NIFTY 50 EOD ANALYSIS -01-10-21
Note: I had done a video upload for this analysis, however, for some reason, it failed.
NIFTY
O
H
L
C
C - PC
H-L
VIX
FII
DII
Net
Cum
Likely Open
1-10-21
17,531.90
17,557.15
17,452.90
17,532.05
17,532.05
104.25
17.21
131
-613
-482
-482
Flat
CHART BASED CONCLUSIONS using 5 M Chart
Global cues inspired gap-down was severe as it not only meant NIFTY opened below 17600, but it managed to drag NIFTY all the way down to 17450!
In all, there were 3 attempts made to recovery and cross 17550 level and all three failed.
NIFTY ended at the open price - a Doji pattern indicating indecisiveness as the big bro in the US was not yet awake to guide the family.
NIFTY WEIGHT LIFTERS & DRAGGERS
NIFTY LIFTERS
NIFTY DRAGGERS
M&M
4.00
BAJAJ FINSERV
19.00
IOC
3.00
BAJAJ FINANCE
17.00
RELIANCE
3.00
HDFC
15.00
JSW STEEL
3.00
ICICI BANK
12.00
HDFC LIFE
3.00
HDFC BANK
11.00
16.00
74.00
LIFTERS - LAGGARDS
-58.00
POSITIVES
The only saving grace for NIFTY was that RELIANCE ended above 2500 and in the green. This helped NIFTY close above 17500.
Similarly, for BANK NIFTY the saving grace is that it ended above 37200.
NEGATIVES
On an intraday basis, BANK NIFTY broke 37000 without any hesitation.
HDFC twins along with BAJAJ twins were in no mood to stay positive and were soaked in negativity.
TRADING RANGE FOR THE W/B 4-10-21:
Without knowing how US markets end, it may be a bit early to state the levels, but from what it looks like, the following levels may well hold for now:
NIFTY 17400-450 Support and plenty of resistances. No point listing them all. Unless Nifty closes above 17750, we will keep witnessing selling pressure.
BANK NIFTY - 36500-800 Support and 37500-800-38000 as the key resistance areas.
INSIGHTS / OBSERVATIONS
What a dampening start to the October series! Considered to be a bullish month, Indices end in red yet again falling in line with the Global cues.
Today, I kept the FTSE chart open from the time it opened and the indices moved in line. I am wondering if our markets are so dependent on the global cues that they ignore some of the positives that are available locally?
SGX NIFTY @ 1930h +100 points!
What do you feel about this?
Thank you, and Happy Money Making!
Umesh
1-10-21
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.
---
Note: I had done a video upload for this analysis, however, for some reason, it failed.
NIFTY
O
H
L
C
C - PC
H-L
VIX
FII
DII
Net
Cum
Likely Open
1-10-21
17,531.90
17,557.15
17,452.90
17,532.05
17,532.05
104.25
17.21
131
-613
-482
-482
Flat
CHART BASED CONCLUSIONS using 5 M Chart
Global cues inspired gap-down was severe as it not only meant NIFTY opened below 17600, but it managed to drag NIFTY all the way down to 17450!
In all, there were 3 attempts made to recovery and cross 17550 level and all three failed.
NIFTY ended at the open price - a Doji pattern indicating indecisiveness as the big bro in the US was not yet awake to guide the family.
NIFTY WEIGHT LIFTERS & DRAGGERS
NIFTY LIFTERS
NIFTY DRAGGERS
M&M
4.00
BAJAJ FINSERV
19.00
IOC
3.00
BAJAJ FINANCE
17.00
RELIANCE
3.00
HDFC
15.00
JSW STEEL
3.00
ICICI BANK
12.00
HDFC LIFE
3.00
HDFC BANK
11.00
16.00
74.00
LIFTERS - LAGGARDS
-58.00
POSITIVES
The only saving grace for NIFTY was that RELIANCE ended above 2500 and in the green. This helped NIFTY close above 17500.
Similarly, for BANK NIFTY the saving grace is that it ended above 37200.
NEGATIVES
On an intraday basis, BANK NIFTY broke 37000 without any hesitation.
HDFC twins along with BAJAJ twins were in no mood to stay positive and were soaked in negativity.
TRADING RANGE FOR THE W/B 4-10-21:
Without knowing how US markets end, it may be a bit early to state the levels, but from what it looks like, the following levels may well hold for now:
NIFTY 17400-450 Support and plenty of resistances. No point listing them all. Unless Nifty closes above 17750, we will keep witnessing selling pressure.
BANK NIFTY - 36500-800 Support and 37500-800-38000 as the key resistance areas.
INSIGHTS / OBSERVATIONS
What a dampening start to the October series! Considered to be a bullish month, Indices end in red yet again falling in line with the Global cues.
Today, I kept the FTSE chart open from the time it opened and the indices moved in line. I am wondering if our markets are so dependent on the global cues that they ignore some of the positives that are available locally?
SGX NIFTY @ 1930h +100 points!
What do you feel about this?
Thank you, and Happy Money Making!
Umesh
1-10-21
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.
---
