La Opala Up by 5.5%.. about to reach all time high..!it has shown a good break out of 5.5% ... & is about to reach all time high territory.
then we may just need to follow the earnings (next due on 17th Nov)
So far, It's 35% return... expecting a still good upside from here!
Keep compounding.
Disclosure: Invested.
Alltimehigh
FINOLEX INDUSTRIES (Positional Study)~ Swing High Breakout - ✓
~ Price Close at ATH - ✓
~ Positive Spread Performance in all Time Frames - ✓
~ Spread Chart Breakout - ✓
~ RS+ & Increasing Relative Strength - ✓
~ Huge Qty (61.71 lac shares) Delivered on 17th Sept. with Avg. VWAP of 189/-
~ Good Volume Activity during Breakout - ✓
Good Stock to Study & Keep Eye on.
Astra Microwave - 16 Yrs Mega Breakout w/volumeBUY GUIDANCE:
Never buy before 3PM (for positional trading). I have been burnt many times over. Try to buy between 3:15 - 3:30PM, later the better.
SL: Depending on your risk appetite: Below Weekly BO Candle / Below Daily BO Candle / 50% of Weekly BO candle / Below 20DMA
TGT: After a 10-15%+ vertical move, breakdown of 20DMA (on a daily close basis)
SELL GUIDANCE:
Selling in Profit:
Sell earlier in the session when the prices are higher, around 11AM.
Selling at SL:
Give your stock a chance to recover by end of session. If it doesn't recover, sell anywhere between 3:00 - 3:30PM.
Note: I reserve the right to be wrong.
DISCLAIMER:
I am not a SEBI registered analyst. Please consult your financial advisor before investing.
Swing Trading Opportunities for W/B 27-9-21TRADING WATCHLIST FOR W/B 27-9-21
INTENT
I will only be sharing the time frame and the scrip name. I will leave the trade basis aside as the intent is to engage the reader in learning the basics of finding good scrips. You can have a look at the charts and place your favorite indicators and check out if any of these fit your trade plan.
ON MY WATCHLIST FOR W/B 27-9-21 --
This is a weekly review of the available opportunities so my time frame for analysis moves from Daily to Weekly and from Hourly to Daily. Here are the likely candidates for the week -
WEEKLY TIME FRAME- FOR LONG POSITIONS
NIFTY WEEKLY CHART EOD Close 24-9-21 @ 17853.2
ACC
BLUESTAR
DHANUKA
EMAMI
FORCE MOTORS
GM BREWERIES
INOX LEISURE
PAGE IND
PGHH
PHOENIX MILLS
RAYMOND
STR TECH
UDAIPUR CEMENT
CAPRI GLOBAL
BPCL
CIPLA
ONGC
TATA STEEL
ULTRA TECH
ACCELYA
DCW
IDEA
WALCHANDNAGAR
SECTORS LOOKING GOOD FOR LONG POSITIONS-
AUTO
BANK NIFTY
MEDIA
METALS
PRIVATE BANKS
Ideally, the best candidate would be the one that features in both lists. I may / may not take these trades as not every opportunity should / can be traded.
I believe that it is better to help someone learn the technique of selecting good scrips than giving tips - in any case, I am not SEBI regd so I do not have the authority as well to do so.
In case you are able to spot the setup and the trade basis, please do share so that together we can learn.
Thank you for your time and Happy Learning,
Umesh
26-9-21
Disclaimer -- This post is shared for learning and educational purposes only and in no way acts as a recommendation. I am not a SEBI regd trader so please either decide your trades/investments on your own or consult your financial advisor before making any trades.
What a strong comeback by the INDICES! NIFTY batting 17822!NIFTY 50 EOD ANALYSIS -23-09-21
IN SUMMARY
O / H / L / C
17670.85 / 17843.90 / 17646.55 / 17822.95
H-L = 86 points
VIX 16.6 / +0.67%
FII DII: +1530 Crores
SGX NIFTY at 1930h - 17853 +22 points
Likely open: Flat to mild positive. Profit booking may kick-in in the PM session.
CHART BASED CONCLUSIONS - 15 M Chart
A strong gap-up open and a sustained rally that ended the day a few points above the new ATH of 17843.9.
It was after a long time that NIFTY was supported well by BANK NIFTY and other sectors as well.
