NIFTY 19545/+0.56%/5-10-23
- The Open Price was +76 points as compared to the 4-10 Open price giving a bullish start to the day.
- Nifty made a low at 19487 which was a sharp upward shift to the lower base compared to 4-10 and an extremely bullish sign.
- The close price was +32 points from the open price indicating a mildly bullish close.
- The close - high difference was -31 points which is reasonable.
- Nifty 50’s range for the day was 90 (124) points.
- Nifty 50 made a higher high, a higher low, and a higher close.
- The price action is not bearish.
BANK NIFTY 44213/+0.57%/5-10-23
- The Open Price was +73 points compared to the 4-10 Open price making it a bullish start to the day.
- Bank Nifty made a low at 44108 which is an upward shift to the lower base and a bullish sign.
- The close price was +32 points from the open price which is a mildly bullish sign.
- The close - high difference was -179 points which is a bearish sign.
- Bank Nifty’s range for the day was 284 (304) points.
- Bank Nifty made a higher high, a higher low, and a higher close.
- The price action is not bearish.
Insights
- India VIX ended at 10.94/-6.17%.
- Nifty 50 Lifters +69 LT, ICICI Bank (NS:ICBK), and Infosys (NS:INFY).
- Nifty 50 Draggers -6 Power Grid (NS:PGRD), and Nestle (NS:NEST).
- Bank Nifty Lifters +227 - ICICI Bank, SBI (NS:SBI), and HDFC Bank (NS:HDBK).
- Bank Nifty Draggers -52 - PNB, Bandhan Bank (NS:BANH), and Federal Bank (NS:FED).
- The indices held on to the bullish undercurrent once Nifty 50 was able to trade above 19,500 and Bank Nifty above 44,200.
- In its typical character, when all heavyweights were in the green, Reliance Industries (NS:RELI) ended flat thereby preventing Nifty 50 from closing above 19,550.
- Today was the Nifty 50 weekly expiry but there were not many fireworks.
- The FII-DII data is not yet available but it is more likely to be mildly net positive.
Support-
19,350-400 & 43,600-800
Resistance
19,550-600-650 & 44,400-600-800