Reliance Hits a New All Time High, Inspires the Heavyweights, & Nifty Ends Just Be

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Reliance (NS: RELI ) Hits A New All-Time High, Inspires the Heavyweights, & Nifty Ends Just Below 17400 [21-4-22]

NIFTY O / H / L / C

17234.60/ 17414.70/ 17215.50/ 17392.60 [+256.05/+1.49%]

BANK NIFTY O / H / L / C

36513.10/ 36913.35/ 36395.70/ 36816.10 [+501.20/+1.38%]

India Vix 17.85/-4.39%

FII DII Data +2,110 Crores

SGX Nifty @ 1815h +06

TOP 5 CONTRIBUTORS OF NIFTY

Lifters 118

Draggers 008

Net +110

TOP 3 CONTRIBUTORS OF BANK NIFTY

Lifters 436

Draggers 000

Net +436

CHART BASED DETAILS & ANALYSIS IS GIVEN IN THIS VIDEO:

https://youtu.be/KoAP72-OIik

POSITIVES

All Index heavyweights ended in the green.

Both the Indices have moved up in line with one another.

India VIX has fallen below 18.

FII DII data is Net Positive.

NEGATIVE

Nothing to write about.

SUPPORT & RESISTANCE LEVELS

These levels would be reinstated based on where the indices end the week.

TRADING INSIGHTS & OBSERVATIONS

  1. There is nothing much to write about as Nifty opened gap-up and hit the day low in the opening candle itself and then it never looked back. Today’s price action in Nifty was a refreshing change from what we have been experiencing for the last several days.
  2. Nifty initially struggled to some extent below 17250 and then consolidated around it for a while, and then moved up almost 90 points before meeting with another earlier resistance around 17340-50. It took almost an hour for Nifty to worth through that line.
  3. And once it was cleared it climbed further up in a gradual manner to cross 17400 and ended the day just below the level of 17400.
  4. It is the same bucket of stocks that lifted Nifty yesterday that were in play today as well and that is why the rally appeared like a sustained one.
  5. Today’s highlight was that Reliance hit a new all-time high and was the leader yet again and up 2%+ on a closing basis. We have to see if Reliance can defy the trend of scrips coming under pressure ahead of their results - it is due on 29-4.
  6. Even though Nifty had a smooth ride to 17400, Bank Nifty was not that lucky as it had to weather choppiness till about 1330h, before the short-covering cum expiry pressure lifted it to cross 36900 and it ended the day just above 36800.
  7. It was a refreshing change to see that all the index heavyweights ended in the green today and that should do some good to the bullish sentiment. Now all eyes are on how the indices end the week that has ICICI Bank (NS: ICBK ) results which are most likely to be released aftermarket.

Note: Posted purely for informational & educational purposes only. I am not SEBI Regd.

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  • Dhruvil Shah @Dhruvil Shah
    Please explain FII and Pros data also on daily basis
    Like 0
    • Umesh Rindani @Umesh Rindani
      Thank you for the feedback. I am not clear what do you mean by explaining the FII DII data? Please clarify.
      Like 0
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  • Jagdish Kumar @Jagdish Kumar
    nothing new
    Like 0
    • Umesh Rindani @Umesh Rindani
      Thank you for the feedback. I am glad that you are up to date in respect of the market.
      Like 0
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  • Prasant Tripathi @Prasant Tripathi
    nice information sir
    Like 0
    • Umesh Rindani @Umesh Rindani
      Thank you for your kind words.
      Like 0
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      100

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