NSE:HDFC BONSE:HDFC
#NSE:HDFC trading bullish and reached resistance level, high chances to BO
Post confirmation may try 2800 CE
Good above 2826.
HDFC
Nifty ends at 17401, have the new bases been formed?NIFTY 50 EOD ANALYSIS 02-12-21
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 17183.20
H 17420.25
L 17149.30
C 17401.65
EOD +234.75 points / +1.37%
India VIX 18.09/-6.99%
SGX Nifty 02-12-21 @ 1755h = -60 points
FII DII = Not yet available
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened with a mild gap up and then immediately made an attempt to break the close of yesterday but found support around the level and then recovered well.
It then made a sustained rally more or less uninterrupted till 17325 then fell around 40 points and then again retested the level of 17320+.
Then there was a sudden fall in Reliance which brought Nifty below 17300 but it recovered very well and then ended the day closer to the high of the day at 17420.
Both the indices have made higher highs, and higher lows.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 104
Top 5 Draggers contributed = 09
Net = +95
BANK NIFTY WEIGHT LIFTERS & DRAGGERS
Top 3 Lifters contributed = 170
Top 2 Draggers contributed = 53
Net = +117
POSITIVES
Nifty ended just above 17400 and closer to the day high of 17420.
The sudden change of colors was due to the sustained efforts of the HDFC twins and the 2 Nifty twins of Infosys and TCS that have helped Nifty come out of the negative sentiments.
Bank Nifty managed to close just above 36500.
India Vix has fallen 7%.
NEGATIVES
ICICI Bank and Axis Bank chose to stay away from the party and that is what caused Bank Nifty to underperform.
TRADING RANGE FOR 03 Dec 21
Nifty Support = 17000-17200
Nifty Resistance = 17425-500-600.
Bank Nifty Support = 35800-36000
Bank Nifty Resistance = 36600-800-37000
INSIGHTS / OBSERVATIONS
Bank Nifty OHLC was back again above 36000- the 4 previous sessions had lows above 35000+. This signals that the new base may have been built around 35500-36000.
When Nifty falls 300 points there are many reasons out there and the majority starts guessing when it will stop. Now that it went up by 230+ points and ended the day at 17401, everyone started wondering whether this rally would continue!
Perhaps that is why, it is said that - A bull market climbs the Wall of Worries!
17400 has been reclaimed after 5 sessions when the close was 17415 - that may well prove to be the next immediate hurdle.
Bank Nifty has underperformed Nifty today by 500+ points as it generally rises or falls in the ratio of 1 Nifty point = 3 Bank Nifty points.
Nifty soaring 234 points on a day when the European markets are in the red is indicative of the fact that the rally may not sustain and FIIs who may have bought in the Cash market may again Sell tomorrow. So the weekly close and more importantly the open on Monday, 06-12 is going to be crucial.
An interesting insight on the Bank Nifty close is given in this tweet:
What do you feel about this?
Here is the video link --
Thank you, and Happy Money Making!
Umesh
2-12-21
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.
---
HDFC Heading toward Fibonacci levelHDFC has made a successful breakout-retest-continuation pattern out of its consolidation zone on the daily time frame. The is heading toward the next resistance zone of 3140 which is a dual Fibonacci level.
It is the 1.618 Fibonacci level of the pre-Covid high-low on the 1D time frame. It is also the 4.236 Fibonacci level on the long-term Weekly chart. We are bullish on HDFC with 3140 as target.
Indices end in good green despite ups and downsNIFTY 50 EOD ANALYSIS 01-12-21
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 17104.40
H 17213.05
L 17064.25
C 17166.90
EOD +183.70 points / +1.08%
India VIX 19.45/-8.12%
SGX Nifty 01-12-21 @ 17455h = +9 points
FII DII = Not yet available
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened with a 100+ points gap-up and it was able to sustain the momentum for the first few minutes and then the usual sell-off kicked-in.
However, this time the downfall halted just around the open price and then Nifty managed to cross 17200 in a sustained manner.
However, as witnessed yesterday, the 17200+ levels offered a solid resistance and the Nifty yet again fell 100+ points and made a new low at 17064.
This was immediately bought in to and then Nifty made a choppy recovery but failed to end above 17200.
On the daily charts, Nifty has left behind a gap as it was able to sustain the levels above 17050.
Both the indices have made a higher low, but lower highs.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 95
Top 5 Draggers contributed = 18
Net = +77
POSITIVES
OHLC of Nifty is above 17050.
