Banks Under Attack, Infosys Nervous, HDFC also Falls, & Nifty is Back Below 17200!

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Banks Under Attack, Infosys (NS: INFY ) Nervous, HDFC (NS: HDFC ) Also Falls, & Nifty is Back Below 17200!

NIFTY O / H / L / C

17242.75/ 17315.30/ 17149.20/ 17171.95 [-220.65/-1.27%]

BANK NIFTY O / H / L / C

36514.15/ 36578.9/ 35991.50/ 36044.75 [-771.35/-2.10%]

India Vix 18.35/+2.80%

FII DII Data -859 Crores

SGX Nifty @ 1830h +30

TOP 5 CONTRIBUTORS OF NIFTY

Lifters 16

Draggers 96

Net -80

TOP 3 CONTRIBUTORS OF BANK NIFTY

Lifters 000

Draggers -481

Net -481

CHART BASED DETAILS & ANALYSIS IS GIVEN IN THIS VIDEO:
https://youtu.be/on5kjNx3fRA

POSITIVES

Reliance (NS: RELI ) made another all-time high and hit 2800+ levels on an intraday basis.

NEGATIVE

All index heavyweights ended the day in the red.

Bank Nifty breached 36000 to record a day’s low.

India Vix is back up above 18.

FIIs keep selling relentlessly.

SUPPORT & RESISTANCE LEVELS

I had mentioned that unless Nifty ends above 17200, there is little point in drawing the lines and that is what has happened. Nifty failed to end the week above 17200 and all the bullishness was taken out in just one session. In fact, Bank Nifty has suffered greater than Nifty.

So we will wait & watch.

For this week which is also the Apr series expiry week, Nifty may trade between 16800-17500.

Bank Nifty is likely to trade between 35000-38000 levels during the same period.

TRADING INSIGHTS & OBSERVATIONS

  1. Nifty opened gap-down by 150+ points and that was the big blow to start with. It was then able to find good support around 17200 and then made a climb of 100+ points to record what turned out to be the day high at 17315.
  2. For almost 2.5h from 1100h, it consolidated and traded above 17250 but then fell more than 100 points in the last 90 minutes breaching even 17150. Nifty It has thus filled the gap between the closing of 20-4 and the opening of 21-4.
  3. The see-saw in the indices continued today and this was mainly with Bank Nifty as Nifty still managed to perform better than Bank Nifty. India Vix is back up above 18 which is not a good sign to end the week with.
  4. In fact, the last 90 minutes’ price action was like an expiry day with fast-paced moves jumping all over with wide spreads and moving up or down with 10-20 points in Bank Nifty. The 5-minute candle which started at 1400h, witnessed a fall of 191 points in Bank Nifty.
  5. Of the index heavyweights, only Reliance & TCS (NS: TCS ) managed to end the day with a loss of less than 1%.
  6. ICICI Bank (NS: ICBK ) results are due on 22/3-4-22 so if it remained volatile it is understandable but the issue was with SBI (NS: SBI ). It fell 3%+ which impacted Bank Nifty in a big way.
  7. Nifty ended the day where it began the week on a closing basis - at 17171-17175 zone. This completely negates the positivity that it witnessed in the previous 2 sessions.
  8. HDFC was able to hold the 2200+ levels, but Infosys could not manage to hold above the 1600+ levels and that was a big drag on Nifty. TCS performed better than Infosys.

Note: Posted purely for informational & Educational purposes only.

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