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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.
NSE:NIFTY
by AVENUESOFINVESTMENT
Are we really in a Bull Market with daily Sell-offs?NIFTY 50 EOD ANALYSIS -14-09-21 IN SUMMARY O / H / L / C 17420.35 / 17438.55 / 17367.05 / 17380.00 H-L = 77 points VIX 13.58 / -3.21% FII DII: +1330 Crores Likely open: Positive Gap-up provided it is able to stay above today’s close for an hour or so. CHART BASED CONCLUSIONS - 15 Minutes Chart A gap-up open and then a new ATH was flagged and then the usual drifting game started with the mandatory sell-off just after 1300h and then sideways moves that resulted in yet another ATH Close, but well below the ATH as well as daily high by 58 points. The daily chart indicates that there is a series of Doji-type candles - do they suggest a continuation pattern or exhaustion? I am not sure about it. NIFTY WEIGHT LIFTERS & DRAGGERS The Weight Lifters TCS 09 HCL TECH 07 LT 07 KOTAK BANK 06 INDUSIND BANK 05 TOTAL 34 The Laggards HDFC 12 HDFC BANK 07 NESTLE 04 INFOSYS 04 HUL 04 TOTAL 33 Lifter - Draggers = +1 POSITIVES NIFTY closed at a new ATH and also hit a new ATH. TATAMOTORS, KOTAK BANK, TCS, and LT have shown strong momentum. NIFTY was resilient to a great extent as the day low was above 17350 and almost a 100 points above the low of the earlier session. FIIs have bought in excess of 1400 Crores. NEGATIVES RELIANCE, HDFC twins, and INFOSYS ended up dragging the indices from the higher plains. NIFTY is closing a well 58 points below the ATH. BANK NIFTY though ended in the green continues to under perform. TRADING RANGE FOR 15-09-21 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 They say looks are deceiving. And NIFTY is doing exactly the same. It is in a bull market, has made an ATH close after hitting an ATH high that was 58 points above the closing price. The first few minutes register a high and then the drifting game starts which at times results in sell-off and if it falls around 17300 or below, it bounces back and ends flat. I have been writing for over 2 years but I have not seen such situations happening around ATH levels. The manner in which the prices move of some of the heavyweights gives an indication that what is happening appears to be stage-managed as the candles on the daily charts would confirm so. When an index or a stock is at ATH, the path of least resistance should be on the upside. However, in the case of NIFTY, it is on the downside and that is what is surprising. INFOSYS, RELIANCE, HDFC BANK are being used to cap the upside in NIFTY for now as these three on their combined strength can lift NIFTY way beyond 17500. In the end, patience and the ability to read the intent of the market and the scrips is more likely to pay off than anything else. What do you feel about this? Thank you, and Happy Money Making! Umesh 14-09-21 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.
NSE:NIFTY
by AVENUESOFINVESTMENT
5
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.
NSE:BANKNIFTY
by AVENUESOFINVESTMENT
BANK NIFTY rescues NIFTY for a changeNIFTY 50 EOD ANALYSIS -08-09-21 IN SUMMARY O / H / L / C 17375.75 / 17383.4 / 17254.20 / 17353.5 H-L = 149 points VIX 14.41 / -3.29% FII DII: -802 Crores Likely open: BANK NIFTY holds the key. Based on the numbers looks a flat to a positive open. CHART BASED CONCLUSIONS NIFTY played negative today and did not even bother to go past the opening high made and ended the day just below the P Close. In the process, it has not only done a lower high but also made a lower low by drifting towards 17250 and dangerously close it. Soon as Europe opened, the sell-off started and lasted for an hour or so, and then, there was the usual jerks-driven relief rally only to end flat. On the daily charts, it has formed a hammer pattern indicating good bounce from the lower areas. NIFTY WEIGHT LIFTERS & DRAGGERS The Weight Lifters KOTAK BANK 03 HDFC BANK 03 ICICI BANK 02 TITAN 02 HUL 01 TOTAL 11 The Draggers NESTLE 04 INFOSYS 04 TCS 04 BAJAJ FINANCE 03 RELIANCE 03 TOTAL 18 Lifter - Draggers = -07 The above is what mattered in the end. It looks like the rest of the scrips had no role to play or it was too insignificant by EOD. POSITIVES NIFTY ended flat and recovered more than 90 points after the sell-off. BANK NIFTY changed the corner and was the savior for NIFTY. Even though the private banks have not contributed significantly, their not being negative helped the indices to maintain their levels. RELIANCE and HDFC recovered well from their respective lows which came in handy in ensuring that NIFTY closes flat. NEGATIVES NIFTY could not go anywhere near 17400. NIFTY breached the recent swing lows and drifted towards 17250. INFOSYS and TCS have been showing continued weakness. MARUTI has been falling yet again after a good recovery a couple of sessions ago. FIIs DIIs remain net sellers. TRADING RANGE FOR 08-09-21 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 The price action in INFOSYS appeared to be managed if one looks at the candles for the last 2 hours. There were spikes and sell-off as if 1700 CE writers had a point or two to prove in ending the day below 1700. MARUTI fell more than 1.5% but it seems to have made no impact on NIFTY which is indeed surprising as, at one stage, the fall was close to 100 points. The star of the day was KOTAK BANK as it almost single-handedly changed the tide for NIFTY and therefore BANK NIFTY. The strong up move prompted other banks to also chip in. It now needs to be seen if it can hold on to the momentum possibly created by it being included in the LIC IPO proceedings. Interesting expiry tomorrow - will the God that rings in Auspicious Beginnings help NIFTY close the week at a new ATH? Or will the IT biggies with RELIANCE like to keep dragging NIFTY? Wait and Watch! What do you feel about this? Thank you, and Happy Money Making! Umesh 08-09-21 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.