Nifty ended above 17150.
Bank Nifty made a strong recovery today and appeared stronger than Nifty and managed to close above 36300.
All Bank Nifty family members except Kotak Bank ended the day in the green.
India Vix has fallen 8%+.
Reliance, ICICI Bank, and HDFC have recovered from the selling spree and if HDFC Bank also recovers and steadies above 1530, it would add to the positivity.
NEGATIVES
Infosys, HDFC Bank, and Kotak Bank have not been able to end with strong positivity. As long as these scrips do not end in a good amount of green, the Indices may keep facing resistances and selling pressure.
17200 on Nifty and 36450 on Bank Nifty are hard to cross - this is despite the overall sentiment being positive.
TRADING RANGE FOR 02 Dec 21
Nifty Support = 16700-800
Nifty Resistance = 17200 and above until 17500 is taken out on a closing basis.
Bank Nifty Support = 35500-700
Bank Nifty Resistance = 36400-600-800-37000
INSIGHTS / OBSERVATIONS
The indices have left behind a gap that has not yet been filled between the close of 30-11 and today. Considering that the market is still weak, this may well get filled soon and it is better if it does so as then only the remainder of the weakness would go away.
The global markets and therefore India seems to have discounted the impacts of Omicron and that is why Divis Labs and Cipla feature as the draggers of Nifty.
FIIs may have bought today but the ferocity in the moves and the wide range was missing and most of the gains have been recorded on account of the gap up in the Indices. The range of the indices was not that wide as India Vix has fallen significantly.
The 1330h candle in Bank Nifty on 5 minutes chart was unnerving - I was holding 35900 CE and it shook me out while exiting the long and as it abruptly recovered, my reentry in the same CE was out by 30 points - such fast were the moves. This despite India Vix being down. This was possibly the algo at play to wipe out basket orders or to execute and settle the basket orders. We may never know until we become witness to such large moves.
EVen though India Vix has fallen significantly, the market was quite choppy especially Nifty as it kept going up and down. I do not understand how this could happen but not everything should be reasoned out. Let it do what it is supposed to do.
What do you feel about this?
Here is the video link --
Thank you, and Happy Money Making!
Umesh
1-12-21
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.
---
HDFC - Short Term and Swing tradeHDFC 1D time frame.
Cup and Handle Pattern for short term or Swing trade.
Put proper stop loss or trade with hedging
NOTE-
We are not SEBI registered.
This is only for educational purpose.
Please consult your advisor before making any trade or investment.
HDFC | LOOKING A GOOD BUYHDFC has broken it's previous high and looking good buy above today's high for the marked targets on chart.
To motivate me, Please like the idea If you agree with the analysis.
Happy Trading!
InvestPro India Team
Indices lose early gains, end the day on a flat noteNIFTY 50 EOD ANALYSIS 15-11-21
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 18140.95
H 18210.15
L 18071.30
C 18109.45
EOD - +6.70 points / +0.04%
SGX Nifty 15-11-21 @ 1840h = +28 points
FII DII = +1948 Crores
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened gap-up and hit an intraday resistance around 18200 and then never made any serious efforts to go back up again.
Nifty made a higher high and a higher low.
Another key point was that Nifty OHLC was above 18050.
Nifty ended on a flat note thanks to the weighted average close method.
It is hard to say if Nifty is weaker or Bank Nifty is weaker.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 57
Top 5 Draggers contributed = 64
Net = -7
POSITIVES
Nifty OHLC was above 18050.
The sleeping giant ITC saved the day for Nifty along with Kotak Bank, TCS, and Infosys.
Bank Nifty somehow managed to close above 38700.
HDFC made a good up move at the open and immediately fell by 40+ points but managed to close at 3000.
FII-DIIs are both net buyers which is a good sign on a day when the indices ended flat.
NEGATIVES
The inability of indices to stay at higher levels is not a good sign.
Despite HDFC Bank being positive, it lacked buying interest for it to lift the indices.
TRADING RANGE FOR 16-18 November 2021
Nifty Support 17800-900
Nifty resistance 18150-18200-18250-300
Bank Nifty Support 38000-200-400
Bank Nifty Resistance 38800-39000-39200
INSIGHTS / OBSERVATIONS
Bank Nifty finding it hard to clear 38900 on spot and 39000+ on Futures.