NIFTY yet again ends in the proverbial uncharted territory.
The daily chart shows that today’s candle is up in the air like a rocket fired by someone.
NIFTY WEIGHT LIFTERS & DRAGGERS
The Weight Lifters
RELIANCE 42
HDFC BANK 32
HDFC 30
BAJAJ FINSERV 28
ICICI BANK 19
TOTAL 151
The Draggers
HDFC LIFE 02
ITC 02
NESTLE 02
DR REDDY’S 01
BRITANNIA 01
TOTAL 08
Lifter - Draggers = +143
POSITIVES
RELIANCE chose to join hands with the HDFC twins and then what comes out was a blockbuster.
BANK NIFTY also joined the party and has gained the lost ground in a matter of just one session.
There are plenty of positives and the list would be long so I am not writing it here.
NIFTY ends on yet another ATH and for the first time close above 17800.
NEGATIVES
As a mark of respect to the bullishness and positivity shown by the markets, let me not even think of any negativity at least for today’s analysis.
TRADING RANGE FOR 24-09-21
I am not sure what to state about NIFTY levels. So I will let it settle down in the new terrain and will see where it ends the week before stating any levels.
The spike in BANK NIFTY has torn apart all the levels on the downside so will wait for the index to end the week before stating them. The resistances are obviously at 38000 and then around the ATH of 38100+.
INSIGHTS / OBSERVATIONS
All constituents of BANK NIFTY ended in the green.
FMCGs are known as the defensives and today when the Indices were on a roll, there was mild profit booking in the sector as HUL, ITC and BRITANNIA ended in mild red.
TATA MOTORS at one stage was up 4% and as against that MARUTI could barely move in to the 1st gear and struggled throughout the day drifting towards the P Close several times.
For the last 2 days, similar price action had happened in the HDFC twins and today we know what happened! Will MARUTI follow their example tomorrow?
RELIANCE may take its time to reach 2500 as it made an ATH of 2497 just around one of the FIB extensions.
Peak margin rules would get invoked from tomorrow morning. So for retail traders like me, as regards Stock Options are concerned, the month would be expiring tomorrow around lunch as thereafter, many retailers like me, would start exiting thereby put pressure on the downside as regards Option premia are concerned.
What do you feel about this?
Thank you, and Happy Money Making!
Umesh
23-09-21
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.
---
DIIs spoil the party, Drag NIFTY from around 17800NIFTY 50 EOD ANALYSIS -17-09-21
IN SUMMARY
O / H / L / C
17709.65 / 17792.95 / 17537.65 / 17585.15
H-L = 255 points
VIX 15.23 / +5.69%
FII DII: +130 Crores
Likely open: Flat to negative. This is based on the SGX NIFTY and as the US markets close was in negative. A bounce-back is more likely as FIIs have bought in good numbers.
CHART BASED CONCLUSIONS - 15 Minutes Chart
A good gap up with a retest of the opening lows was then bought in to and NIFTY almost touched 17800 but there was immediate and sharp sell-off from 1030 that led to NIFTY falling 225+ points from the day high.
After the first sell-off, it turned rangebound, but then as the market close was nearing, there was another sell-off which meant NIFTY ended below 17600.
It was indeed surprising that the level was given away so quickly.
NIFTY WEIGHT LIFTERS & DRAGGERS
The Weight Lifters
KOTAK BANK 17
HDFC BANK 17
HDFC 04
BAJAJ FINSERV 03
BHARTI AIRTEL 02
TOTAL 43
The Draggers
RELIANCE 22
TCS 13
ICICI BANK 08
TATA STEEL 08
INFOSYS 07
TOTAL 58
Lifter - Draggers = -15
POSITIVES
NIFTY went very close to 17800 but failed to clear the line.
BANK NIFTY made a high above 38100.
KOTAK BANK & HDFC BANK outperformed all the other leaders.
HDFC appears to have found some support around 2800.
FIIs have bought in large numbers.
NEGATIVES
INFOSYS is suffering from 1700+ Syndrome as it is unable to hold on to the level for more than a day at a time.
RELIANCE was doing good but late afternoon sell-off brought it below 2400 yet again.
VIX has gone up to 15+ after quite a few weeks.
DIIs have sold heavily.
TRADING RANGE FOR W/B 20-09-21
17300-17350 is the new support base. For now, 17800 may well prove to be a major resistance as the fall from just below that level was sharp and severe.
