Nifty Ends Above 18300, but Private Banks Strangle Bank Nifty

  • Stock Market Analysis
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UMESH RINDANI
NIFTY 50 EOD ANALYSIS 17-1-22

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 18235.65

H 18321.55

L 18228.75

C 18306.10

EOD +52.35 points / +0.29%

SGX Nifty 17-1-22 @ 1900h = -13

FII DII = Not yet available

CHART BASED CONCLUSIONS using 5 Minutes Chart

The Nifty opened with a mild gap-down and then there was a spike and in 10 minutes, it crossed 18300 and then immediately sold-off.

It, however, was able to hold on to the opening low and retested 18300 and came close to the previous close and made a dash to the day high and then managed to end above 18300.

Bank Nifty underperformed to Nifty, but Nifty managed to create a higher high and a higher low.

NIFTY WEIGHT LIFTERS & DRAGGERS

Top 5 Lifters contributed = 34

Top 5 Draggers contributed = 36

Net = -02

BANK NIFTY WEIGHT LIFTERS & DRAGGERS

Top 3 Lifters contributed = 88

Top 3 Draggers contributed = 215

Net = -127

POSITIVES

TCS (NS: TCS ) ended above 4000 and was the lead contributor.

Reliance (NS: RELI ) held on to the positive territory amidst increased volatility.

Auto scrips in general were up which is a good sign.

NEGATIVES

Private banks underperformed and HDFC Bank (NS: HDBK ) in particular single-handedly dragged Bank Nifty and made its movements miserable.

India Vix has increased yet again.

TRADING RANGE FOR 18 JAN 22

Nifty support = 17800-17900

Nifty resistance = 18350-400-450-500

Bank Nifty Support = 37500-38000

Bank Nifty resistance = 38400-500-700-900

INSIGHTS / OBSERVATIONS

  • Movements in Bank Nifty were restricted today after the initial swings. Here is the tweet that captured mood opening hour:

  • After the opening spike, TCS fell down and now that the writing on the wall is clear, I thought of considering a strategy for TCS but by the time I could work on it, it made a quick bounce from the day low and ended for the first time above 4000. It feels good when a scrip crosses a big round number resistance even if it is not in the portfolio [in this case, I do have holdings].
  • Bank Nifty is down 154 points of which 215 have been contributed by HDFC (NS: HDFC ) Bank, Axis Bank (NS: AXBK ), and ICICI Bank (NS: ICBK ). This shows how the big heads have strangled Bank Nifty and narrowed down its movements.
  • In the last one hour or so, HDFC Bank had sold orders of 65,000+ shares at 1521. It took almost an hour to get rid of the order and till then Bank Nifty kept moving in a very tight range. Once those order were cleared, HDFC Bank went up by 2 points in no time.

Here is the link to the video:
https://youtu.be/5DdS0GQLttA

The post is for educational & informational purposes only.

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  • Srinivas Kalakonda @Srinivas Kalakonda
    what about RBL Bank stock?
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    • Umesh Rindani @Umesh Rindani
      I have avoided it
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  • Ramesh Vemishetty @Ramesh Vemishetty
    Iexpected a big downfall in bank nifty tomorrow
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  • Ramesh Vemishetty @Ramesh Vemishetty
    Iexpected a big downfall in bank nifty tomorrow
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  • Ramesh Vemishetty @Ramesh Vemishetty
    i expected a big downfall in bank nifty tomorrow
    Like 1
    • ann ch @ann ch
      As per my analysis, tomorrow 18th Jan, Nifty may reach 18,365 on the upside
      Like 0
    • SHANON McMAHON @SHANON McMAHON
      Sir Mr. Shetty's sentence itself expresses no basis for the expectation. Random.
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    • Umesh Rindani @Umesh Rindani
      @SHANON McMAHON I know that and that's why I asked
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  • Anil Thakur @Anil Thakur
    ANY UPDATE REGARDING ANAND RAYONS
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    • Umesh Rindani @Umesh Rindani
      Not tracking
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    hi
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  • durgesh Bhuwaliya @durgesh Bhuwaliya
    hi
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    • Umesh Rindani @Umesh Rindani
      Hello
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