Get started

JSWSTEEL

Nifty comes under pressure and closes at 16450NIFTY 50 EOD ANALYSIS -20-08-21 IN SUMMARY O / H / L / C 16382.5 / 16509.55 / 16376.05 / 16450.5 H-L = 133 VIX 14.02 / +8.6% FII DII: -2178 Crores Likely open: Negative to flat CHART BASED CONCLUSIONS A 200+ point gap-down opening in Nifty shook all the scrips. Nifty made a significantly lower high and a significantly lower low. It then moved in a narrow range of 100+ points witnessing high volatility and choppy movements. On daily charts, it appears to have been brutally thrown away from the top though it has made a good recovery from the lows. NIFTY WEIGHT LIFTERS & DRAGGERS The Weight Lifters HUL 23 BAJAJ FINANCE 15 NESTLE 13 ASIAN PAINTS 11 BRITANNIA 09 TOTAL 71 The Draggers JSW STEEL 27 TATA STEEL 21 RELIANCE 18 ICICI BANK 11 SBI 11 TOTAL 88 Lifter - Draggers = -17 The selling appears to be quite intense and that explains the negative closing for the week. POSITIVES The sleeping giant HUL woke up and stood firm and helped steady Nifty. HDFC ended in the green despite extreme selling pressure. BANK NIFTY managed to end above 35000 make or break level. NEGATIVES Nifty failed to close above 16500 and a major barrier for the bulls has been lost for now. BANK NIFTY fought an intense battle to stay above 35000 and it was hard to for it to even cross 35100 as it was pushed down severely from that area. FIIs have sold heavily. VIX is up almost 9%! TRADING RANGE FOR W/B 23-8-21 The Nifty baseline moves down to 16300-350. The resistances are now from 16500 onwards. BANK NIFTY support base also slides to 34800-35000 and resistance at 35200-35500. INSIGHT / OBSERVATIONS FIIs have sold heavily so some more negativity on the cards. HUL rose sharply and BRITANNIA also did well but ITC did not move much. So there is something in HUL and BRITANNIA that is not applicable to ITC. BANK NIFTY was struggling hard to cross 35100 and the impact was direct on Nifty. The moves remind me of the slow and choppy moves that we had seen during the last year after the COVID triggered the crash. Is this a Buy on Dips market? If one remains stock-specific then yes, it is so - at least for support to resistance-based trades. What do you feel? Thank you, and Happy Money Making! Umesh 20-8-21 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
1
Global cues forced Nifty to end below 16300NIFTY 50 EOD ANALYSIS -10-08-21 IN SUMMARY Open / High / Low / Close 16274.8 / 16359.25 / 16202.25 / 16228.10 Trading Range Low to High: 141 points Likely Max Realistic Opportunity @ 50%: 70.5 points India VIX: 12.71 / +0.79% FII DII activities: +511 Crores CHART BASED CONCLUSIONS Nifty made a higher and a higher low. This higher high was in terms of the ATH level of Nifty which was hit before 1100h. The not so encouraging European markets forced Nifty to end below 16300. Once again, Nifty has closed just around the open price and has formed another Doji pattern. TOP LOSERS CONTRIBUTING TO NIFTY FALL 5 scrips were responsible for dragging Nifty down by at least 105 points. These were: JSW STEEL SHREE CEMENT ITC BAJAJ FINSERV TATA STEEL TOP GAINERS CONTRIBUTING TO NIFTY BEING ABLE TO CLOSE IN GREEN Together these 5 contributed a gain of 105 points: HDFC INFOSYS RELIANCE BHARTI AIRTEL KOTAK BANK This is a great coincidence! Both the sides contributed 105 points on either side and this explains the Doji! POSITIVES Nifty ended above the open price. FII - DII net numbers are positive. HDFC BANK closed above 1500 for the second day. HDFC closed above the hard resistance of 2660. BANK NIFTY closed yet again above 36000. NEGATIVES MARUTI and TATA MOTORS remained under pressure after the morning spike on the way up. SBIN is still under pressure which is putting both the indices under pressure. 16300 appears to be a tough one even after HDFC twins have recovered from the slumber. RELIANCE was unable to hold on to 2100+ levels. TRADING RANGE FOR W/B 11-8-21 Nifty broad range for the week 16000-16500. As of now, it has not made any significant movement from where one could derive the likely supports and resistances. BANK NIFTY support base at 35200-600 and resistance at 36200-36500. INSIGHT / OBSERVATIONS When the price remains around the same number and the buyer's increases, it signals an upward move in the prices. This is what we have learned as one of the basic principles of demand and supply. If we club the Net FII DII of yesterday and today, it is just +6 Crores and a slightly higher close. This is quite an interesting situation to have and I would seek input from the readers if they have encountered such situations in the past. It appeared that in the closing minutes, Nifty moves were managed to close it near flat in line with the global cues. Thank you, and Happy Money Making! Umesh 10-8-21 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
JSW Steel - About to breakout of 52W/All-Time highJSW Steel was making higher highs and higher lows for a few weeks, and has been in a consolidation phase, forming an ascending triangle pattern. It has shown a minor break out of the resistance, and now if it follows through, it can soon cross the 52W high for levels of 810 and 894 respectively. The technicals are also giving a bullish bias for the stock. 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.
NSE:JSWSTEELLong
by Yes2Profits