Get started

POWERGRID

Nifty clears 16350 and closes at ATHNIFTY 50 EOD ANALYSIS -12-08-21 IN SUMMARY O 16,303.65 H 16,375.50 L 16,286.90 C 16,364.40 From P Close 82.15 H-L 88.60 VIX 12.37 FII -212 DII 307 Net Crores 95 CHART BASED CONCLUSIONS Nifty finally cleared all the hurdles and closed past 16350 at 16364.4 which is an ATH close. It ended 11 points below the day’s high which is a good sign. Nifty opened Gap-up mildly and then there was almost a retest of the P Close and then it never looked back and kept crawling upwards with the weekly expiry jerks in between. Although Nifty has made an ATH close, the volumes are not high which is not a good sign. NIFTY WEIGHT LIFTERS & DRAGGERS Top 5 Lifters of Nifty Points Contributed ICICI BANK 11 LT 10 INFOSYS 9 TECH M 8 TATA MOTORS 7 45 Top 5 Draggers of Nifty Points Contributed EICHER MOTORS 6 RELIANCE 5 AXIS BANK 2 GRASIM 1 IOC 1 15 Lift - Drag 30 POSITIVES Nifty made an ATH close near day high. Advances to Decline ratio is almost 4:1. HDFC BANK managed to close today above 1500. HDFC twins, TATA MOTORS, ICICI BANK, and KOTAK BANK led with good moves. NEGATIVES RELIANCE closed below P Close. It has the tendency to not perform when most of the market is performing. AXIS BANK, SBIN, and MARUTI kept the pressure on the sell-side. BANK NIFTY failed to close above 36000 though it made good efforts. TRADING RANGE FOR W/B 13-8-21 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 It was an uneventful expiry as all the drama and excitement happened on the Volatile Wednesday. FTSE was negative and yet Nifty has managed to close at ATH with a good sustained move. If the US markets do not end in green, Nifty may witness high VIX actions. The weekly candle as of now appears to be range-bound indicating that there is still a breakout or breakdown in the offing. The vols are not good enough for a bull market. And tomorrow is Friday, the 13th! 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
Power Grid - LongPower Grid - Long * Inside Bar Candle Formation * Triangle formation * More chances are there for moving upwards * But still can take support at Rs.223.65 if it breaks the triangle. * Set stop loss. Trade and Invest Wisely with your own knowledge! Good Luck! You can also see my other stock analysis and the results in my profile ideas. Please follow me , If you would like to see more ideas on winning stocks. **Disclaimer: I am NOT a SEBI registered consultant/Advisor. It is completely my view and opinion. My intention is not to provide any financial advice, training advice, or any type of advices or any recommendations on stock/Forex/Coin buying or selling. Please do your own research and consult with your financial advisor before taking any action. I am not responsible for any of your action on buying or selling or holding the above mentioned stock or/and index or/and Forex or/and coins . ***
NSE:POWERGRIDLong
by pmosesoliver