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NIFTY 50 EOD ANALYSIS 16-2-22
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 17408.45
H 17490.60
L 17257.70
C 17322.20
EOD -30.25 points / -0.17%
SGX Nifty 16-2-22 @ 1835h = -30
FII DII = -711 Crores
CHART BASED CONCLUSIONS using 5 Minutes Chart
opened with a 50+ points gap-up and then made a failed attempt to cross 17450.
It then fell more than 175 points and quickly recovered and rose 200+ points. However, it gave up all the gains and some more by the time the day ended.
Despite this, Nifty has made a higher high and a higher low.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 47
Top 5 Draggers contributed = 52
Net = -5
BANK NIFTY WEIGHT LIFTERS & DRAGGERS
Top 3 Lifters contributed = 52
Top 3 Draggers contributed = 242
Net = -190
POSITIVES
Of the index heavyweight scrips, only HDFC (NS:) and Kotak Mahindra Bank Ltd (NS:) ended in the green.
Nifty could end above 17300 indicates that the bulls may still have a chance.
NEGATIVES
The last hour of selling was unexpected but then also changed its colors so the indices had a sharp fall and had to cover a lot of ground before the day ended to close in the negative.
The good work done today by the index heavyweights will have to be re-done.
TRADING RANGE FOR 17 Feb 22
Nifty Support – 16800-900
Nifty Resistance – 17350-400-450-500
support – 36200-500
Bank Nifty resistance – 38000-38200-500-700
INSIGHTS / OBSERVATIONS
- Attitude matters more than Altitude goes the saying. However, in the markets, both matter and today the indices failed on both the measurements.
- Looking at Bank Nifty’s 5-minute charts, one can clearly see that today’s price-action was played out in between the FIB levels. This is quite an interesting view when seen on the charts. So some patience would be of immense help on such days.
- The DIIs may have made it hard for the FIIs to keep selling HDFC so the FIIs have chosen ICICI Bank (NS:), Infosys (NS:), Reliance (NS:) and HDFC Bank (NS:). As is generally the case, Kotak Bank could defy the selling pressure.
- HDFC Bank is having a major issue in closing above 1540 and that is what has been bothering Bank Nifty. The moves in the indices were quite fast with wide spreads making it hard to trade. I experienced it twice today.
What do you feel about this?
Here is the link to the video:
https://youtu.be/PTOOcj4k93A
The post is for educational & informational purposes only.
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