NIFTY 17754/8-3-23
- The Open Price was -15 points compared to the 6-3 Open price which was a mildly bearish start to the day
- Nifty made a low at 17602 which was a downward shift in the lower base and a bearish sign
- The Close Price was +89 points from the open price which is a bullish sign
- The Close - High difference was -12 points which is a bullish sign
- Nifty made a higher high, a lower low, and a higher close
- The price action appears to be recovering from the bearish attack
BANK NIFTY 41577/8-3-23
- The Open Price was -240 points compared to the 6-3 Open price which was a bearish start to the day
- Bank Nifty made a low at 41100 which is a Downward shift to the lower base and also a bearish sign
- The Close Price was +398 points from the open price which is a very bullish sign
- The Close - High difference was -48 points which is reasonable
- Bank Nifty made a higher high, a lower low, and a higher close
- The price action appears to be recovering from the bearish attack
Insights
- India Vix ended in the green at 12.45
- Bank Nifty appeared bullish and more resilient than Nifty. However, it is unusual that it made a lower low at 41100. Similar was the case with Nifty as it made a lower low and almost hit 17600
- Even though the indices have ended in the green and look good, the lower lows getting created is not a positive sign. Also, today as well, the Adani Twins contributed the highest to Nifty’s rise, 18 points. None of the heavyweights are seen in the top 5 gainers which is also not a positive sign
- Continued weakness in Infosys (NS:INFY) has been hurting Nifty significantly. Unless Infosys ends the week well above 1520-25, Nifty is likely to remain under some sort of pressure assuming that no other heavyweight tries to drag it
- 17800 & 41800 are likely to act as strong resistance lines and with tomorrow being the weekly expiry there is an opportunity for the two indices to race past these levels
- This a refreshing return to the scenario where the FIIs have bought and the DIIs have sold. If this continues for the rest of the week, we may see Nifty attempting to test 18000 again. Will it?
FII-DII data
FII +3671 Crores
DII -937 Crores
Net +2734 Crores
Support
17200-300 & 39800-40000-200
Resistance
17800-850-900 & 41600-800-42000