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Reliance, ITC, & ICICI Bank to decide Nifty levels for 26-7-21NIFTY 50 EOD ANALYSIS -23-07-21 IN SUMMARY Open / High / Low / Close 15856.05 / 15899.8 / 15768.4 / 15856.05 Trading Range Low to High: 132 points Likely Max Realistic Opportunity @ 50%: 66 points India VIX: 11.76 / -1.09% FII DII activities: +2,000 Crores NIFTY 50 EOD 23-07-21 DAILY CHART CHART BASED CONCLUSIONS Nifty Open = Close signals an indecisive close and that is understandable considering the fact that RELIANCE results due after market on 23-7 and ICICI BANK on 24-7. Open = Close has been happening often which is not good as the index then does not make much progress on a closing basis especially when it is a weekly close. Nifty fell sharply and suddenly in the first hour after a gap-up open and retested the PM low of 22-7. Though Nifty has made a higher high and a higher low compared to 22-7, the gap leading to 15632 is worrying as all heavyweights have so far fallen after their results. TOP 3 LOSERS TATA MOTOR - Finally caved in below 300 with a gap-down open and now 275-285 range may get retested. GRASIM - Profit booking appears to have kicked in with somewhat higher volume than the fall of 22-7 and RSI has also slipped below 60 on daily charts indicating that the momentum is fading. LARSEN & TOUBRO - After a good run on the upside over the last few sessions, it has experienced a down day which is understandable. The low of 22-7 is still intact so no cause of concern yet. TOP 3 GAINERS ICICI BANK - Rising ahead of its results indicates that the market is expecting it to report a good set of numbers. Any below the expectations reporting may drag it down sharply. Wait & Watch. ITC - A much-needed candidate on the list! It has shown good traction after retesting its 200 DMA a few days ago and the rise is also with good volumes so we have to see if it can hold on to the momentum next week as well. RSI on daily charts is above 60 so the momentum appears to be on the right side. WIPRO - One more case of a scrip bouncing back up strongly after retesting 50 DMA a few days ago. One more ATH closes though the volume is not as high as it was earlier. POSITIVES ICICI BANK and ITC led from the front and helped the Nifty close above 15850 - both await their results due on 24-7. Banknifty outperformed Nifty led by ICICI Bank, SBI, and FEDERAL BANK. FII-DII net buyers +2,000 Crores. DIIs bought in excess of 2,100 Crores is a big positive possibly indicating that their view is bullish for the next week. Banknifty reclaiming 35,000 levels is a good psycho advantage. NEGATIVES The biggest underperformer that has impacted both the indices during the truncated week is HDFC BANK. A fall of more than 90 points in a matter of 4 sessions has rattled the indices. Even though RELIANCE has closed above 2100, it is below the 50 DMA and on the line of 20 DMA. Nervousness ahead of results is not good as we have experienced in the case of other TCS and INFOSYS in particular. TRADING RANGE FOR 26-07-21 The support line for Nifty is now moved up to 15700-750 with the resistances at 15950-16000. For any future bullishness, a close above 15900 is essential. If the numbers produced by the 3 biggies are below par, the 15600-630 zone may get activated. And in the best-case scenario, 16000 may become a reality soon. 34400-600 is now the support area for Bannifty with 35200-35300 as the resistance band. For Banknifty a below-par performance could mean 34200-400 visits and the best case could be a retest of 35800-36000 levels. INSIGHT / OBSERVATIONS It was quite an unusual thing to see Nifty sliding down 100+ points in the first hour itself. Something was at play which again a retailer would not know by looking at the charts. RELIANCE appears to have declared better than expected results, but its price action on 24-7 is the only way to know how good the numbers were. HDFC BANK is now like a Kumbh Karna. Not sure when it would get up from the comforts offered by the 200 DMA. A big move on either side is possible as all big boys’ numbers would get traded at the open so VIX may be high and so would the emotions at play. Thank you, and Happy Money Making! Umesh 24-07-2021. 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
MARKEY CYCLES PSYCHOLOGY | EMOTIONS & COGNITIVE BIASES All markets go through cycles of expansion and contraction. 📈When a market is in an expansion phase (an uptrend), there is a sentiment of optimism, belief, and greed. Typically, these are the main emotions that lead to a strong buying activity. Sometimes, a strong sense of greed and belief overtakes the market in such a way that a financial bubble can form. In such a scenario, many investors become irrational, losing sight of the actual value and buying an asset only because they believe the market will continue to rise. They get greedy and irrational by the impressive bullish movement, expecting to make huge profits. As the market gets heavily overbought, the local top is created. In general, this is considered to be the point of the highest risk. In some cases, the market will start a sideways movement while smart money steadily sells the asset. This is also called the distribution stage. However, some markets don't present a clear distribution stage, and the downtrend starts sharply after the top is reached. ➖➖➖➖➖➖➖➖➖ 📉 When the market starts reversing, the euphoric mood can quickly turn into complacency, as many traders refuse to admit that the uptrend came to an end. As prices continue to fall, the market sentiment quickly moves to the bearish side. It often includes feelings of anxiety, denial, and panic. In this context, by the anxiety we mean the moment when bullish biased market participants start to question why the price is falling, which soon leads to the denial stage. The denial period is marked by a sense of unacceptance. Many investors keep holding their losing positions, either because "it's too late to sell" or because they want still believe that "the market will come back soon." But as the prices drop even lower, the selling wave gets stronger. At this point, fear and panic often lead to what is called a market capitulation (when holders give up and sell their assets close to the local bottom). Eventually, the downtrend stops as the volatility decreases and the market stabilizes. Typically, the market experiences sideways movements before feelings of hope and optimism start arising again. Such a sideways period is called the accumulation stage. ❤️Please, support this idea with a like and comment!❤️ ⬇️Subscribe to my social networks!⬇️
OANDA:XAUUSDEducation
by VasilyTrader
2
2X YOUR MONEY WITH DOGECOIN HELLO EVERYONE BUY DOGECOIN AT 22 AND SELL AT 36 PLEASE SEE CHART FOR A VALID REASON VALID REASON FOR NEWBIE :- # AS PER HIGH AND LOW RESISTANCE AS DOGECOIN HIGH RESISTANCE IS 45.50 AND AS PER MOVING AVERAGE 10 DAYS MOVING AVERAGE IS HIGHER THAN 30 DAYS MOVING SO THERE IS HUGE CHANCE HO MAKING MONEY SO PLEASE TAKE YOUR DECISION WITH YOUR STUDY AND THERE IS A VALID REASON FOR SHUT UP MOUTH FOR THOSE PEOPLE WHO ARE SAYING THAT DOGECOIN WILL GO DOWN SHARE THEM
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by jyash0264