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INFOSYS drags NIFTY while BANK NIFTY hits new ATHNIFTY 50 EOD ANALYSIS -27-09-21 IN SUMMARY O / H / L / C 17932.2 / 17943.5 / 17,802.90 / 17,855.10 H-L = 141 points VIX 18.05 / +6.68% FII DII: +803 Crores SGX NIFTY @1917H - 17825 / -30 points Likely open: Flat to mild positive. 17850-900 is the next hurdle. CHART BASED CONCLUSIONS - 15 M Chart A gap-up opening was held for a while but NIFTY failed to even retest the ATH hit on last Friday and then gradually sold off led by INFOSYS and TCS. It then never retested 17900 levels as the selling pressure was intense amidst increasing VIX. NIFTY made a lower high and a lower low. NIFTY ended the day flat. NIFTY WEIGHT LIFTERS & DRAGGERS NIFTY LIFTERS NIFTY DRAGGERS RELIANCE 6.00 INFOSYS 6.00 HDFC BANK 4.00 BAJAJ FINSERV 3.00 MARUTI 2.00 HCL TECH 3.00 ICICI BANK 2.00 DIVIS LABS 2.00 TATA MOTORS 2.00 TCS 1.00 16.00 15.00 Lifter - Draggers = +1 POSITIVES NIFTY held 17850 levels on a closing basis and 17800 as a good support level. MARUTI & TATAT MOTORS made a strong bounce back from the slumber - especially MARUTI. It rose 6%+. HDFC BANK and RELIANCE consolidated moved up on a closing basis. BANK NIFTY outperformed NIFTY and hit a new ATH and also closed at a new ATH. NEGATIVES A significant increase in VIX is of concern indicating likely choppiness as well as wild swings in the Indices. INFOSYS did not recover at all during the day after the fall. Even AXIS BANK somehow got influenced by the negative sentiment in NIFTY despite its parent index being strong. TRADING RANGE FOR THE REMAINDER OF THE WEEK: NIFTY 17500-18100 BANK NIFTY 37200-38500-800. INSIGHTS / OBSERVATIONS I had bought 17800 CE when NIFTY turned up after hitting P Close at 17853. The premium paid was 154. The day end was flat and the premium for the day was at 138. 17800 CE is an ITM CE at the close and was so when I bought. Despite this, I lost at least 16 points even when VIX was up by 6.68%! This is puzzling. MARUTI shot up by 6%+ and yet had almost zero impact on NIFTY which is surprising. I have not seen such an imbalance for a long time. What do you feel about this? Thank you, and Happy Money Making! Umesh 27-09-21 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. ---
NSE:NIFTY
by AVENUESOFINVESTMENT
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. ---
NSE:MARUTI
by AVENUESOFINVESTMENT
BANK NIFTY heavyweights drag NIFTY in to a Red CloseNIFTY 50 EOD ANALYSIS -22-09-21 IN SUMMARY O / H / L / C 17580.9 / 17610.45 / 17524 / 17546.65 H-L = 86 points VIX 16.49 / -0.18% FII DII: Not available till 1845h. May be flat to negative. SGX NIFTY at 1830h - 17587 +33points Likely open: Flat to mild positive. CHART BASED CONCLUSIONS - 15 M Chart A mild gap-up open was immediately sold in to and then around 17530, buying stated and then the index was on a choppy ride for rest of the day. It was a very narrow range day - 86 points only. Late sell-off in BANK NIFTY dragged the index below P Close and ended the day just below 17550. NIFTY WEIGHT LIFTERS & DRAGGERS The Weight Lifters RELIANCE 20 TECH MAHINDRA 10 TATA MOTORS 08 JSW STEEL 07 HINDALCO 05 TOTAL 50 The Draggers HDFC BANK 24 HDFC 22 ICICI BANK 18 NESTLE 08 KOTAK BANK 08 TOTAL 80 Lifter - Draggers = -30 POSITIVES RELIANCE and MARUTI also helped NIFTY. Despite NIFTY being choppy, RELIANCE was level-headed and that saved the day for NIFTY. 17500 levels were held on for the day despite severe selling in the banks. NIFTY made a higher high and a higher low. NEGATIVES BANK NIFTY easily gave up 37000 on a closing basis. Private banks were under severe pressure. HDFC is under serious selling pressure as every rise is sold in to. TRADING RANGE FOR 23-09-21 17300-17350 is now restored as the support line. Resistances at 17600-30-700. BANK NIFTY supports lines were breached so now the support line is redrawn as 36200-500. Resistances at 37000-200-500. INSIGHTS / OBSERVATIONS HDFC BANK seems to have become the punching bag today as well. I now feel that the scrip would go up only late on Friday or next week. Tomorrow is the last day for Option Buyers to exit trades in Stock Options without