The Planned Assualt on Indices Continues
NIFTY 50 EOD ANALYSIS 17-11-21
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 17939.35
H 18022.65
L 17879.25
C 17898.65
EOD --100.55 points / -0.56%
SGX Nifty 17-11-21 @ 1835h = +23 points
FII DII = -405 Crores
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened with a gap-down and then went too close to 17900 which is one of the key levels for support and from there it rallied to 18000+.
Then in its typical fashion it sold off and rested on an intraday support level and just before FTSE open, it attempted to breach P Close.
And since FTSE was negative, it simply did not have to bother any more and took the path of least resistance which as of now is on the downside.
Nifty thus made a lower high and a lower low.
Bank Nifty also fell though in the closing stages it appeared a tad better than Nifty.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 36
Top 5 Draggers contributed = 80
Net = -44
POSITIVES
Tody as well, Maruti, and Tata Motors kept a firm grip throughout the session.
ITC was also acting firm and it was good to see the sleeping giant helping Nifty stay afloat.
NEGATIVES
The negative wave continues and scrips keep losing momentum and drifting downwards.
Reliance was joined today by the HDFC twins, Kotak Bank, and Axis Bank. This is what caused the max damage to the indices.
FII-DII are net sellers.
TRADING RANGE FOR 18 November 2021 - Last session for the week
Nifty Support 17800-900
Nifty resistance 18000-18050-18100-150
Bank Nifty Support 37800-38000-38200
Bank Nifty Resistance 38500-700-800-39000
INSIGHTS / OBSERVATIONS
Another Maths Wiz day as the difference between today’s close and that of yesterday is 100 points on Nifty. That is why the heading - The Planned Assault on Indices Continues.
For the first time in November, Bank Nifty breached 38000. Testing of nerves is still in progress.
At times, the indices tend to open with a good gap-up after 2 or more days of down days. This IMO happens more like a trap for the retail shorters who generally act in the final phase. Let us put this reading to the test tomorrow.
Here is my tweet about FII Buying and market behavior:
Maruti went up more than Tata Motors, but it is not featured in the Top 5 Lifters of Nifty. Maybe this also indicates why Tata Motors is more important from an investment point of view.
What do you feel about this?
Here is the video link --
Thank you, and Happy Money Making!
Umesh
17-11--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.
---
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 17939.35
H 18022.65
L 17879.25
C 17898.65
EOD --100.55 points / -0.56%
SGX Nifty 17-11-21 @ 1835h = +23 points
FII DII = -405 Crores
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened with a gap-down and then went too close to 17900 which is one of the key levels for support and from there it rallied to 18000+.
Then in its typical fashion it sold off and rested on an intraday support level and just before FTSE open, it attempted to breach P Close.
And since FTSE was negative, it simply did not have to bother any more and took the path of least resistance which as of now is on the downside.
Nifty thus made a lower high and a lower low.
Bank Nifty also fell though in the closing stages it appeared a tad better than Nifty.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 36
Top 5 Draggers contributed = 80
Net = -44
POSITIVES
Tody as well, Maruti, and Tata Motors kept a firm grip throughout the session.
ITC was also acting firm and it was good to see the sleeping giant helping Nifty stay afloat.
NEGATIVES
The negative wave continues and scrips keep losing momentum and drifting downwards.
Reliance was joined today by the HDFC twins, Kotak Bank, and Axis Bank. This is what caused the max damage to the indices.
FII-DII are net sellers.
TRADING RANGE FOR 18 November 2021 - Last session for the week
Nifty Support 17800-900
Nifty resistance 18000-18050-18100-150
Bank Nifty Support 37800-38000-38200
Bank Nifty Resistance 38500-700-800-39000
INSIGHTS / OBSERVATIONS
Another Maths Wiz day as the difference between today’s close and that of yesterday is 100 points on Nifty. That is why the heading - The Planned Assault on Indices Continues.
For the first time in November, Bank Nifty breached 38000. Testing of nerves is still in progress.
At times, the indices tend to open with a good gap-up after 2 or more days of down days. This IMO happens more like a trap for the retail shorters who generally act in the final phase. Let us put this reading to the test tomorrow.
Here is my tweet about FII Buying and market behavior:
Maruti went up more than Tata Motors, but it is not featured in the Top 5 Lifters of Nifty. Maybe this also indicates why Tata Motors is more important from an investment point of view.
What do you feel about this?
Here is the video link --
Thank you, and Happy Money Making!
Umesh
17-11--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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