NIFTY 50 EOD ANALYSIS 10-12-21
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 17476.05
H 17534.35
L 17405.25
C 17511.30
EOD -5.55 points / -0.03%
SGX Nifty 10-12-21 @ 2000h = +46 points
FII DII = -706 Crores
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened with a mild gap down and then sold off to test 17450 levels and then immediately bounced back and made high for the day and then met with the long standing resistance around 17540 and fell in a gradual manner.
In the process it made failed attempts to retest 17500 and then fell further towards 17400.
For almost an hour, Nifty could not make u its mind as there was an intense fight going on between the bulls and the bears around 17400 levels.
Eventually, bulls managed to win and made a sustained and steady recovery but failed to close above the previous close.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 95
Top 5 Draggers contributed = 93
Net = +2
BANK NIFTY WEIGHT LIFTERS & DRAGGERS
Top 3 Lifters contributed = 97
Top 3 Draggers contributed = 88
Net = +9
POSITIVES
Nifty closed the week above 17500 and Bank Nifty above 37100. This is a good relief after seeing a lot of negativity in the last few days.
It is good to see non heavyweight stocks helping Nifty stay neutral and in case of Bank Nifty scrips like IDFC First Bank also putting in a great show.
The Advance-Decline ratio is around 60-40 which is good considering the fact that the market was quite choppy especially in the session up to 1300h.
NEGATIVES
FIIs keep selling and not sure when this is likely to stop.
HDFC twins and Kotak Bank kept the indices under pressure throughout the day.
Choppiness is prevalent in the market but India Vix is going down. This is a confusing situation and I view it as a negative for the traders.
The indices have made a lower high and Bank Nifty has also made a lower low.
TRADING RANGE FOR 12-17 Dec 21
Nifty Support = 17200-300 may well be the new base.
Nifty resistance = 17550-600-625-700-800
Bank Nifty Support = 36200-500-800
Bank Nifty resistance = 37200-500-700-38000
INSIGHTS / OBSERVATIONS
Here is my tweet posted in the morning related to Bank Nifty:
37000 was fought heavily by the bulls and bears in the last hour yesterday and the bulls just managed to win. Today, the bears did not allow the bulls to take it easy and 37000 became a hard line to sustain. However, today as well, the bulls managed to close the day above 37000 and at 37105 to be precise. This is a positive sign.
The first half till 1300h was very choppy for both the indices. India Vix was for sometime in the positive but as the indices started forming intraday base, it started falling. The recovery in indices was welcome, however, premium decays were seen in both the indices even on 37000 and 17500 CEs compared to the previous close as well the EOD prices.
I generally like situations where the deputy leader scrip rallies and supports the indices. It shows that as and when the big head is down, the deputy is capable enough to hold the fort. This was the case with TCS which overshadowed Infosys today.
What do you feel about this?
Here is the video link --
Thank you, and Happy Money Making!
Umesh
10-12-21
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 17476.05
H 17534.35
L 17405.25
C 17511.30
EOD -5.55 points / -0.03%
SGX Nifty 10-12-21 @ 2000h = +46 points
FII DII = -706 Crores
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened with a mild gap down and then sold off to test 17450 levels and then immediately bounced back and made high for the day and then met with the long standing resistance around 17540 and fell in a gradual manner.
In the process it made failed attempts to retest 17500 and then fell further towards 17400.
For almost an hour, Nifty could not make u its mind as there was an intense fight going on between the bulls and the bears around 17400 levels.
Eventually, bulls managed to win and made a sustained and steady recovery but failed to close above the previous close.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 95
Top 5 Draggers contributed = 93
Net = +2
BANK NIFTY WEIGHT LIFTERS & DRAGGERS
Top 3 Lifters contributed = 97
Top 3 Draggers contributed = 88
Net = +9
POSITIVES
Nifty closed the week above 17500 and Bank Nifty above 37100. This is a good relief after seeing a lot of negativity in the last few days.
It is good to see non heavyweight stocks helping Nifty stay neutral and in case of Bank Nifty scrips like IDFC First Bank also putting in a great show.
The Advance-Decline ratio is around 60-40 which is good considering the fact that the market was quite choppy especially in the session up to 1300h.
NEGATIVES
FIIs keep selling and not sure when this is likely to stop.
HDFC twins and Kotak Bank kept the indices under pressure throughout the day.
Choppiness is prevalent in the market but India Vix is going down. This is a confusing situation and I view it as a negative for the traders.
The indices have made a lower high and Bank Nifty has also made a lower low.
TRADING RANGE FOR 12-17 Dec 21
Nifty Support = 17200-300 may well be the new base.
Nifty resistance = 17550-600-625-700-800
Bank Nifty Support = 36200-500-800
Bank Nifty resistance = 37200-500-700-38000
INSIGHTS / OBSERVATIONS
Here is my tweet posted in the morning related to Bank Nifty:
37000 was fought heavily by the bulls and bears in the last hour yesterday and the bulls just managed to win. Today, the bears did not allow the bulls to take it easy and 37000 became a hard line to sustain. However, today as well, the bulls managed to close the day above 37000 and at 37105 to be precise. This is a positive sign.
The first half till 1300h was very choppy for both the indices. India Vix was for sometime in the positive but as the indices started forming intraday base, it started falling. The recovery in indices was welcome, however, premium decays were seen in both the indices even on 37000 and 17500 CEs compared to the previous close as well the EOD prices.
I generally like situations where the deputy leader scrip rallies and supports the indices. It shows that as and when the big head is down, the deputy is capable enough to hold the fort. This was the case with TCS which overshadowed Infosys today.
What do you feel about this?
Here is the video link --
Thank you, and Happy Money Making!
Umesh
10-12-21
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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