A rangebound and choppy session forces the Indices to end in Red
9NIFTY 50 EOD ANALYSIS 09-11-21
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 18084.35
H 18112.60
L 17983.05
C 18044.25
EOD - -24.30 points / -0.13%
India VIX = 16.00 / -2.09%
SGX Nifty 08-11-21 @ 1845h = +23 points
FII DII = -1028 Crores
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened with a mild gap up and rallied a few more points and then went below the previous close and it never returned above that line.
A very rangebound and choppy day thus ended in a mild red.
Nifty breached 18000 on the downside but then quickly recovered.
India Vix is misleading the reader about what transpired during the day.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 37
Top 5 Draggers contributed = 53
Net = -16
POSITIVES
Nifty ended above 18000.
Reliance held on to 2500+ levels and helped Nifty close above 18000.
ICICI Bank deviated from the private banks pack and ended in the green.
NEGATIVES
When HDFC and HDFC Bank lead the pack of the draggers, it is hard for the indices to end green. And that is what happened today.
HDFC Bank kept Bank Nifty nervous and weak throughout the day and did not allow it to close above the previous close.
Despite FTSE being positive, our Indices ended in the red which is a cause of concern.
TRADING RANGE FOR 10-12 November 2021
Nifty Support 17800-17900
Nifty resistance 18100-150-200
Bank Nifty Support 38800-39000-200
Bank Nifty Resistance 39600-800-40000.
INSIGHTS / OBSERVATIONS
I am wondering how much of gains is FIIs banking as they keep selling relentlessly.
Today also they have sold for more than 2000 Crores and this is reflected in the SGX movement which is already at -42 around 1900h.
I am also wondering why should we have a spot and a future and why cannot we trade the spot itself? The reason is --
Both the indices faced issues with the spot above the previous close but the future below its previous close. This happened several times during the day and in the end, the futures did not allow the spot to close above the line.
I feel this is causing challenges to intraday traders like me. My feeling is that unless FIIs turn positive, this game may be on.
What do you feel about this?
Here is the video link --
Thank you, and Happy Money Making!
Umesh
09-11--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 18084.35
H 18112.60
L 17983.05
C 18044.25
EOD - -24.30 points / -0.13%
India VIX = 16.00 / -2.09%
SGX Nifty 08-11-21 @ 1845h = +23 points
FII DII = -1028 Crores
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened with a mild gap up and rallied a few more points and then went below the previous close and it never returned above that line.
A very rangebound and choppy day thus ended in a mild red.
Nifty breached 18000 on the downside but then quickly recovered.
India Vix is misleading the reader about what transpired during the day.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 37
Top 5 Draggers contributed = 53
Net = -16
POSITIVES
Nifty ended above 18000.
Reliance held on to 2500+ levels and helped Nifty close above 18000.
ICICI Bank deviated from the private banks pack and ended in the green.
NEGATIVES
When HDFC and HDFC Bank lead the pack of the draggers, it is hard for the indices to end green. And that is what happened today.
HDFC Bank kept Bank Nifty nervous and weak throughout the day and did not allow it to close above the previous close.
Despite FTSE being positive, our Indices ended in the red which is a cause of concern.
TRADING RANGE FOR 10-12 November 2021
Nifty Support 17800-17900
Nifty resistance 18100-150-200
Bank Nifty Support 38800-39000-200
Bank Nifty Resistance 39600-800-40000.
INSIGHTS / OBSERVATIONS
I am wondering how much of gains is FIIs banking as they keep selling relentlessly.
Today also they have sold for more than 2000 Crores and this is reflected in the SGX movement which is already at -42 around 1900h.
I am also wondering why should we have a spot and a future and why cannot we trade the spot itself? The reason is --
Both the indices faced issues with the spot above the previous close but the future below its previous close. This happened several times during the day and in the end, the futures did not allow the spot to close above the line.
I feel this is causing challenges to intraday traders like me. My feeling is that unless FIIs turn positive, this game may be on.
What do you feel about this?
Here is the video link --
Thank you, and Happy Money Making!
Umesh
09-11--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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