It seems Bulls & Bears are confused - seeking mentoring help!NIFTY 50 EOD ANALYSIS 30-11-21
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 17051.15
H 17324.65
L 16931.40
C 16983.20
EOD +27.60 points / +0.16%
India VIX 21.17
SGX Nifty 29-11-21 @ 1905h = +23 points
FII DII = -95 Crores
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened almost with O=L and then rallied 250+ points as if it was a real bull market beating all the expectations.
And then came the unexpected fall of 300+ points. It took support from just below 17000 and then made an attempt to test 17200 and that failed miserably as it fell again 250+ points taking FTSE as the cue.
With this, it erased all the gains made during the day and many scrips have been hammered - the candles of all leading scrips also confirm the same if one looks at the daily chart.
On the daily charts, today’s candle appears almost the reverse of 29-11, yesterday.
Even though Nifty ended below 17000, it has made a higher high and a higher low.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 67
Top 5 Draggers contributed = 99
Net = -32
POSITIVES
Infosys and TCS have helped Nifty stay in some sort of balance. They have been ably helped by the Bajaj twins who have now formed the habit of being the lifters or the draggers.
The opening hour play indicates that there is strong buying support available around the 17000-17050 area. This could prove to be crucial.
NEGATIVES
Reliance and HDFC were manly responsible for the negativity and that then spread on to the other leaders.
Kotak Bank a lifter yesterday and made a U-turn today and is a dragger today. This is indeed confusing.
Bank Nifty failed to close above 36000 and Nifty failed to close above 17000.
TRADING RANGE FOR 01 Dec 21
Nifty Support = 16500-16700
Nifty Resistance = 17100 and above until 17500 is taken out on a closing basis.
Bank Nifty Support = 35000-35200
Bank Nifty Resistance = 36000-36200-500-800
INSIGHTS / OBSERVATIONS
A strong up move in the first hour until a few minutes thereafter took Nifty past 17320 and just as it appeared that we may belatedly follow the global cues, a relentless fall of 325+ points would have trapped many traders on the wrong side.
This abrupt fall could be attributable to the opportunistic statement made by the CEO Moderna stating that vaccines may not work on the new variant. Should CEOs make such untested conclusive remarks?
Exactly after a quarter, Nifty ended the day below 17000. The last such close was on 30-8-21. Looks like Maths wizards are at it again!
Even though the Nifty spot was going down in the last half an hour and it made a low at 16931, the Nifty Future was managed in such a way that it held the low of 17000. The more I observe, the more I find good management skills being applied here.
Today FIIs have sold for more than 5000 Crores and DIIs have given a befitting response by buying in excess of 5000 Crores. Based on my tracking, such massive buying by DIIs has happened after quite a few weeks - 2 months plus. Could this be the game changer act?
What do you feel about this?
Here is the video link --
Thank you, and Happy Money Making!
Umesh
30-11--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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