attracting additional margins. This is what I have been observing for some time now - I myself being one such trader. NIFTY 17500 CE is now priced in line with the underlying. Usually, this should happen closer to the EOD on the weekly expiry day. The range for NIFTY was quite narrow and if someone was able to make even modest gains in CE / PE long, the person is quite good at picking the levels. BANK NIFTY and HDFC BANK charts look more or less similar on 5 minutes chart. I was trading both so I know. It was interesting to see how a scrip can move the index on its own weight. After 1515h, I could see that there was some adjustment in the Option prices of 37100 CE as even though BANK NIFTY went down and then recovered, the corresponding premium appreciated instead of going down. Most interestingly, even though the European markets are good green, our markets ended in the red. So will the indices play a catch-up game tomorrow? What do you feel about this? Thank you, and Happy Money Making! Umesh 22-09-21 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. ---
NSE:BANKNIFTYLong
by AVENUESOFINVESTMENT
FTSE Lifts Indian Indices as they bounce back in stylefailed NIFTY 50 EOD ANALYSIS -21-09-21 IN SUMMARY O / H / L / C 17450.5 / 17578.35 / 17326.1 / 17562 H-L = 252 points VIX 16.52 / -5.55% FII DII: Not available till 1950h Is more likely to be moderately positive. SGX NIFTY at 1940h - 17536 -25points Likely open: Flat to mild positive. CHART BASED CONCLUSIONS - 15 Minutes Chart A gap-up opening failed to hold 17450 levels and then sold off and made a lower low as NIFTY drifted towards 17300-325. The situation would have been worse off had Europe not opened green and may be 17200-250 would have been tested. However, soon after it became clear that Europe was trading in the comfortable green, NIFTY made a one-directional rally to end above 17550. However, it is likely to face resistance around yesterday’s high of 17625+ this is evident on the daily charts. NIFTY WEIGHT LIFTERS & DRAGGERS The Weight Lifters BAJAJ FINANCE 37 INFOSYS 19 BAJAJ FINSERV 15 JSW STEEL 14 ITC 11 TOTAL 96 The Draggers HDFC BANK 05 MARUTI 03 NESTLE 02 BAJAJ AUTO 02 BPCL 01 TOTAL 13 Lifter - Draggers = +86 POSITIVES NIFTY closed above 17550 and 17300 was respected. BANK NIFTY erased all the losses and ended in the green which helped NIFTY in a big way. ITC, INFOSYS-TCS, HDFC, and TATA MOTORS rose more than 1%. RELIANCE closed above 2400. KOTAK BANK was able to hold 2000 levels on closing basis. NEGATIVES The single most weak link is HDFC BANK. It experienced severe VIX today and has the potential to be the game-breaker or maker in the coming week. Except for KOTAK BANK, all heavyweights in banking were badly hammered. BANK NIFTY made a low of 36525 a fall of 1500+ points of ATH attained a couple of days ago. TRADING RANGE FOR 22-09-21 17300-17350 was the support line and NIFTY almost threatened the same. So I now revise the line to 17250-300. Resistances at 17600-30-700. BANK NIFTY supports lines were breached so now the support line is redrawn as 36200-500. Resistances at 37500-700. INSIGHTS / OBSERVATIONS HDFC BANK seems to have become the punching bag as it was extremely volatile through the day and moved 32 points in the day and it must have gone up and down and back and forth several times. Every time it went up and down, the fortunes of the index traders swung with it as it is a heavyweight for both the indices, and if it were not for the other scrips that showed good performance, both the indices would have fared poorly on a closing basis. NIFTY’s move is very much like that of INFOSYS if we look at the 5 minutes chart. INFOSYS is also one of the heavyweights so it has played its part in the rally today. Whereas NIFTY ended +150 points from the P Close, BANK NIFTY failed to register a +100. This is mainly on account of HDFC BANK so BANK NIFTY will be held back as long as HDFC BANK wishes. What do you feel about this? Thank you, and Happy Money Making! Umesh 21-09-21 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. ---
NSE:HDFCBANK
by AVENUESOFINVESTMENT
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.