BANK NIFTY support lines are 37200-400 and resistances at 38000-38200.
INSIGHTS / OBSERVATIONS
NIFTY was clearly hijacked by RELIANCE, TCS & INFOSYS. There was extreme volatility and fast movement in NIFTY making it a hard day for the traders.
HDFC BANK retested 1560 levels and then shot up more than 1% to close above 1580 and this along with KOTAK BANK closing above 2000 saved the day for BANK NIFTY as it ended in the green and in the process, helped NIFTY from sinking further.
Clearly, BANK NIFTY is now looking stronger than NIFTY and may well hold the key to NIFTY holding higher levels.
RELIANCE ended the day 65 points lower than the day high which is more than 2% and that is what spooked NIFTY.
SGX NIFTY is showing a gap down of almost 100 points but this is not entirely reliable as we have seen in the past. Since FIIs have bought in large numbers, a gap-down is more likely to be bought into unless there is something else that happens between 19-9 evening and the market open.
Social Media is very quick to signal that the top was made on Friday and now NIFTY is heading down. When August was in good green, it was said that September would be a washout and now when NIFTY kept scaling ATH after ATH in Sep, a fall of 44 points is being called out as end of the road.
The fact is no one really knows and there is no point doing guesswork as in a matter of 23 hours, the day would have ended and clarity would have emerged.
The best approach would be to keep all news and views aside and react to the price action by sticking to the right process that has given you success in the past.
That is what matters in the end.
What do you feel about this?
Thank you, and Happy Money Making!
Umesh
19-09-21
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.
Mentorship InstaView 16 Sept’21: Elephants can Dance
Nifty View: ITC and erstwhile underperforming PSU banking stocks stole the show in today’s trading session. Big price gains backed by momentum and volumes from these stocks helped the benchmark Nifty index to post a day’s gain of 75 points. The index is now comfortable placed above 17,600 with no sign of immediate top out in any time frames. It makes sense to continue with the bullish bias and continue to look for long trades. Do watch the video for a more detailed analysis of the market.
Thank you for following my work and please feel free to share your thoughts and suggestions.
Trade Well. Trade Wise.
Mentorship InstaView 15 Sept’21: Trend Stronger than Resistance
Nifty View: A beautiful 150 point up move from the benchmark Nifty index in today’s trading session to mark the end of the recent 6-day old consolidation. The trend was UP and now with today’s rally it has picked up fresh buying momentum. Also good to observe stocks from PSU banking space participating in the up move, especially index heavyweight SBIN. The worry from a break below 17,300 seems to be behind us now and from a short term perspective (17,400-17,430) will act as supports. Watch the video for a more detailed analysis.
Thank you for following my work and please feel free to share your thoughts and suggestions.
Trade Well. Trade Wise.
NIFTY batting at 17519 a record closing highNIFTY 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.
Swing Trading Opportunities for W/B 13-9-21TRADING WATCHLIST FOR W/B 13-9-21
INTENT
I will only be sharing the time frame and the scrip name. I will leave the trade basis aside as the intent is to engage the reader in learning the basics of finding good scrips. You can have a look at the charts and place your favorite indicators and check it out if any of these fit your trade plan.
ON MY WATCHLIST FOR W/B 13-9-21 --
This is a weekly review of the available opportunities so my time frame for analysis moves from Daily to Weekly and from Hourly to Daily. Here are the likely candidates for the week -
WEEKLY TIME FRAME- FOR LONG POSITIONS
BAJAJ AUTO
COAL INDIA
KOTAK BANK
SBIN
SHREE CEMENT
IDFC FIRST BANK
CHALET
DAAWAT
DHANUKA
GATI
GIC HOUSING
RAYMOND
VENKY’S
HDFC AMC
VAKRANGEE
AB CAPITAL
IDEA
ITC
REC LTD
There are plenty of opportunities out there even after NIFTY hitting 17300+. So, please review your fund position, have a look at the indicator that fits you well, and plan for investing / trading per your risk appetite.
SECTORS LOOKING GOOD FOR LONG POSITIONS-
AUTO
BANK NIFTY
CPSE
MEDIA
Clearly, there is a lesser number of sectors that are now offering good entry points in comparison to the earlier weeks. The reason is that either some of the sectors have witnessed retracement of price levels or many of them are way above a level from where a good RR trade could be initiated. BANK NIFTY seems to be the best bet for now.
