NIFTY 50 EOD ANALYSIS -12-08-21
IN SUMMARY
O
16,303.65
H
16,375.50
L
16,286.90
C
16,364.40
From P Close
82.15
H-L
88.60
VIX
12.37
FII
-212
DII
307
Net Crores
95
CHART BASED CONCLUSIONS
Nifty finally cleared all the hurdles and closed past 16350 at 16364.4 which is an ATH close. It ended 11 points below the day’s high which is a good sign.
Nifty opened Gap-up mildly and then there was almost a retest of the P Close and then it never looked back and kept crawling upwards with the weekly expiry jerks in between.
Although Nifty has made an ATH close, the volumes are not high which is not a good sign.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters of Nifty
Points Contributed
ICICI BANK
11
LT
10
INFOSYS
9
TECH M
8
TATA MOTORS
7
45
Top 5 Draggers of Nifty
Points Contributed
EICHER MOTORS
6
RELIANCE
5
AXIS BANK
2
GRASIM
1
IOC
1
15
Lift - Drag
30
POSITIVES
Nifty made an ATH close near day high.
Advances to Decline ratio is almost 4:1.
HDFC BANK managed to close today above 1500.
HDFC twins, TATA MOTORS, ICICI BANK, and KOTAK BANK led with good moves.
NEGATIVES
RELIANCE closed below P Close. It has the tendency to not perform when most of the market is performing.
AXIS BANK, SBIN, and MARUTI kept the pressure on the sell-side.
BANK NIFTY failed to close above 36000 though it made good efforts.
TRADING RANGE FOR W/B 13-8-21
Nifty broad range for the week 16000-16500. As of now, it has not made any significant movement from where one could derive the likely supports and resistances.
BANK NIFTY support base at 35200-600 and resistance at 36200-36500.
INSIGHT / OBSERVATIONS
It was an uneventful expiry as all the drama and excitement happened on the Volatile Wednesday.
FTSE was negative and yet Nifty has managed to close at ATH with a good sustained move.
If the US markets do not end in green, Nifty may witness high VIX actions.
The weekly candle as of now appears to be range-bound indicating that there is still a breakout or breakdown in the offing. The vols are not good enough for a bull market.
And tomorrow is Friday, the 13th!
Thank you, and Happy Money Making!
Umesh
10-8-21
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
16,303.65
H
16,375.50
L
16,286.90
C
16,364.40
From P Close
82.15
H-L
88.60
VIX
12.37
FII
-212
DII
307
Net Crores
95
CHART BASED CONCLUSIONS
Nifty finally cleared all the hurdles and closed past 16350 at 16364.4 which is an ATH close. It ended 11 points below the day’s high which is a good sign.
Nifty opened Gap-up mildly and then there was almost a retest of the P Close and then it never looked back and kept crawling upwards with the weekly expiry jerks in between.
Although Nifty has made an ATH close, the volumes are not high which is not a good sign.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters of Nifty
Points Contributed
ICICI BANK
11
LT
10
INFOSYS
9
TECH M
8
TATA MOTORS
7
45
Top 5 Draggers of Nifty
Points Contributed
EICHER MOTORS
6
RELIANCE
5
AXIS BANK
2
GRASIM
1
IOC
1
15
Lift - Drag
30
POSITIVES
Nifty made an ATH close near day high.
Advances to Decline ratio is almost 4:1.
HDFC BANK managed to close today above 1500.
HDFC twins, TATA MOTORS, ICICI BANK, and KOTAK BANK led with good moves.
NEGATIVES
RELIANCE closed below P Close. It has the tendency to not perform when most of the market is performing.
AXIS BANK, SBIN, and MARUTI kept the pressure on the sell-side.
BANK NIFTY failed to close above 36000 though it made good efforts.
TRADING RANGE FOR W/B 13-8-21
Nifty broad range for the week 16000-16500. As of now, it has not made any significant movement from where one could derive the likely supports and resistances.
BANK NIFTY support base at 35200-600 and resistance at 36200-36500.
INSIGHT / OBSERVATIONS
It was an uneventful expiry as all the drama and excitement happened on the Volatile Wednesday.
FTSE was negative and yet Nifty has managed to close at ATH with a good sustained move.
If the US markets do not end in green, Nifty may witness high VIX actions.
The weekly candle as of now appears to be range-bound indicating that there is still a breakout or breakdown in the offing. The vols are not good enough for a bull market.
And tomorrow is Friday, the 13th!
Thank you, and Happy Money Making!
Umesh
10-8-21
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.