NSE:NIFTY
by AVENUESOFINVESTMENT
What would happen if US markets were non-existent?NIFTY 50 EOD ANALYSIS -07-09-21 IN SUMMARY O / H / L / C 17401.55 / 17436.5 / 17287.00 / 17362.1 H-L = 149 points VIX 14.9 / -0.34% FII DII: -283 Crores Likely open: Flat to positive if BANK NIFTY turns green. Today’s low is crucial for the short term and for the week as this is a short week with only 2 sessions remaining before the week ends. CHART BASED CONCLUSIONS NIFTY crossed 17400 yet again and made a new high at 17436. During the day, it remained very volatile on account of BANK NIFTY and even broke 17300 momentarily and then hit a fresh ATH. However, that was also sold in to and the day ended on a flat note. During the day, NIFTY took support from 200 MA on the 5-minute chart. On the daily charts, NIFTY has formed yet another Doji / Spinning top indicating indecisive approach. NIFTY WEIGHT LIFTERS & DRAGGERS The Weight Lifters HDFC 27 RELIANCE 11 BHARTI AIRTEL 06 ITC 04 HDFC BANK 02 TOTAL 50 The Draggers INFOSYS 18 TCS 08 BAJAJ FINANCE 06 ICICI BANK 06 AXIS BANK 06 TOTAL 44 Lifter - Draggers = +06 POSITIVES NIFTY hit a fresh ATH. HDFC made a roaring comeback as a leader and closed above 2800 psycho level. RELIANCE also managed to hold on to the 2400+ levels and closed above the earlier close. HDFC BANK made a good recovery after the morning shake-out and help prevent a further slide in BANK NIFTY. NEGATIVES BANK NIFTY keeps underperforming and is facing the Sell on Rise type of situation. After a smart recovery by INFOSYS yesterday, it almost reversed all the gains impacting TCS as well. NIFTY unable to close in green leave aside above 17400 is not a good sign. FIIs DIIs are both net sellers. 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 Despite HDFC BANK bouncing back 20+ points from the lows, BANK NIFTY ended way below the P Close. This is surprising and possibly indicates how important ICICI BANK and AXIS BANK have become for the index. Amidst pressure from BANK NIFTY, NIFTY could not hold 17300 levels also and dipped for a while and then recovered smartly. I am wondering what would happen if US markets were non-existent? Clearly, in the absence of any clues from the big brother, our indices chose to play safe and ended flat to negative. What do you feel about this? Thank you, and Happy Money Making! Umesh 07-09-21 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.
NSE:NIFTY
by AVENUESOFINVESTMENT
Simple Trade Setup | HDFC | 07-09-2021NSE:HDFC Observations: 1)On 1hr time frame, it is making descending triangle pattern, in which it is making lower highs but keep on taking support from 2735-2740 level range. Please refer below chart : 1hr time frame. 2) Also on 1hr time frame, if it continuous to complete double bottom pattern then it will be a good buy once it test the 2780-2782 level range and gets support from it. Please refer below chart : 1hr time frame. ------------------------------------- Trade Setup for Date 07-09-2021: 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. Please refer below chart for levels. Hope I made it easy to understand it. Do comment your doubt or suggestion.
H
by Trading_hawk
12
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.
NSE:NIFTY
by AVENUESOFINVESTMENT
Simple Trade Setup | HDFC BANK | 02-09-2021NSE:HDFCBANK Trade Setup for Date 02-09-2021: 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 tomorrow. Please refer below chart for levels. Hope I made it easy to understand it. Do comment your doubt or suggestion.
