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NIFTY 50 EOD ANALYSIS 21-2-22
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 17192.25
H 17351.05
L 17070.70
C 17206.70
EOD -69.65 points / -0.40%
SGX Nifty 21-2-22 @ 1845h = -62
FII DII = Not yet available
CHART BASED CONCLUSIONS using 5 Minutes Chart
opened with a gap-down of 75+ points and then fell another 100+ points to retest the area around 17050.
And it then began one of the strongest recoveries of 270+ points and made a high of 17351 soon after 1300h. The recovery was consistent with only an initial resistance faced around 17150 which was cleared after a minor correction.
And then began a complete reversal of fortunes as a sudden sell-off started and Nifty had to fight hard to end above 17200 in the last half an hour.
In the process, Nifty has once again made a lower high and a lower low.
Interestingly, ended once again on a positive note despite making a lower low with a corresponding higher high.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 31
Top 5 Draggers contributed = 46
Net = -15
BANK NIFTY WEIGHT LIFTERS & DRAGGERS
Top 3 Lifters contributed = 156
Top 3 Draggers contributed = 69
Net = +87
POSITIVES
Bank Nifty managed to close in the green today as well.
Nifty fought hard to end above 17200.
The two indices made a smart recovery after witnessing free fall in the opening hour.
NEGATIVES
Bank Nifty easily ave up what now appears to be a prized level of 38000+.
And Nifty once again witnessed intense selling from around 17350.
Intraday was trading close to 24 which is not a good sign.
TRADING RANGE FOR 22 Feb 22
Nifty Support – 16800-900
Nifty Resistance – 17250-300-350-400-450-500
Bank Nifty support – 37000-200
Bank Nifty resistance – 37700-850-38000-38200
INSIGHTS / OBSERVATIONS
- As I have been mentioning in my earlier posts, our market is always in a waiting mode for some negative news as it is set to fall 200+ points [Nifty] and 500+ points in [Bank Nifty] on even slight negative global news.
- The US futures traded in the green throughout our trading session and yet Nifty as well as Bank Nifty were made to move significantly lower as if the Headmaster had directed the students to go and touch the other side of the school premises.
- I am not sure if the market makers or movers are indecisive in their minds or they are just enjoying this newfound way of swinging the markets from one end to another and just when it seems that the dust has settled down, they create yet another storm.
- This kind of wild swings and high volatility is not a healthy sign for any type of market and for our stock market as well. There is something that is not visible to the naked eyes that are happening – I am not sure on which side of the battle line 17200 and 37500.
- The above is founded on the net contributions made by the heavyweights of Nifty in the last 4 sessions concluded. The net numbers were: -5, 7, -11 & -15. Something is brewing – we will have to wait to see if the item is going to be served by the bulls or to the bulls.
What do you feel about this?
Here is the link to the video:
https://youtu.be/MTiZ-t5ECUM
The post is for educational & informational purposes only.
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