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NIFTY EOD ANALYSIS FOR 28-3-22
O 17297.20
H 17343.65
L 17235.20
C 17325.30/+103.30/+0.60%
EOD 35847.40/+136.90/+0.38%
SGX NIFTY at 1830h +161
21.30/-5.79%
FII DII data +1,749 Crores
NIFTY TOP 5 CONTRIBUTORS
Leaders 64
Laggards 16
Net 48
BANK NIFTY TOP 3 CONTRIBUTORS
Leaders 185
Laggards 44
Net 141
POSITIVES
closed well above 17300.
HDFC (NS:) twins finally made a good recovery.
FIIs have also turned Net Buyers.
India VIX has fallen significantly.
NEGATIVES
Hero MotoCorp Ltd (NS:) is down 7% on account of an accounting irregularity. This is a big blow as it is a scrip and raises several concerns related to auditing, disclosures, & compliances.
NIFTY SUPPORT 17000-17100
NIFTY RESISTANCE 17400-500-600
BANK NIFTY SUPPORT 34800-35000
BANK NIFTY RESISTANCE 36000-36200-36500
TRADING INSIGHTS & OBSERVATIONS
Compiled as the day progressed
- Yesterday, the FIIs were Net Sellers for less than 1,000 Crores and that is felt in the manner in which Nifty has been able to stay above the close of 28-3 after a strong gap-up even after an hour plus of trading. Though the indices have not yet been able to clear the day high creator earlier, they are not going down either which is a good thing.
- Today, the proceeds of TCS (NS:) buy-back were credited to the bank account & like a child, I was filled with joy as I made a good gain of almost 800+ per share. And as if I am going to find some more treasure, I swiftly moved the proceeds back to my ledger and bought back TCS shares at a great discount[4500-3700]!
- The above was part of the process that I have been carrying out in respect of buy-backs, however, there is a change this time in respect of the price action of TCS. On the last 2 occasions, to the extent I can recollect, TCS CMP was around the buy-back price before and after the due date. This time, it has not even touched 4,000. Does it indicate something? I do not know and that is why I just followed the process leaving the outcome in the hands of the market forces.
- And today, I removed the IPO capital deployed in respect of Adani (NS:) Wilmar [AWL] again in line with the SOP that I follow – take the capital out if the ROI is 100% or more on a given date. I now have only the profit lying in the portfolio which has been gifted by the market itself. So there is zero amount at risk in this case.
- Today is the day of HDFC as it is up by 25 and Reliance (NS:) is witnessing some amount of profit booking which is quite understandable as it has helped Nifty stay above 17000 and above for almost a week now. HDFC Bank (NS:), ICICI Bank (NS:), and Kotak Mahindra Bank Ltd. (NS:) have also shown some positivity in the AM session when the rest of the heavyweights are in the red or trading flat.
- After the opened in the green, Nifty which tested 17240+ area for the 2nd time during the day, made a recovery to retest 17300+ levels which was a good sight. However, at the stroke of 1300h, FIIs pressed the sell button to push Nifty down by 75 points in 10 minutes but this down move was quickly bought in and Nifty gradually climbed back up above 17300 in the next 2 hours plus of price action.
- The firmness in the indices came in as the US Futures also indicated robustness signaling a possible resolution to the ongoing tensions between Russia & Ukraine. And that has since been confirmed as around 1830h when I am writing this, SGX Nifty is up by 150+ points on account of positive developments.
- The above resulted in a change of plans for the FIIs as today they have ended the day as Net Buyers even though the amount is only 35 Crores. This indicates that the open may not get sold into. However, things could change if Russia backtracks on the positive developments announced.
- The day clearly belonged to the HDFC twins as the Star Performers as these two made all the difference when Reliance was taking a well-deserved break.
Please watch this video to know more about it:
https://youtu.be/yMFO4jsALyM
This post is shared purely for Educational & Informational purposes only.
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