#TweetStorm#AdaniEnterprises Volumes. 1)
Today the stock was up 25-30% in the day. Its a derivative stock. Total Delivery Volumes were 35 lakh shares and only 6.7% of the total traded quantity. Thats roughly 0.3% of Equity. Stock was in #Ban today. Out now.
2) Shareholding Pattern. Promoters own 74.92%, #FIIs own around 20.07%, #MutualFunds mostly arbitrage positions another 1.07%. Thats a sum total of 96.06%. Not much of a change in these owners since a few quarters.#Retail below 2 lakhs paid up capital owns only 2.17%.
The Float available is roughly 4.2 cr shares.
The company added 6700 cr of market cap with a delivery value of around 100 cr odd.
Free Float may be 25% but actual is less than 4%. Why should it be in #Derivatives. #MWPL limits keep it in ban all the time. No view on company.
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Nifty50 - Triple Positive RSI Divergence. Major Bottoms.
In simple terms, a RSI Positive Divergence is New lows on Nifty but higher bottoms on Daily RSI.
This setup has worked brilliantly to spot Risk-Reward Entry Points near Bottoms in the last 10 years.
Examples below
1) 2016-2017
The Triple RSI Divergence on the 2016 Budget Day Bottom.
I did a presentation called - Beg Borrow Steal and Invest. Old Video there on my YouTube Channel.
RSI Positive Divergence post demonetization bottom.
2) 2018-2019
Worked brilliantly in the Nifty bottoming out in 2018 and 2019.
Corporate Tax Rate Cuts gave that steroid shot in 2019.
Oversold RSI became deeply oversold in March 2020. Price went much lower, but the bottom was made in 1-2 weeks.
An equal-weighted index treats all stocks equally, removing the bias of giving more weight to big companies and giving a fair view of the overall sector
Making a equal weight index on tradingview is simple
Step 1)
Go to Tradingview website and launch a chart
Step 2)
On the indicators tab search for custom indicator 'Make your own index' and select the indicator by 'scheplick'
Step 3)
Double click on the plotted indicator to assign the name and weights
10 stocks = 10% each
5 stocks = 20% each
4 stocks = 25% each and so on to make it equal weight
Multi-Year Range Breakouts in Nifty50 Stocks but Nifty50 Making Lower Tops –What to Do ?
Apart from that
1) Global Indices – US and Europe near all time highs but India continues to struggle and making lower tops.
2) Stocks in Same Sector – One at all time high the other one at 30% drawdown.
3) What to trust the Breakout Moves or Breakdown Moves ?
This creates a dilemma for a Trader – To trust the Breakout/Breakdown or Not ?
Now lets c the Charts
The Struggling Nifty50
Positive divergences on new lows.
Still in lower tops.
Last major swing highs at 24200.
Swing lows at 22800.
Every big positive candle does not see any follow up action over next 1-3 sessions. Wait for this to change.