NIFTY 50 EOD ANALYSIS -13-09-21
IN SUMMARY
O / H / L / C
17363.55 / 17378.35 / 17269.15 / 17355.3
H-L = 77 points
VIX 14.03 / +0.65%
FII DII: +860 Crores
Likely open: Positive Gap-up provided it is able to stay above today’s close for an hour or so.
CHART BASED CONCLUSIONS - 5 Minutes Chart
A gap-down open with an attempt to cross the P Close was immediately sold in to and within the next hour, the day’s low was hit.
NIFTY breached 17300 with relative ease and found support around intraday pivot points of 17274.
The relief rally was steady and was held on to by NIFTY.
One more indecisive close on the Daily charts.
NIFTY WEIGHT LIFTERS & DRAGGERS
The Weight Lifters
TCS 14
HDFC 08
BAJAJ FINSERV 07
KOTAK BANK 05
HINDALCO 05
TOTAL 49
The Laggards
RELIANCE 44
ICICI BANK 20
HDFC BANK 13
HUL 04
ADANI PORTS 02
TOTAL 83
Lifter - Draggers = -34
POSITIVES
NIFTY closed above 17350.
INFOSYS recovered from the lows of the day to end flat.
HDFC is looking good around 2850.
MARUTI seems to be witnessing renewed buying interest.
FIIs have bought in excess of 1400 Crores.
NEGATIVES
RELIANCE single-handedly pulled NIFTY down and two of the heavyweights of BANK NIFTY were badly influenced by the negativity and they too joined the draggers team.
BANK NIFTY closed below 36500.
HDFC BANK is experiencing unusual weakness which is leading to nervousness in ICICI BANK as well.
TRADING RANGE FOR 14-09-21
17000-17200 is the support base.17400-450-500 may be the resistance area for NIFTY.
BANK NIFTY support stays at 36200-400 and resistance at 37000-37200.
INSIGHT / OBSERVATIONS
It is strange indeed that around ATH levels, the path of least resistance for NIFTY is downward.
One of the worrying things is that now NIFTY does not face strong buying support around 17300 and quickly drifts towards 17250.
The tendency to make lower lows with a flat closing is not what one would expect in a bull market especially around the ATH levels.
FTSE was quite positive and yet we ended in the red - another instance where our indices have chosen to ignore the global cues even when they were positive.
RELIANCE made a low around the FIB level of the daily charts. If the level is held, NIFTY may well be able to catch up soon.
What do you feel about this?
Thank you, and Happy Money Making!
Umesh
13-09-21
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
17363.55 / 17378.35 / 17269.15 / 17355.3
H-L = 77 points
VIX 14.03 / +0.65%
FII DII: +860 Crores
Likely open: Positive Gap-up provided it is able to stay above today’s close for an hour or so.
CHART BASED CONCLUSIONS - 5 Minutes Chart
A gap-down open with an attempt to cross the P Close was immediately sold in to and within the next hour, the day’s low was hit.
NIFTY breached 17300 with relative ease and found support around intraday pivot points of 17274.
The relief rally was steady and was held on to by NIFTY.
One more indecisive close on the Daily charts.
NIFTY WEIGHT LIFTERS & DRAGGERS
The Weight Lifters
TCS 14
HDFC 08
BAJAJ FINSERV 07
KOTAK BANK 05
HINDALCO 05
TOTAL 49
The Laggards
RELIANCE 44
ICICI BANK 20
HDFC BANK 13
HUL 04
ADANI PORTS 02
TOTAL 83
Lifter - Draggers = -34
POSITIVES
NIFTY closed above 17350.
INFOSYS recovered from the lows of the day to end flat.
HDFC is looking good around 2850.
MARUTI seems to be witnessing renewed buying interest.
FIIs have bought in excess of 1400 Crores.
NEGATIVES
RELIANCE single-handedly pulled NIFTY down and two of the heavyweights of BANK NIFTY were badly influenced by the negativity and they too joined the draggers team.
BANK NIFTY closed below 36500.
HDFC BANK is experiencing unusual weakness which is leading to nervousness in ICICI BANK as well.
TRADING RANGE FOR 14-09-21
17000-17200 is the support base.17400-450-500 may be the resistance area for NIFTY.
BANK NIFTY support stays at 36200-400 and resistance at 37000-37200.
INSIGHT / OBSERVATIONS
It is strange indeed that around ATH levels, the path of least resistance for NIFTY is downward.
One of the worrying things is that now NIFTY does not face strong buying support around 17300 and quickly drifts towards 17250.
The tendency to make lower lows with a flat closing is not what one would expect in a bull market especially around the ATH levels.
FTSE was quite positive and yet we ended in the red - another instance where our indices have chosen to ignore the global cues even when they were positive.
RELIANCE made a low around the FIB level of the daily charts. If the level is held, NIFTY may well be able to catch up soon.
What do you feel about this?
Thank you, and Happy Money Making!
Umesh
13-09-21
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.