NSE:NIFTY
by AVENUESOFINVESTMENT
2
Why Is It Necessary to Bank Gains in Options on a regular basis?In this post, I thought of sharing with you why it is necessary to exit Long Options in certain situations and bank gains. This is based on the trades that i had actually taken and is not a backtest story that I am sharing. HDFC BANK 1580 CE A few days ago , I bought HDFC BANK 1580 CE when the spot was at 1567. The intent was to ride it as long as I can and preferably till it reaches 1600 psycho resistance. The exit basis was based on the premise that I had picked up the trade using a good basis and the price at that time was in the zone. However, man wishes and the market disposes of the plan out the window! I soon realized that the underlying was not having enough strength and it was highly unlikely to cross even 1580, leave aside reaching closer to 1600. HDFC BANK has the tendency to quickly slip a few points and in such a case, my Option would come near cost and I would end up letting the gains evaporate. In view of this, I exited the long in good gains in terms of ROI % which is how I measure my trades as I do not trade with a big size as I have learned those lessons the hard way in the past. I was content with the trade and was expecting that the scrip may retest the area from where it had bounced. And something similar happened and without blinking, I went long on the same Option and interestingly, this time I could get it at a better price by 10 paise. On an HDFC BANK Option, even this small difference could well take care of all the charges so I was happy. And I waited for the price to test the earlier level from where it got rejected and as the scrip approached the level, I simply exited without thinking about a What if it goes beyond the resistance line? My exit was justified and then the scrip rolled down. I was happy that just by observing the price action and not really referring to any indicators, I was able to make 2 good trades. Or should I say - the market was kind enough to grant me these 2 good trades? [n Conclusion: The above highlights the fact that while trading in Options, observing the price of the underlying when in momentum is essential and as soon as the trade is on, the exit plan should be in place. This can be done either by placing an SL order or a target order. I keep these levels in mind and exit as and when either of these are approached. When in a bull market, when a price retraces back to a support area, a good trading opportunity appears as in the case explained above. Taking a re-entry at the same or around the same price level is easier when there is already a profit cushion from the earlier trades so the not only the mental state is stable and positive, but the confidence while pressing key is also at the required level. Please let me know if this helps and if you would like me to share some of my trades with you and I will do so whenever possible. As you can see from the chart, the trades mentioned above were taken a few days ago before HDFC BANK tested lower levels. Happy Money Making! Umesh 18-9-21 Note - I am not a SEBI Regd analyst and the views expressed here are purely for educational and informational purposes only. Please perform Due Diligence at your end before taking any trades as only you know how to manage your money.
NSE:HDFCBANK
by AVENUESOFINVESTMENT
2
BANK NIFTY tears apart 37K, Lifts NIFTY past 17600NIFTY 50 EOD ANALYSIS -16-09-21 IN SUMMARY O / H / L / C 17539.2 / 17644.6 / 17510.45 / 17629.5 H-L = 134 points VIX 14.41 / +4.95% FII DII: +826 Crores Likely open: Flat to mild positive. All eyes would be on BANK NIFTY - whether it can hold higher levels and attain ATH as the week draws to a close. CHART BASED CONCLUSIONS - 15 Minutes Chart A mild gap-up open was immediately sold in to and the P Close was retested but then, NIFTY never looked back though the upside move was quite choppy when compared to BANK NIFTY. The daily chart indicates that there was a strong buying that led the rise to the levels above 17600 even though the range was somewhat less when compared to BANK NIFTY. NIFTY WEIGHT LIFTERS & DRAGGERS The Weight Lifters RELIANCE 47 ITC 34 ICICI BANK 24 SBI 23 HDFC BANK 15 TOTAL 143 The Draggers TCS 15 BPCL 12 INFOSYS 09 GRASIM 05 JSW STEEL 05 TOTAL 46 Lifter - Draggers = +97 BPCL turned ex-dividend so the fall. It is best to ignore the same. Once we do that, the strong upmove is explained easily. POSITIVES NIFTY closed at a new ATH and also hit a new ATH. And both are above 17600. BANK NIFTY tore apart 37000-37200 resistance with fury and was responsible for lifting NIFTY along with RELIANCE. BANK NIFTY ended on a new ATH and so did SBIN. FIIs have bought in good numbers so the momentum is likely to continue in the short term. NEGATIVES INFOSYS keeps coming down. HDFC made a lower close than yesterday. VIX has gone up by almost 5%. TRADING RANGE FOR 17-09-21 17300-17350 is the new support base. For the resistances, we will have to let a few days go by to see how and where it gets formed. BANK NIFTY tore apart the barriers in typical style and is now facing resistance at 37800-38000-38200. INSIGHTS / OBSERVATIONS And as mentioned yesterday, the Banking giants roared and in style today to tear apart the resistance of 37000-37200 and the short covering may have fueled further upside in the index. The fury was evident as in the AM session, even when HDFC BANK was in the red, BANK NIFTY kept rising gradually and held on to the opening low. For the last 2-3 days I have been observing that HDFC BANK is unable to make a significant impact on the indices. I am not sure if the weight has changed or the other members of the indices group have gathered all-around support. This is a good sign as any dependency on one or two scrips is not a good sign from index strength POV. A few days ago, I made an entry into IDEA at 7.3 and then gradually added few shares with every rise. Today cumulative ROI was seen at 43%! On a scrip that had trouble all over at that time, but my decision was very simple - MA-based. So the next time when your process tells you to go long/short, just go ahead. Eventually, following the right process will lead you to the right outcome. What do you feel about this? Thank you, and Happy Money Making! Umesh 16-09-21 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.
NSE:BANKNIFTY
by AVENUESOFINVESTMENT
2
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