Indices ignore global cues, end on a bearish note
NIFTY 50 EOD ANALYSIS 29-11-21
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 17055.80
H 17160.70
L 16782.40
C 17053.95
EOD +27.60 points / +0.16%
India VIX 20.83
SGX Nifty 29-11-21 @ 1900h = -46 points
FII DII = Not yet available
CHART BASED CONCLUSIONS using 5 Minutes Chart
Taking strong global cues in to account, Nifty opened with a mild gap up and as usual immediately sold off as FIIs were net sellers on 26 Nov.
It evinced buying interest around 16780 and made a smart recovery and hit the first resistance at 17100 and then retraced a bit and then again at 17160 and then fell yet again after being sideways for a long time.
It barely managed to end above 26 Nov close by a few points as a token of respect to the global cues.
Nifty has thus made a lower high and a lower low.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 65
Top 5 Draggers contributed = 30
Net = +35
POSITIVES
Nifty managed to close in green is the first positive.
Some of the leading scrips - Reliance, HDFC Bank, Kotak Bank, TCS, and Bajaj Finance were the leaders today. This is a good mix of Reliance, Banking & Finance, and IT.
Bank Nifty bounced back up from its 200 DMA which is a good sign even though it ended in the red. In the process, it also held above its 50 Weekly MA.
NEGATIVES
Bank Nifty underperformed Nifty on account selling pressure in ICICI Bank and Axis Bank.
HDFC remained under selling pressure today as well.
The global cues are positive and yet the indices ended this way is not a good sign.
TRADING RANGE FOR 30 NOV 21
Nifty Support = 16500-16700
Nifty Resistance = 17100 and above until 17500 is taken out on closing basis.
Bank Nifty Support = 35000-35200
Bank Nifty Resistance = 36000-36200-500-800
INSIGHTS / OBSERVATIONS
I find it a bit strange that a one liner from a South African medical agency stating the variant is just a sound alert and anot an alarm has made the global markets so much positive. I am neither a market maker nor a medical pro so I am confused with this one liner exactly like how the Bulls of the Indian stock markets are.
Despite the global markets being positive, somehow our market participants could see what is not visible to the world as re Covid variant is concerned.
A dismal EOD performance is indicative of the underlying bearish tone of the markets.
Nifty could end in the green only because of Reliance as its contribution is 21 points. This also explains what may happen tomorrow if our Indices choose to ignore the global cues tomorrow as well.
What do you feel about this?
Thank you, and Happy Money Making!
Umesh
29-11--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 17055.80
H 17160.70
L 16782.40
C 17053.95
EOD +27.60 points / +0.16%
India VIX 20.83
SGX Nifty 29-11-21 @ 1900h = -46 points
FII DII = Not yet available
CHART BASED CONCLUSIONS using 5 Minutes Chart
Taking strong global cues in to account, Nifty opened with a mild gap up and as usual immediately sold off as FIIs were net sellers on 26 Nov.
It evinced buying interest around 16780 and made a smart recovery and hit the first resistance at 17100 and then retraced a bit and then again at 17160 and then fell yet again after being sideways for a long time.
It barely managed to end above 26 Nov close by a few points as a token of respect to the global cues.
Nifty has thus made a lower high and a lower low.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 65
Top 5 Draggers contributed = 30
Net = +35
POSITIVES
Nifty managed to close in green is the first positive.
Some of the leading scrips - Reliance, HDFC Bank, Kotak Bank, TCS, and Bajaj Finance were the leaders today. This is a good mix of Reliance, Banking & Finance, and IT.
Bank Nifty bounced back up from its 200 DMA which is a good sign even though it ended in the red. In the process, it also held above its 50 Weekly MA.
NEGATIVES
Bank Nifty underperformed Nifty on account selling pressure in ICICI Bank and Axis Bank.
HDFC remained under selling pressure today as well.
The global cues are positive and yet the indices ended this way is not a good sign.
TRADING RANGE FOR 30 NOV 21
Nifty Support = 16500-16700
Nifty Resistance = 17100 and above until 17500 is taken out on closing basis.
Bank Nifty Support = 35000-35200
Bank Nifty Resistance = 36000-36200-500-800
INSIGHTS / OBSERVATIONS
I find it a bit strange that a one liner from a South African medical agency stating the variant is just a sound alert and anot an alarm has made the global markets so much positive. I am neither a market maker nor a medical pro so I am confused with this one liner exactly like how the Bulls of the Indian stock markets are.
Despite the global markets being positive, somehow our market participants could see what is not visible to the world as re Covid variant is concerned.
A dismal EOD performance is indicative of the underlying bearish tone of the markets.
Nifty could end in the green only because of Reliance as its contribution is 21 points. This also explains what may happen tomorrow if our Indices choose to ignore the global cues tomorrow as well.
What do you feel about this?
Thank you, and Happy Money Making!
Umesh
29-11--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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