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NIFTY 50 EOD ANALYSIS 18-2-22
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 17236.05
H 17380.80
L 17219.20
C 17276.30
EOD -28.30 points / -0.16%
SGX Nifty 18-2-22 @ 1820h = +16
FII DII = -601 Crores
CHART BASED CONCLUSIONS using 5 Minutes Chart
opened with a gap-down and immediately it was able to find support near the day low and it then hit the previous close.
Thereafter it again fell and retested the 17250 area and then moved in a sideways manner before finding strong buying support around 1100h from 17250 levels and that move was of 125+ points leading into the day high.
And then came the 1400h fall which brought Nifty back to below 17300 yet again testing 17250 twice before ending at 17276.
Nifty has once again made a lower high and a lower low.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 18
Top 5 Draggers contributed = 29
Net = -11
BANK NIFTY WEIGHT LIFTERS & DRAGGERS
Top 3 Lifters contributed = 77
Top 3 Draggers contributed = 20
Net = +57
POSITIVES
Amidst intense volatility, HDFC (NS:) remained firm and was the lone battle force that helped Nifty and prevented it from falling further.
HDFC Bank (NS:) ended in the green which helped end in the green.
NEGATIVES
And today, it was Reliance (NS:) who had to show its might and it dragged Nifty along with the other heavyweight Infosys (NS:).
ICICI Bank (NS:) joined these two as the ABG ghost seems to be haunting it even now.
TRADING RANGE FOR 21 Feb 22
Nifty Support – 16800-900
Nifty Resistance – 17300-350-400-450-500
Bank Nifty support – 37000-200
Bank Nifty resistance – 37700-850-38000
INSIGHTS / OBSERVATIONS
- IT stocks have been underperforming as US tech companies and its Index – has been that way. Today yet again Infosys and TCS (NS:) were down in the morning so I checked the US Tech futures and they were in green and the lead losers from the basket of Nifty 50 heavyweight Infosys were down the most.
- And as if it was waiting for me to write the above lines, soon after I completed the line it started becoming less negative. I would have started writing as soon as the market opened had I known it was waiting for me.
- The factor is also creating issues as the Option Premia is very high and when the move is in the direction, the pace at which they usually move is not that quick which is unusual when the VIX is high.
- Yet again, today’s best move came in just as the clock struck 1100h indicating that DIIs were in action. And as usual, the after sell-off struck around 1400h, as the FIIs would have started clearing the sell orders post-lunch. In between were the sideways moves that increased the India Vix.
- The Nifty range is getting narrower and choppier indicating a potential big move. It can be either side of the line but this is what I am feeling. The next week is also the last week of the Feb series so the traditional choppiness and volatility are likely to go up as well.
What do you feel about this?
Here is the link to the video:
https://youtu.be/r1VdJkf-oF4
The post is for educational & informational purposes only.
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