NIFTY 50 EOD ANALYSIS 25-11-21
In this post, I will 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.
EOD 121.20 points /+0.70%
SGX Nifty 25-11-21 @ 1840h = +40 points
FII DII = Not yet available
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened flat and then sold off to retest the lows of 24 Nov around 17350.
Like yesterday, it was able to generate a good amount of buying interest, and then fueled by Reliance (NS: RELI ), it was able to sustain higher levels with greater ease.
Clearly, Bank Nifty underperformed.
However, Nifty has made a lower low and a lower high and yet managed to close in the green.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 154
Top 5 Draggers contributed = 36
Net = +118
Nifty ended the Nov series above 17500.
Reliance single-handedly changed the game for Nifty.
It would be improper to give credit to any other scrip today.
Infosys (NS: INFY ) managed to close well above 1700.
Nifty retested the low of 24 Nov around 17350.
Bank Nifty is struggling and is unable to generate sustained buying interest.
All other leading scrips of both indices lack momentum.
HDFC (NS: HDFC ) ended yet again below 2900.
Hindustan Unilever Ltd. (NS: HLL ) has been consistently having issues in getting investors attracted as it keeps drifting on the way down.
TRADING RANGE FOR 26 November 2021
Nifty Support 17300-350.
Nifty Resistance 17600 and above.
Bank Nifty support = 36800-37000.
Bank Nifty resistance = 37500-700-38000
INSIGHTS / OBSERVATIONS
- Here are the links to 2 of my tweets related to how markets were today:
- Nifty was up by 121 points and the net contribution by the Top 5 Lifters & Draggers is 118. Data is becoming very crucial in managing the indices.
- Have a look at the close of 24 Nov and today’s open - barely 2 points difference.
- All eyes are now on the Reliance counterpart in the Bank Nifty family - HDFC Bank (NS: HDBK ) and ICICI Bank (NS: ICBK ). The day these two wake up, is the day when Bank Nifty is likely to outperform. The big question is when?
What do you feel about this?
Here is the video link --
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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