During the day at many stages, it appeared that there are selling orders getting executed by the big players as some of the key stocks that I was tracking went down together, then halted for a few minutes before going back up again and then again coming down. This happened a few times.
I recollect having read on similar lines in one of the books that related to using the price action to read what the bigger players were doing in the market. I am unable to recollect the name of the book.
In technical analysis, it is generally stated that buy what is going up and sell what is going down. In my view, this does not hold good for HDFC Bank. In its case, it should be the other way. Buy when it is going down and sell when it is going up. It rarely follows a consistent price action - it may be a good scrip for patient investors, but for a trader like me, I would rather trade in other banks than in HDFC Bank. The intent is to make money and not show loyalty.
Today also, Bank Nifty ended below 765-775.
What do you feel about this?
Here is the video link --
Thank you, and Happy Money Making!
Umesh
15-11--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.
---
HDFC Life Trend AnalysisRating: Positive
Level: Rangebound but can breakout soon if level of 740 can be taken out with high volume which is missing so far.
Business Outlook: Very good
HDFC Life in in talk to acquire Exide Life Insurance business which will have a positive impact on his business. Target of 850-900 is possible in medium term
Swing Trading Opportunities for the week beginning 15-11-21SWING TRADING WATCHLIST FOR THE WEEK BEGINNING 15-11-21
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.
Some readers feel that I am simply listing down several scrips so that if they go up I can claim so. This is not the case - I am not here to score any points. I am sharing my weekly analysis and if you like it, read it and if you do not agree, I am fine with that.
ON MY WATCHLIST FOR THE COMING WEEK
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 -
SECTORS LOOKING GOOD FOR LONG POSITIONS-
Nifty 100
Nifty 200
Consumption
FMCG
IT
WEEKLY TIME FRAME- FOR LONG POSITIONS - Nifty Spot at 18102.75
Adani Ports
Asian Paints
Britannia
HCL Tech
Hindalco
Nestle
TCS
Wipro
IDFC First Bank
Damia Bharat
Force Motors
Hind Petro
ICICI Pru Life
IRCTC
Jubl Food
Naukri
Sanofi
Nazara
As compared to the last week there are fewer opportunities as many of the sectors have already moved up during the week and some have become weak during the week. This means that as and when there is further buying in these sectors, Nifty may get a push-up.
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.
Here is the Video Link:
Thank you for your time and Happy Learning,
14-11--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.
hdfchdfc good consolidation with neckline breakout in progress watch above 2860 for new life high. sl days low.
Simple Trade Setup | HDFC | 15-11-2021 [ intraday]NSE:HDFC
Observations:
1) On 15 min time frame, it perfectly take good support from the support channle and gave good bounce.
Please refer below chart : 15 min Time Frame.
2) On Daily time frame, we can see that 2980 was major breakout level and it closed above it.
Now if it sustain above 2980 level then we can see a good upmove.
Please refer below chart : 1 day Time Frame.
-------------------------------------
Trade Setup for Date: 15-11-2021
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it is easy to understand.
3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.
4) Avoid gap up or gap down chase. Wait and trade between levels.
Please refer below chart for levels.
Hope I made it easy to understand it.
Do comment your doubt or suggestion.
Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.
Simple Trade Setup | HDFC | 12-11-2021 [ INTRADAY]NSE:HDFC
It has perfectly worked and traded in parallel support channel today. Please refer my previous idea of HDFC for better understanding.
All the levels remains same and most of the trade setup remains same for tomorrow as well.
Trade Setup for Date 12-11-2021:
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it is easy to understand.
3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.
4) Avoid gap up or gap down chase. Wait and trade between levels.
Please refer below chart for levels.
Hope I made it easy to understand it.
Do comment your doubt or suggestion.
Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.
Simple Trade Setup | HDFC | 11-11-2021 [ INTRADAY]NSE:HDFC
Observations:
1) On daily time frame, it has been taking support from 10DMA and today it gave good movement from 10DMA and made bullish candle. As far as it is above 10DMA it has chance to move above again.
10DMA is placed at 2911.09
Please refer below chart : 1 day Time Frame.
2) On 15min time frame, we can see that it is taking support from the parallel support channel and bouncing from it.
Please refer below chart : 15 min Time Frame.
-------------------------------------
Trade Setup for Date 11-11-2021:
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it is easy to understand.
3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.
4) Avoid gap up or gap down chase. Wait and trade between levels.
Please refer below chart for levels.
Hope I made it easy to understand it.
Do comment your doubt or suggestion.
Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.
Reliance & HDFC rescue Nifty, Bank Nifty left abandonedNIFTY 50 EOD ANALYSIS 10-11-21
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 17973.45
H 18061.25
L 17915.00
C 18017.20
EOD - -27.05 points / -0.15%
India VIX = 16.34 / +1.94%
SGX Nifty 10-11-21 @ 1920h = -28 points
FII DII = -+297 Crores
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened 75+ points gap-down and then sold off further to test the nerves of the bulls as it fell further to 17915. After being nervous around the level, it consolidated, and then as the European open came nearer, it started regaining the lost ground.
However, its efforts were punctured by Bank Nifty as it remained extremely weak and under pressure which negated any chance of Nifty at least trying to retest the previous close.
Nifty in the process has made a lower high and a lower low.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 52
Top 5 Draggers contributed = 48
Net = 4
POSITIVES
Although Reliance also was hit in the morning, it steadily recovered and then lead Nifty to end above 18000.
HDFC made a smart recovery after falling at the open and it more or less directed the moves in Nifty as can be viewed from the charts.
ITC and Axis Bank were the other leading scrips that ended in the green.
NEGATIVES
Bank Nifty was comfortable below 39000 and most of its members were in the crying mood today. Even the usual counter-trend specialist scrip - Kotak Bank was in the red.
Maruti, Infosys, and TCS also ended in the red.
Bank Nifty is finding it hard to get in to the positive state as all its heavyweights have been struggling.
TRADING RANGE FOR 11-12 November 2021
Nifty Support 17800-17900
Nifty resistance 18100-150-200
Bank Nifty Support 38800-39000-200
Bank Nifty Resistance 39600-800-40000.
INSIGHTS / OBSERVATIONS
Global cues are considered by Nifty to open or start the day, but when it comes to the closing time, despite positive FTSE which is trading around its ATH, Nifty ended in the red. I am not sure who is ensuring such a close?
I tweeted in the AM session before noon re market movements as given in this linked tweet:
I know that we live in a Global village (they say the world is a global village), but does it mean that we have to be always dependent on FTSE to open & NYSE to close to decide which way our stockmarkets trade So much for being an Armanirbhar Bharat!
The Nifty and Bank Nifty charts look quite different today and that is what explains the closing price levels. In my view, it was Reliance that made all the difference. However, Nifty and HDFC charts are almost identical which is quite a coincidence.
HDFC Bank is behaving like a chronic ailment and I am glad that I exited this long ago.
What do you feel about this?
Here is the video link --
Thank you, and Happy Money Making!
Umesh
10-11--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.
---
HDFC Pullback & Continuation after long breakoutThe Stock Had given a breakout 2 days prior and today it re tested the break out level and its moving again in upward direction.
One can start accumulating this for a target of 3200-3300 with a stop loss of 2780-2820
HDFC LTD case studyMultiple harmonic pattern matures around same prz zone,,
rising contracting wedge formation
bearish divergence on rsi
waiting for indication from price action..
lets see whats in store
keep learning and avoid unwanted noise..
A rangebound and choppy session forces the Indices to end in Red9NIFTY 50 EOD ANALYSIS 09-11-21
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 18084.35
H 18112.60
L 17983.05
C 18044.25
EOD - -24.30 points / -0.13%
India VIX = 16.00 / -2.09%
SGX Nifty 08-11-21 @ 1845h = +23 points
FII DII = -1028 Crores
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened with a mild gap up and rallied a few more points and then went below the previous close and it never returned above that line.
A very rangebound and choppy day thus ended in a mild red.
Nifty breached 18000 on the downside but then quickly recovered.
India Vix is misleading the reader about what transpired during the day.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 37
Top 5 Draggers contributed = 53
Net = -16
POSITIVES
Nifty ended above 18000.
Reliance held on to 2500+ levels and helped Nifty close above 18000.
ICICI Bank deviated from the private banks pack and ended in the green.
NEGATIVES
When HDFC and HDFC Bank lead the pack of the draggers, it is hard for the indices to end green. And that is what happened today.
HDFC Bank kept Bank Nifty nervous and weak throughout the day and did not allow it to close above the previous close.
Despite FTSE being positive, our Indices ended in the red which is a cause of concern.
TRADING RANGE FOR 10-12 November 2021
Nifty Support 17800-17900
Nifty resistance 18100-150-200
Bank Nifty Support 38800-39000-200
Bank Nifty Resistance 39600-800-40000.
