NIFTY 50 EOD ANALYSIS 08-12-21
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.
O 17315.25
H 17484.60
L 17308.95
C 17469.75
EOD +293.05 points / +1.58%
India VIX 17.27/-6.45%
SGX Nifty 08-12-21 @ 1900h = +25 points
FII DII = +1156ICrores
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened with a strong gap up and sustained the same except for 5 minutes when it breached 17400 briefly.
Even though there was positivity throughout and India Vix is also showing a good downward move, the market was choppy and many SLs may have been hit on either side.
The indices made significant higher lows and higher highs.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 131
Top 5 Draggers contributed = 3
Net = +128
BANK NIFTY WEIGHT LIFTERS & DRAGGERS
Top 3 Lifters contributed = 595
Top 3 Draggers contributed = 47
Net = +548
POSITIVES
Nifty closed above 17450 and closer to the day high.
Bank Nifty closed above 37200.
India Vix keeps falling.
The Advance-Decline ratio is quite impressive as 2/3rd scrips have advanced.
FII DII data is +1100 Crores
NEGATIVES
I do think anything worth a mention can fit in here today.
TRADING RANGE FOR 09 Dec 21
Nifty Support = 16900-17000 may well be the new base.
Nifty resistance = 17500-600
Bank Nifty Support = 36500-800
Bank Nifty resistance = 37500-700-37000
INSIGHTS / OBSERVATIONS
Of the total gain of 663 in Bank Nifty on EOD basis, the net contribution of the Top 3 Lifters & Draggers is 548! This explains why Bank Nifty was on a high today.
There are 2 significant things that I feel are important and these are:
Nifty’s low for the day in comparison to that of yesterday is higher by 300+ points.
Bank Nifty Low for the day in comparison to that of yesterday is higher by almost 900 points.
And this becomes even more interesting when we look at the following:
Nifty EOD is up by 300+ points than EOD price of 1-12-21
Bank Nifty is up by 900+ points than EOD price of 1-12-21
Kotak Bank is like a hedging instrument - it prefers to run on its own course as when Bank Nifty was very strong today, Kotak Bank dragged. This has been the character of the scrip.
I do not recollect when was the last time that the indices moved up this way after RBI policy announcements.
Let us see how the expiry turns out tomorrow and whether India Vix continues its downward journey. A weekly close above 17500 on Nifty and 38000 on Bank Nifty would be a good thing to have.
Nifty reached 17422 at 0925h and except for a 5 minute candle which took it to 17390, the rest of the entire day, it moved in a very narrow range of 62 points. However, Bank Nifty had a choppier day compared to Nifty with many ups and downs.
What do you feel about this?
Thank you, and Happy Money Making!
Umesh
8-12-21
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.
O 17315.25
H 17484.60
L 17308.95
C 17469.75
EOD +293.05 points / +1.58%
India VIX 17.27/-6.45%
SGX Nifty 08-12-21 @ 1900h = +25 points
FII DII = +1156ICrores
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened with a strong gap up and sustained the same except for 5 minutes when it breached 17400 briefly.
Even though there was positivity throughout and India Vix is also showing a good downward move, the market was choppy and many SLs may have been hit on either side.
The indices made significant higher lows and higher highs.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 131
Top 5 Draggers contributed = 3
Net = +128
BANK NIFTY WEIGHT LIFTERS & DRAGGERS
Top 3 Lifters contributed = 595
Top 3 Draggers contributed = 47
Net = +548
POSITIVES
Nifty closed above 17450 and closer to the day high.
Bank Nifty closed above 37200.
India Vix keeps falling.
The Advance-Decline ratio is quite impressive as 2/3rd scrips have advanced.
FII DII data is +1100 Crores
NEGATIVES
I do think anything worth a mention can fit in here today.
TRADING RANGE FOR 09 Dec 21
Nifty Support = 16900-17000 may well be the new base.
Nifty resistance = 17500-600
Bank Nifty Support = 36500-800
Bank Nifty resistance = 37500-700-37000
INSIGHTS / OBSERVATIONS
Of the total gain of 663 in Bank Nifty on EOD basis, the net contribution of the Top 3 Lifters & Draggers is 548! This explains why Bank Nifty was on a high today.
There are 2 significant things that I feel are important and these are:
Nifty’s low for the day in comparison to that of yesterday is higher by 300+ points.
Bank Nifty Low for the day in comparison to that of yesterday is higher by almost 900 points.
And this becomes even more interesting when we look at the following:
Nifty EOD is up by 300+ points than EOD price of 1-12-21
Bank Nifty is up by 900+ points than EOD price of 1-12-21
Kotak Bank is like a hedging instrument - it prefers to run on its own course as when Bank Nifty was very strong today, Kotak Bank dragged. This has been the character of the scrip.
I do not recollect when was the last time that the indices moved up this way after RBI policy announcements.
Let us see how the expiry turns out tomorrow and whether India Vix continues its downward journey. A weekly close above 17500 on Nifty and 38000 on Bank Nifty would be a good thing to have.
Nifty reached 17422 at 0925h and except for a 5 minute candle which took it to 17390, the rest of the entire day, it moved in a very narrow range of 62 points. However, Bank Nifty had a choppier day compared to Nifty with many ups and downs.
What do you feel about this?
Thank you, and Happy Money Making!
Umesh
8-12-21
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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