Is Nifty getting ready to end this week above 17000?
NIFTY 50 EOD ANALYSIS 22-12-21
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 16865.55
H 16971.00
L 16819.55
C 16955.45
EOD +184.60 points / +1.10%
SGX Nifty 22-12-21 @ 1835 = +12
FII DII = +770 Crores
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened with a good gap-up and then shot up to cross 16900 for some time and then sold-off as usual.
It then recovered in a slow paced market with some amount of choppiness and never looked back to retest the lows. It rose almost 100 points in the final hour even though FTSE was showing a somewhat negative bias.
Nifty has made a higher high and a higher low.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 101
Top 5 Draggers contributed = 9
Net = +92
BANK NIFTY WEIGHT LIFTERS & DRAGGERS
Top 3 Lifters contributed = 318
Top 3 Draggers contributed = 4
Net = +314
POSITIVES
Bank Nifty ended above 35000 is a good sign and Nifty managed to close above 16950 is also a good sign.
Reliance, SBI, ICICI Bank, and Kotak Bank are looking better than what they were a couple of sessions back. This would impact the sentiment positively and help steady the indices.
The positive sentiment was prevalent was mostly throughout the market with almost 70% of the NSE scrips for which the Advance-Decline ratio is worked out showing a positive close.
NEGATIVES
HDFC continues to show weakness at higher levels and as a result even HDFC Bank seems to have been impacted as unlike yesterday, it ended on a muted close.
16985-17000 is a hard line to cross.
TRADING RANGE FOR 23 DEC 21
Nifty support = 16600-700 revised upwards considering the fact the low for the day was 16800+.
Nifty resistance = 16985-17000-17050-17100-200
INSIGHTS / OBSERVATIONS
Though the last 2 sessions have ended in good green, on a closing basis, Nifty is still below the 17-12-21 level. This is therefore likely to play out as the beginning of a tough line of resistance.
Despite a weak FTSE, our indices ended in good green which is a surprise considering the fact that the tendency so far has been to be sold off as and when FTSE is in the red. Maybe there is something that is likely to unfold tomorrow in the opening hour.
Bank Nifty was 421 points of which 318 were from SBIN, ICICI Bank, and Kotk Bank. It is good to see SBI and Kotak Bank turning in as positive contributors. Now only HDFC Bank should remain non negative for the index to move up.
What do you feel about this?
Here is the link to the video:
Thank you, and Happy Money Making!
Umesh
22-12-21
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 16865.55
H 16971.00
L 16819.55
C 16955.45
EOD +184.60 points / +1.10%
SGX Nifty 22-12-21 @ 1835 = +12
FII DII = +770 Crores
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened with a good gap-up and then shot up to cross 16900 for some time and then sold-off as usual.
It then recovered in a slow paced market with some amount of choppiness and never looked back to retest the lows. It rose almost 100 points in the final hour even though FTSE was showing a somewhat negative bias.
Nifty has made a higher high and a higher low.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 101
Top 5 Draggers contributed = 9
Net = +92
BANK NIFTY WEIGHT LIFTERS & DRAGGERS
Top 3 Lifters contributed = 318
Top 3 Draggers contributed = 4
Net = +314
POSITIVES
Bank Nifty ended above 35000 is a good sign and Nifty managed to close above 16950 is also a good sign.
Reliance, SBI, ICICI Bank, and Kotak Bank are looking better than what they were a couple of sessions back. This would impact the sentiment positively and help steady the indices.
The positive sentiment was prevalent was mostly throughout the market with almost 70% of the NSE scrips for which the Advance-Decline ratio is worked out showing a positive close.
NEGATIVES
HDFC continues to show weakness at higher levels and as a result even HDFC Bank seems to have been impacted as unlike yesterday, it ended on a muted close.
16985-17000 is a hard line to cross.
TRADING RANGE FOR 23 DEC 21
Nifty support = 16600-700 revised upwards considering the fact the low for the day was 16800+.
Nifty resistance = 16985-17000-17050-17100-200
INSIGHTS / OBSERVATIONS
Though the last 2 sessions have ended in good green, on a closing basis, Nifty is still below the 17-12-21 level. This is therefore likely to play out as the beginning of a tough line of resistance.
Despite a weak FTSE, our indices ended in good green which is a surprise considering the fact that the tendency so far has been to be sold off as and when FTSE is in the red. Maybe there is something that is likely to unfold tomorrow in the opening hour.
Bank Nifty was 421 points of which 318 were from SBIN, ICICI Bank, and Kotk Bank. It is good to see SBI and Kotak Bank turning in as positive contributors. Now only HDFC Bank should remain non negative for the index to move up.
What do you feel about this?
Here is the link to the video:
Thank you, and Happy Money Making!
Umesh
22-12-21
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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