INSIGHTS / OBSERVATIONS
I am wondering how much of gains is FIIs banking as they keep selling relentlessly.
Today also they have sold for more than 2000 Crores and this is reflected in the SGX movement which is already at -42 around 1900h.
I am also wondering why should we have a spot and a future and why cannot we trade the spot itself? The reason is --
Both the indices faced issues with the spot above the previous close but the future below its previous close. This happened several times during the day and in the end, the futures did not allow the spot to close above the line.
I feel this is causing challenges to intraday traders like me. My feeling is that unless FIIs turn positive, this game may be on.
What do you feel about this?
Here is the video link --
Thank you, and Happy Money Making!
Umesh
09-11--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.
---
HDFC Analysis - 5th Wave OpportunityHDFC (Closing Price: 2896.15)
According to Elliott Wave theory, HDFC stock price will keep drilling upward. And we may see Housing Development Fin price at the following levels: 2986 - 3049 - 3153. But intraday traders should worry about the support trendline of the parallel channel because HDFC price may try to retest the support trendline before the trend continuation.
hdfc cup pattern breakout at ATHHdfc weekly has taken cup/rounding pattern breakout with a green close above neckline at all time high levels
after an earlier momentum range shift move from sideways to bullish zones.
Momentum on all timeframes are good.ADX shows trend strength rising on all timeframes as well.
swing/ Positional trades can be taken with stops at candle below neckline and entry made on daily
Price above previous candle high.
#SANCO SANCO #NIFTY #BANKNIFTY #FINANCE #NFT #BTCUSD #MATIC #NSENSE:SANCO
Sanco Industries Ltd.
NSE:SANCO
CMP: 10.10
Target: 13 ++
SL: 8.60
Timeframe: < 6 months
Factors:
BULLISH WEDGE BREAKOUT
Trend Following
Rising Volume with rising Prices.
Flag pattern breakout.
Pennant Pattern Breakout with Bullish Candle.
Retest Successful.
Higher Highs & Higher Lows.
Broken above RESISTANCE levels
Trading at SUPPORT levels
Earnings are strong.
Bullish Wedge Breakout
Risk Return Ratio is healthy.
And
Rising from Double Bottom Pattern to Flag Pattern forming.
If you like my work KINDLY LIKE SHARE & FOLLOW this page for free Stock Recommendations.
With 💚 from Rachit Sethia
Indices recover smartly, can they close above 18000 & 40000?NIFTY 50 EOD ANALYSIS 01-11-21
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 17783.15
H 17954.10
L 17697.10
C 17929.65
EOD - +257 points / +1.46%
India VIX = 17.24 / -0.97%
SGX Nifty 01-11-21 @ 1850h = -28 points
FII DII = Not yet updated. It is likely to be positive.
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened with a good gap up and immediately shot up to 17815+ and then fell 100+ points and breached 17700 for a while and then bounced back to retest 17800.
It again sold off to retest 17700 and then steadily climbed up and never looked back. It was however quite choppy around HDFC results and was very hesitant to cross 17900 and finally managed to end above the line.
Nifty has thus made higher highs and higher lows.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 92
Top 5 Draggers contributed = 16
Net = 76
POSITIVES
Nifty closed above 17900.
Good recovery by SBIN, TCS, Infosys, and Kotak Bank helped Nifty keep upward bias.
Bank Nifty also bounced back after the initial hesitation. This helped Nifty move up firmly.
The top few heavyweights of Nifty ended in the positive and some of them in good green which is a good sign.
India Vix fell further.
NEGATIVES
Nifty is likely to face a good amount of resistance around and above 17950. Any weakness in any of the heavyweights could dampen the momentum.
Similarly, Bank Nifty is likely to face the 40K hurdle.
TRADING RANGE FOR 02 November 2021
Nifty Support 17600-17700
Nifty resistance 17950-18000-18100
Bank Nifty Support 38800-39000
Bank Nifty resistance 39800-40000-40200
INSIGHTS / OBSERVATIONS
Here is the link to my tweet re FII DII and its impact on Nifty movements:
Bank Nifty generally leads Nifty by a multiple of 3 if everything is ideal. So a 258 point move in Nifty should have resulted in 775 points move in Bank Nifty. So I see a greater potential for Bank Nifty in the next 2 sessions.
What do you feel about this?
Here is the video link --
Thank you, and Happy Money Making!
Umesh
01-11--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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