Nifty 23869/+0.62%/26-6-24
- The Open Price was 2 (39) points higher than the closing price of the previous session, giving a flat start to the day.
- Nifty made a low at 23670 which was a significant shift to the lower base and a bullish sign.
- The Close Price was 146 (144) as compared to the open price which is a bullish sign.
- The Close - High difference was 21 (33) points which is also a bullish sign.
- Nifty’s range for the day was 219 (192) points.
- Nifty made a higher high, a higher low, and a higher close.
- The price action is bullish.
Bank Nifty 52870/+0.50%/26-6-24
- The Open Price was 47 (56) points compared to the cloning price of the previous session giving it a mildly positive start to the day.
- Bank Nifty made a low at 52374 (51748) which is a sharp upward shift to the lower base and a bullish sign.
- The Close Price was 217 (847) points from the open price which is a bullish sign.
- The Close - High difference was 118 (141) points which is reasonable considering the fact that the index hit a record high in the last hour of the session.
- Bank Nifty’s range for the day was 615 (999) points.
- Bank Nifty made a higher high, a higher low, and a higher close.
- The price action is bullish.
Insights for 26-6-24
- India Vix ended at 14.05/-1.81%.
- Nifty Lifters 152 (131) Reliance (NS:RELI), ICICI Bank (NS:ICBK), and Bharti Airtel (NS:BRTI).
- Nifty Draggers 37 (20) M&M (NS:MAHM), HDFC Bank (NS:HDBK), and Tata Steel (NS:TISC).
- Bank Nifty Lifters 305 (786) ICICI Bank, Axis Bank (NS:AXBK) and Kotak Bank.
- Bank Nifty Draggers 108 (22) HDFC Bank.
- A significant portion of today’s continued upward moves were on account of Reliance for Nifty and ICICI Bank for Bank Nifty.
- Most of the other leaders of the two indices were influenced by the strong bullish sentiment and that is how the indices hit yet another record high today as well.
- Bank Nifty expiry also played a big role in today’s up move as the index rallied further when the call writers would have run to cover their shorts.
What May Happen Tomorrow
Tomorrow is Nifty monthly expiry and if it can hold to the 23800 levels tomorrow, we may be able to see higher levels in the July series. HDFC Bank seems to have exhausted its bullishness for now and that could prove to be an issue for Bank Nifty.