NIFTY 50 EOD ANALYSIS -11-10-21
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 17915.80
H 18008.65
L 17864.95
C 17991.95
EOD - +46 points /+0.26%
SGX Nifty at 1855h = +32 points
FII DII = Not yet available.
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened a mild gap down and then immediately rallied but got rejected just below 18000 and then sold off.
It appeared that it may well retest the low levels of 11-10 but then it was halted above 17860.
Nifty was very choppy through the day and it as only in the last 90 minutes that it was able to make a smart and quick recovery and went past 18000 but ended up closing just below the line.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 43
Top 5 Draggers contributed = 24
Net = +19
POSITIVES
Bank Nifty hit a new ATH and also ended at a new ATH.
Bank Nifty is now outperforming Nifty.
HDFC Bank went up close to 1630-35. It ended also around the same levels.
SBI has hit yet another ATH and is helping the indices
NEGATIVES
TCS continues to bleed.
Infosys also dragged Nifty like HCL Tech.
HDFC has been struggling and even ICICI Bank is finding it hard to hold on to higher levels.
TRADING RANGE FOR 13-10-21
Nifty 17700-750 is the support base. I am not sure about the resistance levels as price action in Infosys, Wipro, as well as HDFC Bank may keep driving Nifty as they get ready to receive their answer papers during the next few days.
Bank Nifty Support = 37700-800 appears to be a good support area. Since the ATH was hit today as well, I will let the index play its game for a couple of days and see where it ends the week before commenting on any resistance levels.
INSIGHTS / OBSERVATIONS
Each stock has its character and TCS surely has one. It generally heads higher ahead of the results and then falls as generally the expectation from it is more than what it ends up delivering.
HDFC Bank also seems to be following that path although 2 more trading days to go.
Infosys appears to be neutral and asl long as it holds 1650-60 line, it may head higher post results.
Bank Nifty OHLC is above 38000 which is a great thing and I am now waiting for Nifty OHLC to be above 18000!!
What do you feel about this?
Thank you, and Happy Money Making!
Umesh
12-10-21
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 17915.80
H 18008.65
L 17864.95
C 17991.95
EOD - +46 points /+0.26%
SGX Nifty at 1855h = +32 points
FII DII = Not yet available.
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened a mild gap down and then immediately rallied but got rejected just below 18000 and then sold off.
It appeared that it may well retest the low levels of 11-10 but then it was halted above 17860.
Nifty was very choppy through the day and it as only in the last 90 minutes that it was able to make a smart and quick recovery and went past 18000 but ended up closing just below the line.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 43
Top 5 Draggers contributed = 24
Net = +19
POSITIVES
Bank Nifty hit a new ATH and also ended at a new ATH.
Bank Nifty is now outperforming Nifty.
HDFC Bank went up close to 1630-35. It ended also around the same levels.
SBI has hit yet another ATH and is helping the indices
NEGATIVES
TCS continues to bleed.
Infosys also dragged Nifty like HCL Tech.
HDFC has been struggling and even ICICI Bank is finding it hard to hold on to higher levels.
TRADING RANGE FOR 13-10-21
Nifty 17700-750 is the support base. I am not sure about the resistance levels as price action in Infosys, Wipro, as well as HDFC Bank may keep driving Nifty as they get ready to receive their answer papers during the next few days.
Bank Nifty Support = 37700-800 appears to be a good support area. Since the ATH was hit today as well, I will let the index play its game for a couple of days and see where it ends the week before commenting on any resistance levels.
INSIGHTS / OBSERVATIONS
Each stock has its character and TCS surely has one. It generally heads higher ahead of the results and then falls as generally the expectation from it is more than what it ends up delivering.
HDFC Bank also seems to be following that path although 2 more trading days to go.
Infosys appears to be neutral and asl long as it holds 1650-60 line, it may head higher post results.
Bank Nifty OHLC is above 38000 which is a great thing and I am now waiting for Nifty OHLC to be above 18000!!
What do you feel about this?
Thank you, and Happy Money Making!
Umesh
12-10-21
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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