Yet another red day as Indices drift lower
NIFTY 50 EOD ANALYSIS 14-12-21
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 17283.20
H 17376.20
L 17225.80
C 17324.90
EOD -43.35 points / -0.25%
SGX Nifty 14-12-21 @ 1845h = +25 points
FII DII = -342 Crores
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened with a strong gap down and then made an immediate recovery. It tried to move towards the previous close but then sold-off and made a new low.
And then bounced back from there and as FTSE opened it breached the previous close only to begin yet another sell-off of 100+ points but failed to end flat or even closer to 17375-80.
The moves were quite choppy throughout as there was a hard battle ongoing between the bulls and the bears.
In the process, Nifty has made a lower high and a lower low.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 25
Top 5 Draggers contributed = 59
Net = -34
BANK NIFTY WEIGHT LIFTERS & DRAGGERS
Top 3 Lifters contributed = 34
Top 3 Draggers contributed = 68
Net = -34
POSITIVES
The indices managed to make a good recovery from their day lows.
FII selling is well below 1.000 Crores and is indicating cooling off of the selling pressure.
NEGATIVES
Reliance ended below 2400 and this is going to weigh a lot on Nifty performance.
India Vix has gone up.
HDFC twins, and Kotak Bank are still in the negative and this is impacting the indices.
TRADING RANGE FOR 15 Dec 21
Nifty Support = 17200-300 may well be the new base.
Nifty resistance = 17400-450-500-550-600 on a closing basis.
Bank Nifty Support = 36200-500-800
Bank Nifty resistance = 37000-200-500-700
INSIGHTS / OBSERVATIONS
Both the indices had a narrower range in comparison to yesterday and even though they ended in red, but the extent of redness is lesser.
My reading is that the indices now seem to evince buying interest around today’s lows. This means that 36500 on Bank Nifty and 17200 on Nifty may well prove to be the new swing base or areas of interest or value.
Though FTSE was positive - the extent lowered as it progressed, but our indices somehow managed well to close in the red. This was quite evident as Bank Nifty was not allowed to close even on a 5 minute candle in the last one hour. This also made Nifty end in red.
Reliance and Bajaj Finance were the leading draggers yesterday and they have maintained their position at the level. This is why Nifty ended in red today. And for Bank Nifty, Kotak Bank and HDFC Bank were responsible for the red closing. Even if these 4 do not drop further, the indices could start seeing some greenery in the numbers and on the charts.
What do you feel about this?
Here is the video link --
Thank you, and Happy Money Making!
Umesh
14-12-21
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.
---
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 17283.20
H 17376.20
L 17225.80
C 17324.90
EOD -43.35 points / -0.25%
SGX Nifty 14-12-21 @ 1845h = +25 points
FII DII = -342 Crores
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened with a strong gap down and then made an immediate recovery. It tried to move towards the previous close but then sold-off and made a new low.
And then bounced back from there and as FTSE opened it breached the previous close only to begin yet another sell-off of 100+ points but failed to end flat or even closer to 17375-80.
The moves were quite choppy throughout as there was a hard battle ongoing between the bulls and the bears.
In the process, Nifty has made a lower high and a lower low.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 25
Top 5 Draggers contributed = 59
Net = -34
BANK NIFTY WEIGHT LIFTERS & DRAGGERS
Top 3 Lifters contributed = 34
Top 3 Draggers contributed = 68
Net = -34
POSITIVES
The indices managed to make a good recovery from their day lows.
FII selling is well below 1.000 Crores and is indicating cooling off of the selling pressure.
NEGATIVES
Reliance ended below 2400 and this is going to weigh a lot on Nifty performance.
India Vix has gone up.
HDFC twins, and Kotak Bank are still in the negative and this is impacting the indices.
TRADING RANGE FOR 15 Dec 21
Nifty Support = 17200-300 may well be the new base.
Nifty resistance = 17400-450-500-550-600 on a closing basis.
Bank Nifty Support = 36200-500-800
Bank Nifty resistance = 37000-200-500-700
INSIGHTS / OBSERVATIONS
Both the indices had a narrower range in comparison to yesterday and even though they ended in red, but the extent of redness is lesser.
My reading is that the indices now seem to evince buying interest around today’s lows. This means that 36500 on Bank Nifty and 17200 on Nifty may well prove to be the new swing base or areas of interest or value.
Though FTSE was positive - the extent lowered as it progressed, but our indices somehow managed well to close in the red. This was quite evident as Bank Nifty was not allowed to close even on a 5 minute candle in the last one hour. This also made Nifty end in red.
Reliance and Bajaj Finance were the leading draggers yesterday and they have maintained their position at the level. This is why Nifty ended in red today. And for Bank Nifty, Kotak Bank and HDFC Bank were responsible for the red closing. Even if these 4 do not drop further, the indices could start seeing some greenery in the numbers and on the charts.
What do you feel about this?
Here is the video link --
Thank you, and Happy Money Making!
Umesh
14-12-21
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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