90 minutes of FTSE backed sell-off spoils the recovery act
NIFTY 50 EOD ANALYSIS 27-10-21
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.
The Insights & Observations section carries links to my tweets that were posted during the day related to what I could gather from the markets.
O 18295.85
H 18342.05
L 18167.90
C 18210.95
EOD - -57.45 points / -0.31%
India VIX = 16.83 / +0.47%
SGX Nifty 26-10-21 1845h = +9 points
FII DII = -1441 Crores
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty made a higher high and a higher low.
Thanks to the weighted average method, Nifty managed to close above 18200.
Nifty is highly vulnerable above 18300-325 band and that is triggering intense selling pressure usually after 1400h.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 36
Top 5 Draggers contributed = 83
Net = -47
POSITIVES
Nifty could stretch the day high to 18342.
Infosys has managed to bounce back and it is only on account of it that Nifty could hold on to the intense selling pressure.
SBIN has been weathering the selling pressure well as it gets ready to receive its Q2 results next week.
NEGATIVES
Axis Bank fell 6%+ and that is what triggered others as well to become nervous.
Reliance was looking good but came under intense pressure in the last hour or so.
TCS remains subdued despite Infosys taking the lead in bouncing back.
Bank Nifty ended well below 41000.
TRADING RANGE FOR 28 October 2021
Nifty 17900-950 area is the support base and 18250-300-350-400 would remain as the resistance for now.
I am unable to state any levels for Bank Nifty as it finds its ground in the territory above 41000. It is better to wait for the week to end before any level-based conclusions are drawn.
INSIGHTS / OBSERVATIONS
The insights now come in the form of tweets however Tradingview has not yet permitted me to post links to tweets or videos so I request you to visit my Twitter page or best follow me on Twitter to get updates as and when posted.
What do you feel about this?
Here is the video link --
Thank you, and Happy Money Making!
Umesh
27-10-21
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.
The Insights & Observations section carries links to my tweets that were posted during the day related to what I could gather from the markets.
O 18295.85
H 18342.05
L 18167.90
C 18210.95
EOD - -57.45 points / -0.31%
India VIX = 16.83 / +0.47%
SGX Nifty 26-10-21 1845h = +9 points
FII DII = -1441 Crores
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty made a higher high and a higher low.
Thanks to the weighted average method, Nifty managed to close above 18200.
Nifty is highly vulnerable above 18300-325 band and that is triggering intense selling pressure usually after 1400h.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 36
Top 5 Draggers contributed = 83
Net = -47
POSITIVES
Nifty could stretch the day high to 18342.
Infosys has managed to bounce back and it is only on account of it that Nifty could hold on to the intense selling pressure.
SBIN has been weathering the selling pressure well as it gets ready to receive its Q2 results next week.
NEGATIVES
Axis Bank fell 6%+ and that is what triggered others as well to become nervous.
Reliance was looking good but came under intense pressure in the last hour or so.
TCS remains subdued despite Infosys taking the lead in bouncing back.
Bank Nifty ended well below 41000.
TRADING RANGE FOR 28 October 2021
Nifty 17900-950 area is the support base and 18250-300-350-400 would remain as the resistance for now.
I am unable to state any levels for Bank Nifty as it finds its ground in the territory above 41000. It is better to wait for the week to end before any level-based conclusions are drawn.
INSIGHTS / OBSERVATIONS
The insights now come in the form of tweets however Tradingview has not yet permitted me to post links to tweets or videos so I request you to visit my Twitter page or best follow me on Twitter to get updates as and when posted.
What do you feel about this?
Here is the video link --
Thank you, and Happy Money Making!
Umesh
27-10-21
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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