Ideally, the best candidate would be the one that features in both the lists. I may / may not take these trades as not every opportunity should / can be traded.
I believe that it is better to help someone learn the technique of selecting good scrips than giving tips - in any case, I am not SEBI regd so I do not have the authority as well to do so.
In case you are able to spot the set up and the trade basis, please do share so that together we can learn.
Thank you for your time and Happy Learning,
Umesh
12-9-21
Disclaimer -- This post is shared for learning and educational purposes only and in no way acts as a recommendation. I am not a SEBI regd trader so please either decide your trades/investments on your own or consult your financial advisor before making any trades.
Will STOVEKRAFT make a new high? STOVEKRAFT has been in a nice uptrend and it had made a high of 1017 on 30.08.21. Since then it has pulled back to the 20 EMA and has formed a continuation bar today. It seems that it is poised to continue its upward trend and possibly make new highs. A long trade can be initiated keeping the following levels in mind. Only initiate the trade if price sustains above the "LONG ABOVE" level for 15 minutes.
_____________________________________________________________________________________________________________________________
LONG ABOVE : 977.15
STOP LOSS : 915
TARGET 1 : 1039.30
TARGET 2 : 1101.45
_____________________________________________________________________________________________________________________________
Manage risk properly and trade the plan. :)
#iciciprudential trending at all time high with volume&momentum#iciciprudential trending with channel at all time high with volume and momentum
weekly has a momentum bullish reverse divergence playing out.
adx trend indicators are also seen rising in strength in all timeframes in bull zones
look like most other stocks in insurance sector also rallying.
RELIANCE & INFOSYS Save the day for NIFTY NIFTY 50 EOD ANALYSIS -03-09-21
IN SUMMARY
O / H / L / C
17399.35 / 17429.55 / 17345.55 / 17377.8
H-L = +84 points
VIX 15.11 / +3.92%
FII DII: -42 Crores
Likely open: Unable to read - as today US markets are also closed so indices may consolidate again unless a heavyweight does some interesting moves.
CHART BASED CONCLUSIONS
NIFTY crossed 17400 as well in the first half an hour but failed to hold on to the same.
NIFTY ended the day on yet another ATH close.
A higher high and a higher low has been created.
On the Daily charts a Doji has been formed indicating indecision.
NIFTY WEIGHT LIFTERS & DRAGGERS
The Weight Lifters
RELIANCE 28
INFOSYS 23
WIPRO 11
HCL TECH 06
GRASIM 03
TOTAL 71
The Draggers
HDFC BANK 10
ICICI BANK 05
KOTAK BANK 04
IOC 03
ITC 02
TOTAL 24
Lifter - Draggers = +47
The towering presence of RELIANCE & INFOSYS changed the fortunes for NIFTY.
POSITIVES
INFOSYS has made a strong recovery and is now coming close to the ATH levels hit a few days ago.
RELIANCE closed at ATH of 2400+.
NIFTY hit a new ATH above 17400.
NIFTY closed in the green despite pressure from BANK NIFTY.
NEGATIVES
HDFC BANK, ICICI BANK & KOTAK BANK dragged BANK NIFTY and therefore NIFTY as well.
BANK NIFTY closed near the day’s low and below 36600.
FII DII is net negative of 42 Crores.
BANK NIFTY could not go closer to 37000.
TRADING RANGE FOR WB 07-09-21
17000-17200 is the support base. I do not know what the upper levels may be.
BANK NIFTY support stays at 36200-400 and resistance at 37000-37200.
INSIGHT / OBSERVATIONS
BANK NIFTY trading range was 369 points only which means that the index is getting ready for a big move on either side. It has the tendency to surprise the participants so we will need to wait and watch.
NIFTY ended in the green only because of RELIANCE & INFOSYS. RELIANCE fell sharply from the day’s high of 2480+ to end at 2425.
RELIANCE and BANK NIFTY hold the key for tomorrow.
What do you feel about this?
Thank you, and Happy Money Making!
Umesh
06-09-21
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.
Swing Trading Opportunities for W/B 6-9-21TRADING WATCHLIST FOR W/B 6-9-21
INTENT
I will only be sharing the time frame and the scrip name. I will leave the trade basis aside as the intent is to engage the reader in learning the basics of finding good scrips. You can have a look at the charts and place your favorite indicators and check it out if any of these fit your trade plan.