NSE:HDFCBANK
by Trading_hawk
5
Back to the old tussle - FIIs Vs DIIs and Nifty slipsNIFTY 50 EOD ANALYSIS -01-09-21 IN SUMMARY O / H / L / C 17185.6 / 17225.75 / 17055.05 / 17076.25 H-L = 170 points VIX 14.19 / -2.27% FII DII: +621 Crores Likely open: Positive and interesting to see how Nifty reacts as this would be the first expiry in the 17000 zones. The big Q is will it hold the key level? CHART BASED CONCLUSIONS NIFTY made yet another high and a higher low as well. The higher high could not be sustained due to intense selling pressure from some of the heavyweights which dragged the index below 17100. The daily charts indicate that there was selling pressure but the volume is not higher than yesterday’s session. This is more of a profit booking drive that has been undertaken by the FIIs who have been consistently buying in the cash market for the last several sessions. NIFTY WEIGHT LIFTERS & DRAGGERS The Weight Lifters ASIAN PAINTS 11 NESTLE 09 RELIANCE 07 SBI LIFE 07 AXIS BANK 06 TOTAL 40 The Draggers INFOSYS 25 HDFC 22 TCS 19 BAJAJ FINSERV 14 TATA STEEL 07 TOTAL 87 Lifter - Draggers = -47 Of the 55 negative points, 47 have come per above. This is the might of these scrips. POSITIVES NIFTY hit another ATH above 17200. BANK NIFTY ended above 36500 and ended in the good green despite heavy selling in NIFTY. RELIANCE did not end in red. HDFC BANK more or less held its ground. NEGATIVES IT heavyweights have been witnessing selling pressure for the last few sessions. NIFTY failed to close above the P Close. NIFTY fell close to 17050 and tomorrow is expiry so volatility may be high. DIIs have begun banking gains which led to selling pressure. TRADING RANGE FOR 02-09-21 16950-17250 is the range that I can think of for the week. NIFTY may consolidate between these levels until either is broken on a closing basis. BANK NIFTY support base moves up to 36200-400 and resistance at 36800-37000-37200. INSIGHT / OBSERVATIONS With the change in the lot size of NIFTY from Aug 2021, NIFTY has become more volatile and now with it being above 17000, a 150 point move on either side is also less than 1% move which is what needs to be digested by the traders. It has now started giving the kind of moves that BANK NIFTY used to give. Around March 2020, BANK NIFTY had reached levels around 16500-17000. Today, NIFTY is at 17000+ and we are around 17 months away from those days. This is the power of the stock market. What do you feel about this? Thank you, and Happy Money Making! Umesh 01-09-21 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.
NSE:NIFTY
by AVENUESOFINVESTMENT
HDFC - Bullish PatternThe stock has broken out of its resistance level of 2875 today, clubbed with decent volumes. If it sustains above 2875, which should now act as support, it can be bought for target levels of 2895 and 3040. Refer the Fibonacci Retracement tool given in the chart for various support levels which can be utilized for identifying your stop loss basis your risk profile. Please follow us for more trading setups like these. If you have any queries/suggestions related to above pattern, feel free to type below in the comment section. Do show your love by pressing the like if you liked the idea.
HLong
by Yes2Profits
FIIs show their might as NIFTY surges past 17100 with easeNIFTY 50 EOD ANALYSIS -31-08-21 IN SUMMARY O / H / L / C 16947.5 / 17153.5 / 16915.85 / 17132.2 H-L = 238 points VIX 14.52 / +9.01% FII DII: +1909 Crores Likely open: Positive but profit booking may kick in if Global cues do not support. CHART BASED CONCLUSIONS And the surge continued today as well and NIFTY finally sailed past 17000 with relative ease and ended comfortably above 17100. It appeared that it may retest levels below 16900, but then it quickly recovered and then never looked back except for the lunch session quick fall which was bought in ti by the bears. NIFTY is likely to set its own course as it builds its bases in the newer zones. The daily charts indicate a strong bullish candle. NIFTY WEIGHT LIFTERS & DRAGGERS The Weight Lifters BAJAJ FINANCE 38 TCS 16 BAJAJ FINSERV 16 HDFC 14 BHARTI AIRTEL 12 TOTAL 96 The Draggers RELIANCE 07 NESTLE 04 TATAMOTORS 02 INDUSIND 01 BPCL 01 TOTAL 15 Lifter - Draggers = +81 The above indicates that a larger base of scrips in the NIFTY family helped it close above 17100. POSITIVES NIFTY crossed 17000 and closed above 17100 with ease. BANK NIFTY finally emerged out of the resistances and soared which helped NIFTY. Broader market participation resulted in NIFTY scaling higher levels with relative ease. FIIs are back with a bang in the buying business and clearly, this had a positive impact on NIFTY. Top 5 NIFTY heavyweights ended the month at their respective ATH which is a great positive. NEGATIVES BANK NIFTY kept underperforming and had a very narrow range for the day. VIX is up 9% as shorters would have been forced to run cover. RELIANCE as usual chose not to participate in the rally and this alone has the potential to be a spoilsport for NIFTY. DIIs have sold heavily indicating that from their viewpoint, the short-term top is nearing or has been reached. TRADING RANGE FOR 01-09-21 At best 17000 base is what I can think of for now. We will need to see how the index moves during the week before deciding on the levels. BANK NIFTY support base stays at 35400-500 and resistance at 35800-36000-36200. INSIGHT / OBSERVATIONS Top 5 heavyweights of NIFTY recorded ATH close on monthly candles. Like RELIANCE, KOTAK BANK also has the tendency to play its own game. Except that today HDFC BANK also joined it and saved BANK NIFTY from slipping from the lower levels. BANK NIFTY has formed a Doji candle on the daily chart with good volumes. It is a sign of caution or a positive move ahead. We will need to wait and watch. As long as HDFC BANK stays positive, it will handle BANK NIFTY on the upside. What do you feel? Thank you, and Happy Money Making! Umesh 31-8-21 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.
NSE:NIFTY
by AVENUESOFINVESTMENT