For How Long will the See-Saw Moves Run? Nifty Expires the Week at 15556


For How Long Will The See-Saw Moves Run? Expires The Week At 15556
[23-6-22]

NIFTY O / H / L / C

15451.55/ 15628.45/ 15367.50/ 15556.65 [+143.35/+0.93%]

BANK NIFTY O / H / L / C

32927.40/ 33431.75/ 32652.15/ 33135.00 [+289.70/+0.88%]

20.88/-1.97%

FII DII Data Not yet available

SGX Nifty @ 1755h Flat

TOP 5 CONTRIBUTORS OF NIFTY

Lifters 68

Draggers 32

Net +36

TOP 3 CONTRIBUTORS OF BANK NIFTY

Lifters 185

Draggers 009

Net +176

CHART-BASED DETAILS & ANALYSIS ARE GIVEN IN THIS VIDEO: https://youtu.be/hB9OleZQH1Q

POSITIVES

made a strong recovery from the lows and ended the day at 15556.

also ended in the green above 33100.

NEGATIVE

Reliance (NS:) continues to be under pressure and is making things hard for Nifty.

SUPPORTS & RESISTANCE LEVELS

Nifty 15000-15200

Bank Nifty 32000-32200

TRADING INSIGHTS & OBSERVATIONS

  1. The Asian markets were somewhat green but the US Futures were in the red. This of course may have happened after a positive run so I was curious to see how the indices would open today.
  2. And there was a consolation surprise as Nifty opened with a mild gap-up. However, in the opening candle itself, it was successful in almost testing the previous close. So it appeared that the FIIs would be following the US Futures and start dumping their now favorites – Reliance & Infosys (NS:).
  3. However, the DIIs possibly had a clear view of this and therefore, Nifty received a booster dose at the low level of 15411, and it then went up 60 points. All this action happened in the first 5 minutes itself and this gave a trailer of what is in store for the weekly expiry day.
  4. As if Nifty had some unfinished agenda to immediately attend to [within the next 2 hours], it made a single-minded move up and not only crossed 15500 with ease but also cleared 15600+ levels. It appeared that Nifty may well be ignoring the global cues and may even attempt to retest the 15700 levels.
  5. For a little over half an hour, Nifty consolidated above 15600 levels, but the pressure from the higher end – 15628 being the day’s high, was sending it back towards 15600. The global cues also started fading and the US Futures also started losing ground.
  6. Such situations are always to the liking of the FIIs and also the traders who are good at shorting and they were not disappointed as Nifty in the next 90 minutes or so, fell 268 points and broke the 15400 levels also after breaking all the earlier support levels.
  7. Nifty finally made a low at 15367. This down move of Nifty was funded in a big way by Reliance as it fell from the high of 2520 to the day low of 2445, a fall of 75 points or 3%. This was a back-breaking move from the heavyweight as it failed to hold above its 200 DMA.
  8. Reliance was able to find support from around its 50 Weekly MA and it bounced back 30 points from the lows before going sideways this helped Nifty recover smartly and made a recovery of 200+ points.
  9. Having done all the expiry day dramatics, Nifty moved in a narrow range for the last 90minutes and finally expired the week at 15556. Bank Nifty also restored its position above 33100.
  10. This was a good recovery, but I am not sure for how many minutes or hours will this positive change last.
  11. I do not think there is any major global trigger event pending which could unsettle the current state so it would take a major short-covering in Reliance and or HDFC (NS:) to move Nifty well past 15700. Until that happens, we may keep swinging within the range of 15200-700

See also  Live updates: Russia’s war in Ukraine

Note: Posted purely for informational & educational purposes only.



Source link

We will be happy to hear your thoughts

Leave a reply

 
financetin
Logo
%d bloggers like this:
Shopping cart