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NIFTY 50 EOD ANALYSIS 17-2-22
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 17396.55
H 17442.90
L 17235.85
C 17304.60
EOD -17.60 points / -0.10%
SGX Nifty 17-2-22 @ 1820h = +48
FII DII = -341 Crores
CHART BASED CONCLUSIONS using 5 Minutes Chart
opened with a gap-up of 50+ points and then met with one of the intraday resistances that it has been experiencing now and then.
It then fell 200 points and was able to find buying interest around 17250. It then moved back up and crossed 17400 twice and the weekly expiry sell-off in the last 90 minutes ensured that it ended almost flat.
Nifty has however made a lower high and a lower low.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 69
Top 5 Draggers contributed = 62
Net = +7
BANK NIFTY WEIGHT LIFTERS & DRAGGERS
Top 3 Lifters contributed = 0
Top 3 Draggers contributed = 290
Net = -290
POSITIVES
HDFC (NS:) & Reliance (NS:) remained firm and helped stabilize Nifty to end on a flat note.
Nifty ended above 17300.
NEGATIVES
heavyweights dragged the index and put pressure on Nifty.
Bank Nifty fell 154 points between 1515-1520h. This ensured that Nifty lost its opportunity to close on a positive note.
TRADING RANGE FOR 18 Feb 22
Nifty Support – 16800-900
Nifty Resistance – 17350-400-450-500
Bank Nifty support – 37000-200
Bank Nifty resistance – 37700-850-38000
INSIGHTS / OBSERVATIONS
- On an EOD basis, Nifty is down by 0.10% and Bank Nifty is down by 1.11%. Clearly, it is Bank Nifty that prevented the index from sustaining above 17400. This is a big difference between the two indices and Bank Nifty has yet again started underperforming.
- Unless the selling pressure in ICICI Bank (NS:) and HDFC Bank (NS:) is overcome, Bank Nifty would remain very volatile with the path of least resistance on the way down. This in turn, would put pressure on Nifty as well.
- Reliance and HDFC remained firm and were mainly responsible for Nifty being able to close above 17300. These two scrips have managed to come out of the shorts collection of the FIIs as they now have a new combination – ICICI Bank, HDFC Bank, and State Bank Of India (NS:). Whereas HDFC Bank is having its chronic 1530 resistance as a sell trigger, ICICI Bank, and SBIN have ABG scars on them.
- TCS (NS:) in particular has been very volatile – this may be putting a lot of strategists who may have created positions to benefit from the buy-back price-related moves that have so far eluded the stakeholders.
- The closing price of Nifty for yesterday and today indicates that Nifty has good buying interest around 17250. So if only the banks do not turn negative, HDFC and Reliance may then take the lead in lifting Nifty. This of course is subject to any negative global cues as our market is very concerned about [FIIs] any such news.
What do you feel about this?
Here is the link to the video:
https://youtu.be/5naU6HfrfTs
The post is for educational & informational purposes only.
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