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Nifty maintains upward trajectory despite oddsNIFTY 50 EOD ANALYSIS -16-08-21 IN SUMMARY O / H / L / C 16518.4 / 16589.4 / 16480.75 / 16563.05 H-L = 109 VIX 13.46 / +3.62% FII DII: -588 Crores CHART BASED CONCLUSIONS Nifty closed above 16550 for the first time. Nifty made a higher high and a higher low. Nifty seems to be building its base around 16450-500. Dips are being bought in. 16600 appears to be a key hurdle as it has not been able to go closer to that and has turned around before 16590 itself. NIFTY WEIGHT LIFTERS & DRAGGERS The Weight Lifters BAJAJ FINANCE 15 RELIANCE 13 HDFC 06 TATA STEEL 05 BAJAJ FINSERV 04 TOTAL 43 The Draggers INFOSYS 03 SBI 02 MARUTI 02 SHREE CEMENTS 02 LT 02 TOTAL 11 Lifter - Draggers = 32 This explains that the rest of the Nifty members made offsetting or insignificant moves indicating consolidation around their price levels. POSITIVES Nifty made yet another ATH and the first close above 16550. RELIANCE and HDFC twins were well supported by HDFC BANK , HUL, and AXIS BANK. RELIANCE has closed above the crucial 2155-60 barrier. NEGATIVES BANK NIFTY underperformed and dragged Nifty in the process. Auto heavyweights were under severe pressure - MARUTI and TATA MOTORS. Despite RELIANCE and HDFC twins doing well, Nifty has not been able to close decisively at a higher level and appears to have hurdles at 16600. FII turned net sellers again in excess of 1000 Crores. TRADING RANGE FOR 17-8-21 The nifty baseline will for now be 16300-350, the area from where it rallied on 13-8-21. BANK NIFTY support base at 35600-800 and resistance at 36200-36500. INSIGHT / OBSERVATIONS BANKNIFTY range for the day was very narrow. There is something likely to happen in this index during the week. Profit booking seems to be going on in many scrips or else how can one explain so many reds in the leading indices when one of them is trading at ATH. What do you feel? Thank you, and Happy Money Making! Umesh 16-8-21 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
SBIN Cup and Handle Pattern, Two Fib sequences merging, Long SBIN has been consolidating for past two months, and has formed a Cup and Handle pattern (take a look at the chart). Also it has been following a trendline, shown in the chart, currently trading near this trendline. Testing Fib level 1.618 of two distinct trends of past. Interestingly, the height of cup & handle pattern coincides with one of the Fib level (shown in the chart). Looks good for a long journey. Everything else is self explanatory, look at the chart. All events are merging and I guess SBI is looking for a trigger to reach 550 target. Can the Q1 2021 result prove to be that trigger ? Technically, long trade is sound for target up to 550. Long above 446, Stop Loss 405. Disclaimer: The information provided herein is for educational purpose. Please consult your financial advisor before making any decision. If you like the idea, be generous to like it, and share it with others. Comments and Criticism are welcome.
NSE:SBINLong
by UnknownUnicorn24887800
SBIN LONGOn the daily charts of SBIN, it can be seen that it is taking support of its recent trendline (yellow one) and there is a year old resistance too (green one). (OPEN CHART ABOVE) Also, on the weekly charts, a breakout then a retracement kind of action is seen. Also there is a good buying pressure at the day end today. This shows that soon a breakout is expected on the daily charts from the green line. One may look for buying opportunities above 445 with good volumes and good candle body. Expected targets could be 456, 471, 490. Stop loss, considering buy around 445. could be at 425. TRAIL STOP LOSS FOLLOW IF YOU LIKE THE ANALYSIS LIKE AND COMMENT WHAT YOU THINK ABOUT IT!!
NSE:SBINLong
by Keshav2329
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