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Indices Hit New ATH, but Nifty Ends in Red, Bank Nifty below 51400

Published 19-06-2024, 07:29 pm

Nifty 23516/-0.18%/19-6-24

  • The Open Price was +72 (+105) (66) points than the closing price of the previous session giving a  bullish start to the day. 
  • Nifty made a low at 23413 which was a downward shift to the lower base and not a positive sign. 
  • The Close Price was -114 (-13) as compared to the open price which indicates that the bulls have not been able to show greater buying interest in the index. 
  • The Close - High difference was -148 (-21) points which is also not a positive sign. 
  • Nifty’s range for the day was  251 (79) points.
  • Nifty made a higher high, a lower low, and a lower close.   
  • The price action is still bullish.

Bank Nifty 51398/+1.90%/19-6-24

  • The Open Price was +167 (192) points compared to the cloning price of the previous session giving it a bullish start to the day. 
  • Bank Nifty made a low at 50442 which is a sharp upward shift to the lower base and a bullish sign.  
  • The Close Price was +790 (+247) points from the open price which is a very bullish sign. 
  • The Close - High difference was -559 (-121) points which is not a positive sign.
  • Bank Nifty’s range for the day was 662 (409)  points.  
  • Bank Nifty made a higher high, a higher low, and a higher close.
  • The price action is bullish. 

Insights for 19-6-24

  • India Vix ended at 13.71/+5.70%. 
  • Nifty Lifters +44 (+45)  HDFC Bank (NS:HDBK), ICICI Bank (NS:ICBK), Axis Bank (NS:AXBK).
  • Nifty Draggers -34 (-17) Reliance (NS:RELI), LT, and Titan (NS:TITN). 
  • Bank Nifty Lifters +809 (+335)- HDFC Bank, ICICI Bank, and Axis Bank.
  • Bank Nifty Draggers -34-(-5) Bank of Baroda (NS:BOB), AU Small Finance, and  PNB.
  • Despite Nifty hitting a new ATH, it ended in the red indicating that there is stiff resistance of open sell orders around 23600. 
  • As mentioned yesterday, it was Bank Nifty’s day and Nifty managed to end above 23500 only because of Bank Nifty. However, profit booking below 52000 levels and the weekly expiry ensured that the indices retraced significantly from its ATH.

What May Happen Tomorrow

For Nifty, holding on to 23500 is crucial on a closing basis as tomorrow is the weekly expiry for Nifty. Bank Nifty is likely to trade below 52000 as it is likely to get strong resistance at the level. Further profit booking may drag the indices for a day or two.

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