NIFTY 50 EOD ANALYSIS 12-1-22
In this post, I talk about the analysis for the day and the trading range for today. 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 today.
EOD +156.60 points / +0.87%
SGX Nifty 12-1-22 @ 1915h = +77
FII DII = +330 Crores
CHART BASED CONCLUSIONS using 5 Minutes Chart
Nifty opened with a 100+ point gap up and wobbled a bit but then made steady progress throughout the day with some choppiness.
The leading scrips of Nifty, as well as , were quite volatile which made it hard for the indices to move up consistently.
Nifty managed to close above 18200 with a slight drop in the India Vix.
The indices have made higher highs and higher lows.
NIFTY WEIGHT LIFTERS & DRAGGERS
Top 5 Lifters contributed = 109
Top 5 Draggers contributed = 34
Net = +75
BANK NIFTY WEIGHT LIFTERS & DRAGGERS
Top 3 Lifters contributed = 289
Top 3 Draggers contributed = 94
Net = +189
Reliance (NS:), ICICI Bank (NS:), Infosys (NS:), and Kotak Bank helped the indices rally.
Reliance closed above 2500.
Underperformance by HDFC Bank (NS:) and TCS (NS:).
HDFC (NS:) was unable to sustain above 2750 and went sideways.
FIIs are back in sell mode with 1,002 Crores.
TRADING RANGE FOR 13 JAN 22
Nifty support = 17800-17900
Nifty resistance = 18250-300-400
Bank Nifty Support = 37200-500 [revised upwards as Bank Nifty low was at 38600+]
Bank Nifty resistance = 38800-900-39000-39200
INSIGHTS / OBSERVATIONS
- Nifty OHLC was above 18100 – in fact, above 18100. The last time it happened was on 15-11-21, so it took almost 2 months for the Index to circle back. Any move upwards from here would mean resumption of the uptrend which was given up from 16-11-21.
- And Bank Nifty made another day in a row above 38000 as far as its OHLC levels are concerned. Today’s low was 38600+ so it is a very good sign.
- However, when looking at a granular level, Bank Nifty could manage to close 8 points above the opening price level. Bank Nifty moved in a narrow range drifting on the downside. HDFC Bank held it back forcibly as it came down 1%+ from the day high.
- TCS was very nervous ahead of its results so its reaction to the results is going to be quite interesting in the opening hour. I think after a long time 3 IT companies from would see the market reaction on the same day following the release of its quarterly results. So Nifty may go all over and the moves could be wild and volatile.
What do you feel about this?
Here is the link to the video:
The post is for educational & informational purposes only.