ON MY WATCHLIST FOR W/B 6-9-21 --
This is a weekly review of the available opportunities so my time frame for analysis moves from Daily to Weekly and from Hourly to Daily. Here are the likely candidates for the week -
WEEKLY TIME FRAME- FOR LONG POSITIONS
ADANI PORTS
BAJAJ AUTO
COAL INDIA
HERO MOTO
KOTAK BANK
ONGC
BANDHAN BANK
IDFC FIRST BANK
BOSCH
ALEMBIC PHARMA
DR REDDY
AUROPHARMA
CHALET
DAAWAT
GLENMARK
HINDPETRO
ICICIGI
KSCL
LIC HOUSING
MRF
OIL
RAYMOND
There are plenty of opportunities out there even after NIFTY hitting 17300+. So, please review your funds position, have a look at the indicator that fits you well and plan for investing / trading per your risk appetite.
SECTORS LOOKING GOOD FOR LONG POSITIONS-
AUTO
BANK NIFTY
COMMODITIES
CPSE
ENERGY
GROWTH
METALS
MIDCAP50
MIDCAPLIQUID
PHARMA
PSE
Ideally, the best candidate would be the one that features in both the lists. I may / may not take these trades as not every opportunity should / can be traded.
I believe that it is better to help someone learn the technique of selecting good scrips than giving tips - in any case, I am not SEBI regd so I do not have the authority as well to do so.
In case you are able to spot the setup and the trade basis, please do share so that together we can learn.
Thank you for your time and Happy Learning,
Umesh
5-9-21
Disclaimer -- This post is shared for learning and educational purposes only and in no way acts as a recommendation. I am not a SEBI regd trader so please either decide your trades/investments on your own or consult your financial advisor before making any trades.
RELIANCE towers over NIFTY batting 17323NIFTY 50 EOD ANALYSIS -03-09-21
IN SUMMARY
O / H / L / C
17262.45 / 17340.1 / 17212.2 / 17323.6
H-L = +186 points
VIX 14.54 / +2.11%
FII DII: +1436 Crores
Likely open: Positive but there may be selling pressure if BANK NIFTY does not support it.
CHART BASED CONCLUSIONS
A good gap-up opening and then the typical retest of P Close. This is how NIFTY moved in the AM session.
Then, NIFTY retested and crossed the opening high and fell again to retest the P Close and recovered smartly to end the day closer to the ATH.
On a 5 minute chart, NIFTY looks highly volatile as if we are seeing a BANK NIFTY chart.
On the weekly chart, NIFTY shows a strong bullish candle that has not been seen for the last several weeks.
NIFTY WEIGHT LIFTERS & DRAGGERS
The Weight Lifters
RELIANCE 63
TITAN 09
INFOSYS 07
IOC 05
EICHER MOTORS 03
TOTAL 87
The Draggers
HDFC BANK 10
HDFC 09
HDFC LIFE 06
HUL 05
BHARTI AIRTEL 02
TOTAL 32
Lifter - Draggers = +55
The towering presence of RELIANCE is what changed the fortunes of NIFTY.
POSITIVES
RELIANCE soared and closed the week in style at a new ATH.
INFOSYS restored the 1700 level and is now above its 200 DMA.
Despite the negative news, MARUTI closed higher and at one stage looked set to retest 7000.
FIIs DIIs are both Net Buyers.
NEGATIVES
BANK NIFTY continues to underperform.
HDFC triplets were on the other side of RELIANCE. They perhaps tried to justify their might.
TRADING RANGE FOR WB 06-09-21
17000-17200 is the support base. I do not know what the upper levels may be.
BANK NIFTY support stays at 36200-400 and resistance at 37000-37200.
INSIGHT / OBSERVATIONS
The NIFTY rally is now becoming a stock driven rally possibly indicating exhaustion at higher levels and the coming week may see some profit booking.
Today it was RELIANCE and next week it could be INFOSYS and HDFC family.
It is time to turn cautious until BANK NIFTY closes well above 37200 as the index has the potential to drag NIFTY and upset the party.
What do you feel about this?
Thank you, and Happy Money Making!
Umesh
03-09-21
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.