NIFTY 50 EOD ANALYSIS -16-08-21
IN SUMMARY
O / H / L / C
16518.4 / 16589.4 / 16480.75 / 16563.05
H-L = 109
VIX 13.46 / +3.62%
FII DII: -588 Crores
CHART BASED CONCLUSIONS
Nifty closed above 16550 for the first time.
Nifty made a higher high and a higher low.
Nifty seems to be building its base around 16450-500. Dips are being bought in.
16600 appears to be a key hurdle as it has not been able to go closer to that and has turned around before 16590 itself.
NIFTY WEIGHT LIFTERS & DRAGGERS
The Weight Lifters
BAJAJ FINANCE 15
RELIANCE 13
HDFC 06
TATA STEEL 05
BAJAJ FINSERV 04
TOTAL 43
The Draggers
INFOSYS 03
SBI 02
MARUTI 02
SHREE CEMENTS 02
LT 02
TOTAL 11
Lifter - Draggers = 32
This explains that the rest of the Nifty members made offsetting or insignificant moves indicating consolidation around their price levels.
POSITIVES
Nifty made yet another ATH and the first close above 16550.
RELIANCE and HDFC twins were well supported by HDFC BANK , HUL, and AXIS BANK.
RELIANCE has closed above the crucial 2155-60 barrier.
NEGATIVES
BANK NIFTY underperformed and dragged Nifty in the process.
Auto heavyweights were under severe pressure - MARUTI and TATA MOTORS.
Despite RELIANCE and HDFC twins doing well, Nifty has not been able to close decisively at a higher level and appears to have hurdles at 16600.
FII turned net sellers again in excess of 1000 Crores.
TRADING RANGE FOR 17-8-21
The nifty baseline will for now be 16300-350, the area from where it rallied on 13-8-21.
BANK NIFTY support base at 35600-800 and resistance at 36200-36500.
INSIGHT / OBSERVATIONS
BANKNIFTY range for the day was very narrow. There is something likely to happen in this index during the week.
Profit booking seems to be going on in many scrips or else how can one explain so many reds in the leading indices when one of them is trading at ATH.
What do you feel?
Thank you, and Happy Money Making!
Umesh
16-8-21
P.S. If you choose to comment on the above, please do so with your analytical view rather than merely passing a comment. Your presentation of the view held by you would help other readers as well.
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 SUMMARY
O / H / L / C
16518.4 / 16589.4 / 16480.75 / 16563.05
H-L = 109
VIX 13.46 / +3.62%
FII DII: -588 Crores
CHART BASED CONCLUSIONS
Nifty closed above 16550 for the first time.
Nifty made a higher high and a higher low.
Nifty seems to be building its base around 16450-500. Dips are being bought in.
16600 appears to be a key hurdle as it has not been able to go closer to that and has turned around before 16590 itself.
NIFTY WEIGHT LIFTERS & DRAGGERS
The Weight Lifters
BAJAJ FINANCE 15
RELIANCE 13
HDFC 06
TATA STEEL 05
BAJAJ FINSERV 04
TOTAL 43
The Draggers
INFOSYS 03
SBI 02
MARUTI 02
SHREE CEMENTS 02
LT 02
TOTAL 11
Lifter - Draggers = 32
This explains that the rest of the Nifty members made offsetting or insignificant moves indicating consolidation around their price levels.
POSITIVES
Nifty made yet another ATH and the first close above 16550.
RELIANCE and HDFC twins were well supported by HDFC BANK , HUL, and AXIS BANK.
RELIANCE has closed above the crucial 2155-60 barrier.
NEGATIVES
BANK NIFTY underperformed and dragged Nifty in the process.
Auto heavyweights were under severe pressure - MARUTI and TATA MOTORS.
Despite RELIANCE and HDFC twins doing well, Nifty has not been able to close decisively at a higher level and appears to have hurdles at 16600.
FII turned net sellers again in excess of 1000 Crores.
TRADING RANGE FOR 17-8-21
The nifty baseline will for now be 16300-350, the area from where it rallied on 13-8-21.
BANK NIFTY support base at 35600-800 and resistance at 36200-36500.
INSIGHT / OBSERVATIONS
BANKNIFTY range for the day was very narrow. There is something likely to happen in this index during the week.
Profit booking seems to be going on in many scrips or else how can one explain so many reds in the leading indices when one of them is trading at ATH.
What do you feel?
Thank you, and Happy Money Making!
Umesh
16-8-21
P.S. If you choose to comment on the above, please do so with your analytical view rather than merely passing a comment. Your presentation of the view held by you would help other readers as well.
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.
