Bank Nifty Hits ATH at 43640, Nifty Struggles, but Ends Above 18600

  • Stock Market Analysis

NIFTY 18609/8-12-22

  • The Open Price was -68 points than 7-12 which was a bearish start to the day.
  • Nifty made a low at 18536 which was a mildly upward shift in the lower base and not a bearish signal.
  • The Close Price was +38 points from the open price which is a bullish sign.
  • The Close - High difference was -15 points which is a reasonable sign.
  • Nifty made a higher high, a higher low, and a higher close.
  • The price action is bullish.

BANK NIFTY 43596/8-12-22

  • The Open Price was -15 points than 7-12 which was a flat start to the day.
  • Bank Nifty made a low at 43095 which is an upward shift to the lower base and a bullish sign.
  • The Close Price was +454 points from the open price and it is a very bullish sign.
  • The Close - High difference was -44 points which are reasonable.
  • Bank Nifty made a higher high, a higher low, and a higher close.
  • The overall sentiment is bullish.

Insights

  • India Vix was quite active today as it was the State Election results day. India Vix was above 14 in the AM session but then the strong bullish undercurrent in Bank Nifty ensured that it ended in the red at 13.40.
  • This is quite a significant change even though Nifty is far away from its ATH.
  • The day belonged to Bank Nifty as it hit yet another ATH at 43640 and ended just below 43600 which was also yet another ATH closing.
  • Nifty moved in a very narrow range of 86 points and was very volatile. It was only the expiry day theatrics that possibly lifted it above 18600 in the final hour as it was somehow finding it hard to bounce back up from below 18600.
  • For Bank Nifty, 44000 now seems to be within the striking range, and what a stupendous performance it has been by the index even as the larger sibling Nifty has not been able to shine so very well.
  • I am keen to see if Nifty can close the week above 18600 and Bank Nifty above 43600. The following week would then be very interesting.

Here is the video:
https://youtu.be/gIH2VkN4EF8

FII-DII data

FII -1132 Crores

DII +772 Crores

Net -359 Crores

Support
18300-18400 & 42200-42400

Resistance
Nifty 18650-700-750 Bank Nifty 43800-44000

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  • Sonam jaan @Sonam jaan
    master analysis 👌
    Like 2
    • Umesh Rindani @Umesh Rindani
      Thank you for the kind feedback.
      Like 0
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  • Siraj khan Gouri @Siraj khan Gouri
    very impressive
    Like 1
    • Umesh Rindani @Umesh Rindani
      Thank you for the kind feedback.
      Like 0
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