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NIFTY 50 EOD ANALYSIS 14-2-22
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 17076.15
H 17099.55
L 16809.55
C 16842.95
EOD -531.95 points / -3.06%
SGX Nifty 14-2-22 @ 1850h = +138
FII DII = Not yet available
CHART BASED CONCLUSIONS using 5 Minutes Chart
fell more than 250+ points at the open and came close to 16900 and then made a smart recovery to cross 17050.
However, it could not sustain for a long time around the level and quickly lost the hold and then kept falling for the rest of the sessions, breaching all important supports.
In the last half an hour, the selling intensified and it fell close to 100 points and ended closer to the low of the day.
In the process, Nifty has made yet another lower low and a lower high.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 08
Top 5 Draggers contributed = 188
Net = –188
BANK NIFTY WEIGHT LIFTERS & DRAGGERS
Top 3 Lifters contributed = 0
Top 3 Draggers contributed = 1069
Net = -1069
POSITIVES
TCS (NS:) was the lone fighter from the leading Nifty50 pack. In fact, it had gone close to the 3800 level in the AM trade but ended above 3725 but still up 1% in the green.
NEGATIVES
Today was one such day where there was no dearth of negativity so I am skipping this part. From the indices point of view, the break of 17000 & 38000 levels was very negative and the bulls seem to have no strength left to even nudge the indices a bit higher.
TRADING RANGE FOR 15 Feb 22
When sentiment drives the market more than the technicals or the fundamentals, it is better not to draw the lines. I will prefer that the dust settles down before I make attempts to read the potential supports & resistances. The way the supports were broken today forces me to do so.
INSIGHTS / OBSERVATIONS
- It was a rare day when the FIIs were net buyers in the previous session and the Indices fell with a massive gap. So today the FIIs may have tasted what the retailers feel when there is a gap-down open.
- No doubt our markets take global cues into account but I feel that often our indices tend to overreact to the news impacting other economies more than ours. Or this may be just another way for the FIIs to keep selling and achieving their objectives aided by the negative global cues.
- In this fall, what share the ABG Shipyard-related news has played would not be known and our markets may react to it once the global cues-related negativity has died down. From what I recollect, even at the time of the surgical strikes a few years ago, the fall was not as severe as it was today.
- HDFC (NS:) has been badly wounded over the last several days and today it is the lead sufferer. Is the current price-action the real reflection of the fundamentals of this heavyweight? I am not sure.
- It was only the and TCS that were extremely bullish in the opening hour or so and the TCS also fell as it could not clear the 3800 mark. So India VIX ruled for the most part of the day and in the closing hours scaled new heights to end below 23.
- The indices would have continued their south-bound journey if the closing bell would not have rung. Such was the intensity of the fall. Will they ever have such sincerity on the way up?
What do you feel about this?
Here is the link to the video:
https://youtu.be/EWrkgsh8wA8
The post is for educational & informational purposes only.
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