DATA-DRIVEN ANALYSIS OF NIFTY & BANK NIFTYW/E 9-12-22
- Nifty has given an ROI of -1.07% (0.99%) in W/E 9-12-22 & Bank Nifty has given an ROI of 1.23% (0.28%).
- Bank Nifty has hit a new ATH at 43853 & made an ATH weekly close at 43633. Nifty ended the week below the psychological level of 18500.
- India Vix ended the week at 13.48. It is in the support zone so a bounce is likely.
- FIIs ended up as the net sellers for 4306 (9830) Crores and the DIIs were the net buyers for 3712 (6870) Crores.
- For Nifty 18200 & for Bank Nifty 42200 are the crucial support levels.
- SGX Nifty EOD at 9-12 is -32.
NIFTY EOD CLOSE OBSERVATION:
https://twitter.com/UmeshRindani/status/1601475986796998656?s=20&t=jXpdY8-9k2919JroG7LnHA
Here is the video link:
https://youtu.be/SOxG6ugNqkY
Insights
- India Vix was quite active today initially Bank Nifty was going up, Nifty moving sideways to drifting, then the indices fell sharply in the PM session and then smartly recovered.
- All this kept Vix itself very volatile but somehow, it managed to end the week at 13.48 which is a positive sign even though it is a green close.
- Bank Nifty is on a dream run as it hit yet another ATH at 43853 and ended at an ATH weekly and a daily close at 43633.
- Nifty was the opposite of Bank Nifty. It was weak, drifting, and then sold to in the PM session and was continuing to struggle today as well.
- The nervousness was so intense that Nifty made a low at 18410 breaking the psychological support of 18500. Even though it made a strong and quick bounce back, it was “not allowed” to end above 18500.
- The significant imbalance in Nifty and Bank Nifty was on account of Infosys (NS:INFY) and Reliance (NS:RELI) and the two index heavyweights have dragged Nifty lower.
- Now that Nifty has closed below the 18500 mark, it needs to make sustained moves above 18500-18600 levels to get back to the bullish zone. Unless it makes a weekly close above 18600, it will likely be under pressure from one heavyweight to another.
- It is customary for the FIIs to book gains as they come closer to Dec month as that is also the end of the financial year for them so the regular selling by the FIIs is likely to remain.
Here is the video:
https://youtu.be/SOxG6ugNqkY
FII-DII data
FII -158 Crores
DII +502 Crores
Net +344 Crores
Support
18300-18400 & 42200-42400
Resistance
Nifty 18550-600-700 Bank Nifty 43800-44000