NIFTY 50 EOD ANALYSIS -14-09-21
IN SUMMARY
O / H / L / C
17387.65 / 17532.7 / 17386.9 / 17519.45
H-L = 146 points
VIX 13.73 / +1.1%
FII DII: +399 Crores
Likely open: Flat to mild positive. Tomorrow is the weekly expiry so keen to see where does NIFTY ends and whether BANK NIFTY can cross 37000 or it yet again goes sideways.
CHART BASED CONCLUSIONS - 15 Minutes Chart
A mild gap-up open was sustained very well as can be seen from the chart and NIFTY ended the day close to the day high and above 17500.
The daily chart indicates that there was a strong buying that led the rise to the levels above 17500.
NIFTY WEIGHT LIFTERS & DRAGGERS
The Weight Lifters
INFOSYS 19
TCS 17
TITAN 12
BHARTI AIRTEL07 11
ICICI BANK 10
TOTAL 69
The Laggards
NESTLE 02
TATA CONSU 02
HDFC BANK 02
AXIS BANK 01
ASIAN PAINTS 01
TOTAL 08
Lifter - Draggers = +61
POSITIVES
NIFTY closed at a new ATH and also hit a new ATH.
And both are above 17500.
TCS, INFOSYS, and KOTAK BANK helped NIFTY to a great extent in holding on to the higher plains.
FIIs and DIIs have bought to the extent of 399 Crores which is somewhat less around such levels.
NEGATIVES
HDFC twins closed a bit below the P Close.
RELIANCE has not been able to hold higher levels closer to 2400 and keeps falling back below 2380.
BANK NIFTY is still below 37000 resistance which may drag NIFTY should HDFC BANK slide.
TRADING RANGE FOR 16-09-21
17300-17350 is the new support base. For the resistances, we will have to a few days go by to see how and where it gets formed.
BANK NIFTY support stays at 36200-400 and resistance at 37000-37200. This has not been changing for quite a few sessions now.
INSIGHTS / OBSERVATIONS
I think my insights of yesterday were read by NIFTY as it deceived all and made a steady climb to the psycho mark of 17500 and closed above the line.
If we look at the contribution of the yop 5 lifters of NIFTY it is 69 points and that of the draggers is 08. So the leaders net contributed 61 but NIFTY rose by 139 clearly indicating that the rally was well supported by the broader market.
BANK NIFTY also extended its daily range to 500+ points which helped NIFTY. If HDFC BANK recovers, then BANK NIFTY is likely to cross the 37K mark - the Q is - will the giant move upwards?
The NIFTY rise may have also been contributed by the Short Covering of 17400 CE as there was a good number of CE written as part of the ATM straddle.
What do you feel about this?
Thank you, and Happy Money Making!
Umesh
15-09-21
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
17387.65 / 17532.7 / 17386.9 / 17519.45
H-L = 146 points
VIX 13.73 / +1.1%
FII DII: +399 Crores
Likely open: Flat to mild positive. Tomorrow is the weekly expiry so keen to see where does NIFTY ends and whether BANK NIFTY can cross 37000 or it yet again goes sideways.
CHART BASED CONCLUSIONS - 15 Minutes Chart
A mild gap-up open was sustained very well as can be seen from the chart and NIFTY ended the day close to the day high and above 17500.
The daily chart indicates that there was a strong buying that led the rise to the levels above 17500.
NIFTY WEIGHT LIFTERS & DRAGGERS
The Weight Lifters
INFOSYS 19
TCS 17
TITAN 12
BHARTI AIRTEL07 11
ICICI BANK 10
TOTAL 69
The Laggards
NESTLE 02
TATA CONSU 02
HDFC BANK 02
AXIS BANK 01
ASIAN PAINTS 01
TOTAL 08
Lifter - Draggers = +61
POSITIVES
NIFTY closed at a new ATH and also hit a new ATH.
And both are above 17500.
TCS, INFOSYS, and KOTAK BANK helped NIFTY to a great extent in holding on to the higher plains.
FIIs and DIIs have bought to the extent of 399 Crores which is somewhat less around such levels.
NEGATIVES
HDFC twins closed a bit below the P Close.
RELIANCE has not been able to hold higher levels closer to 2400 and keeps falling back below 2380.
BANK NIFTY is still below 37000 resistance which may drag NIFTY should HDFC BANK slide.
TRADING RANGE FOR 16-09-21
17300-17350 is the new support base. For the resistances, we will have to a few days go by to see how and where it gets formed.
BANK NIFTY support stays at 36200-400 and resistance at 37000-37200. This has not been changing for quite a few sessions now.
INSIGHTS / OBSERVATIONS
I think my insights of yesterday were read by NIFTY as it deceived all and made a steady climb to the psycho mark of 17500 and closed above the line.
If we look at the contribution of the yop 5 lifters of NIFTY it is 69 points and that of the draggers is 08. So the leaders net contributed 61 but NIFTY rose by 139 clearly indicating that the rally was well supported by the broader market.
BANK NIFTY also extended its daily range to 500+ points which helped NIFTY. If HDFC BANK recovers, then BANK NIFTY is likely to cross the 37K mark - the Q is - will the giant move upwards?
The NIFTY rise may have also been contributed by the Short Covering of 17400 CE as there was a good number of CE written as part of the ATM straddle.
What do you feel about this?
Thank you, and Happy Money Making!
Umesh
15-09-21
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.
