Nifty 241242/-0.07%/2-7-24
- The Open Price was 87 (-18) points compared to the closing price of the previous session, giving a positive start to the day.
- Nifty made a low at 24056 (23993) which is an upward shift to the lower base and is a positive sign .
- The Close Price was -105 (149) as compared to the open price which is not a positive sign.
- The Close - High difference was 113 (22) points which is also not a positive sign.
- Nifty’s range for the day was 180 (171) points.
- Nifty made a higher high, a higher low, and a lower close.
- The price action is bullish.
Bank Nifty 52168/-0.77%/2-7-24
- The Open Price was 219 (9) points compared to the cloning price of the previous session giving a positive start to the day.
- Bank Nifty made a low at 51997 (52166) which is a significant downward shift to the lower base and not a positive sign.
- The Close Price was -626 (224) points from the open price which is also not a positive sign.
- The Close - High difference was 660 (81) points which indicates that the index failed to hold on to the higher levels.
- Bank Nifty’s range for the day was 832 (490) points.
- Bank Nifty made a higher high, a lower low, and a lower close.
- The price action is cautiously bullish.
Insights for 2-7-24
- India Vix ended at 13.64/-1.37%.
- Nifty Lifters 32 (59) HDFC Bank (NS:HDBK), LT, and Infosys (NS:INFY).
- Nifty Draggers 25 (18) ICICI Bank (NS:ICBK), Tata Motors (NS:TAMO), and Bajaj Finance (NS:BJFN).
- Bank Nifty Lifters 256 (392) HDFC Bank.
- Bank Nifty Draggers 485 (135) ICICI Bank, SBI (NS:SBI), and Kotak Bank.
- Whereas Nifty registered yet another All Time High, Bank Nifty made a low below 52000 causing some amount of panic.
- Despite the selling in Bank Nifty, India Vix declined marginally.
- HDFC Bank saved the day for Bank Nifty. If it had even remained flat, Bank Nifty would have ended much below 52000.
- This is what was expected as the private banks have been volatile as the index has moved higher and higher.
What May Happen Tomorrow
Bank Nifty weekly expiry is tomorrow so it is going to be a very interesting session. All eyes on if Bank Nifty is able to hold on to 52K level or breaks it by EOD. Nifty is relatively stronger than Bank Nifty, but HDFC Bank and Reliance (NS:RELI) can swing the fortunes for the two indices as they please. So I will be happy as long as the indices keep climbing the wall of worry.