers contributed = 25
Net = +61
POSITIVES
Nifty made a strong recovery in the PM session and closed above 18250.
Nifty managed to find good support at 18100.
Despite selling pressure on account HDFC Bank and ICICI Bank, Nifty, as well as Bank Nifty, ended in the green.
Reliance made a good come back which made all the difference in the sentiment.
NEGATIVES
HDFC Bank fell yet again as peer pressure seems to be catching up on the big bro of Bank Nifty.
Infosys and TCS continue to remain weak and are witnessing selling pressure at every rise.
TRADING RANGE FOR 27 October 2021
Nifty 17900-950 as the new support base and 18300-350-400 would remain as the resistance for now.
I am unable to state any levels for Bank Nifty as it finds its ground in the territory above 41000. It is better to wait for the week to end before any level-based conclusions are drawn.
INSIGHTS / OBSERVATIONS
The insight re ICICI Bank is pasted as part of my tweet posted earlier in the evening. Here is the link --
The insight re HDFC Bank, Kotak Bank, and ICICI Bank in relation to Bank Nifty is posted here as a link to my tweet:
Please visit @umeshrindani as Tradingview does not allow the pasting of links yet for me.
What do you feel about this?
Here is the video link --
Thank you, and Happy Money Making!
Umesh
26-10-21
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 18154.50
H 18310.45
L 18099.30
C 18268.40
EOD - +143 points /+0.79%
India VIX = 16.75 / -4.89%
SGX Nifty 26-10-21 1830h = Flat
FII DII = Unavailable till 1830h but likely to be net positive.
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty managed to reclaim the lost ground to some extent and closed above 18250.
After a mild gap-up opening, Nifty rose sharply but failed to hold higher levels around the FIB resistance of 18250-60. It then made a 150 point downward move.
It found support at 18100 and then made yet another failed attempt head higher but upon witnessing a positive FTSE open, it then rose sharply over the rest of the session and hit a high of 18310.
It thus made a higher high and a higher low.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 86
Top 5 Draggers contributed = 25
Net = +61
POSITIVES
Nifty made a strong recovery in the PM session and closed above 18250.
Nifty managed to find good support at 18100.
Despite selling pressure on account HDFC Bank and ICICI Bank, Nifty, as well as Bank Nifty, ended in the green.
Reliance made a good come back which made all the difference in the sentiment.
NEGATIVES
HDFC Bank fell yet again as peer pressure seems to be catching up on the big bro of Bank Nifty.
Infosys and TCS continue to remain weak and are witnessing selling pressure at every rise.
TRADING RANGE FOR 27 October 2021
Nifty 17900-950 as the new support base and 18300-350-400 would remain as the resistance for now.
I am unable to state any levels for Bank Nifty as it finds its ground in the territory above 41000. It is better to wait for the week to end before any level-based conclusions are drawn.
INSIGHTS / OBSERVATIONS
The insight re ICICI Bank is pasted as part of my tweet posted earlier in the evening. Here is the link --
The insight re HDFC Bank, Kotak Bank, and ICICI Bank in relation to Bank Nifty is posted here as a link to my tweet:
Please visit @umeshrindani as Tradingview does not allow the pasting of links yet for me.
What do you feel about this?
Here is the video link --
Thank you, and Happy Money Making!
Umesh
26-10-21
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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