Nifty batting 18003, Bank Nifty 38347. Will this rally sustain?
NIFTY 50 EOD ANALYSIS 10-1-22
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 17913.30
H 18017.45
L 17879.15
C 18003.30
EOD +190.60 points / +1.07%
SGX Nifty 10-1-22 @ 1905h = -42
FII DII = Not yet available
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened with a gap-up of 100 points and after the initial hesitation and break of the opening low, it resumed its journey on the way up.
It then faced resistance around 17960-70 and then made another attempt to cross the level and failed and fell back to 17900 zone and then just before noon, it made a steady yet choppy ride up the ladder.
Nifty closed above 18000 and has now broken the great resistance at 18000.
The indices have made higher highs and higher lows.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 103
Top 5 Draggers contributed = 17
Net = +86
BANK NIFTY WEIGHT LIFTERS & DRAGGERS
Top 3 Lifters contributed = 437
Top 3 Draggers contributed = 01
Net = +436
POSITIVES
Nifty closed above 18000 and Bank Nifty well above 38200.
Infosys regained its positivity and led from the front.
It is also good to see HDFC managing to stay well above 2600 and helping Nifty gain steadily.
ICICI Bank, SBIN, and Kotak Bank lifted Bank Nifty yet again.
NEGATIVES
TCS fell 100 points from its opening high.
India Vix has not yet cooled down despite the indices going up so strongly.
Reliance barely managed to stay positive and this could prove to be a worrisome scrip.
TRADING RANGE FOR 10 JAN 22
Nifty support = 17600-700 [revised upwards as Nifty closed above 18000]
Nifty resistance = Every 50 points
Bank Nifty Support = 36800-37000
Bank Nifty resistance = 38500-38700-39000
INSIGHTS / OBSERVATIONS
The underlying tone of the indices was very strong as Nifty low was 60+ points above the close of 7-1. Likewise, Bank Nifty low was almost 200 points above the close of 7-1-. These two levels would now act as important supports and the gap between the two would attract the indices as and when there is some sort of profit booking or compliance with the global cues.
On the back of a buy-back offer, TCS made an opening high of 3979 and then lost 100 points and ended the day at 3879. So the euphoria was over and those who had the news already banked gains and brought down the scrip to level.
It is a bit surprising that the indices have ignored the negative sentiment in FTSE and closed on a very strong note. To some extent, this is worrisome as well. If and when they correct, that is likely to be sharp and quick.
Even the domestic cues on the Covid front are not encouraging and India Vix has also not cooled down, yet even sensitive scrips like IRCTC, IndiGo, and Inox Leisure have performed well. This in a way is a good sign as long as it indicates the ability of these companies to weather the adverse impacts.
What do you feel about this?
Here is the link to the video:
youtu.be/Kyq1ie12J-w
Thank you, and Happy Money Making!
Umesh
10-1-22
Not SEBI registered
The post is for educational & informational purposes only.
---
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 17913.30
H 18017.45
L 17879.15
C 18003.30
EOD +190.60 points / +1.07%
SGX Nifty 10-1-22 @ 1905h = -42
FII DII = Not yet available
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened with a gap-up of 100 points and after the initial hesitation and break of the opening low, it resumed its journey on the way up.
It then faced resistance around 17960-70 and then made another attempt to cross the level and failed and fell back to 17900 zone and then just before noon, it made a steady yet choppy ride up the ladder.
Nifty closed above 18000 and has now broken the great resistance at 18000.
The indices have made higher highs and higher lows.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 103
Top 5 Draggers contributed = 17
Net = +86
BANK NIFTY WEIGHT LIFTERS & DRAGGERS
Top 3 Lifters contributed = 437
Top 3 Draggers contributed = 01
Net = +436
POSITIVES
Nifty closed above 18000 and Bank Nifty well above 38200.
Infosys regained its positivity and led from the front.
It is also good to see HDFC managing to stay well above 2600 and helping Nifty gain steadily.
ICICI Bank, SBIN, and Kotak Bank lifted Bank Nifty yet again.
NEGATIVES
TCS fell 100 points from its opening high.
India Vix has not yet cooled down despite the indices going up so strongly.
Reliance barely managed to stay positive and this could prove to be a worrisome scrip.
TRADING RANGE FOR 10 JAN 22
Nifty support = 17600-700 [revised upwards as Nifty closed above 18000]
Nifty resistance = Every 50 points
Bank Nifty Support = 36800-37000
Bank Nifty resistance = 38500-38700-39000
INSIGHTS / OBSERVATIONS
The underlying tone of the indices was very strong as Nifty low was 60+ points above the close of 7-1. Likewise, Bank Nifty low was almost 200 points above the close of 7-1-. These two levels would now act as important supports and the gap between the two would attract the indices as and when there is some sort of profit booking or compliance with the global cues.
On the back of a buy-back offer, TCS made an opening high of 3979 and then lost 100 points and ended the day at 3879. So the euphoria was over and those who had the news already banked gains and brought down the scrip to level.
It is a bit surprising that the indices have ignored the negative sentiment in FTSE and closed on a very strong note. To some extent, this is worrisome as well. If and when they correct, that is likely to be sharp and quick.
Even the domestic cues on the Covid front are not encouraging and India Vix has also not cooled down, yet even sensitive scrips like IRCTC, IndiGo, and Inox Leisure have performed well. This in a way is a good sign as long as it indicates the ability of these companies to weather the adverse impacts.
What do you feel about this?
Here is the link to the video:
youtu.be/Kyq1ie12J-w
Thank you, and Happy Money Making!
Umesh
10-1-22
Not SEBI registered
The post is for educational & informational purposes only.
---
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