NIFTY 17450/1-3-23
- The Open Price was -23 points compared to the 27-2 Open price which was a mildly bearish start to the day.
- Nifty made a low at 17345 which was an upward shift in the lower base and a bullish sign.
- The Close Price was +91 points from the open price which is a bullish sign.
- The Close - High difference was -17 points which are reasonable.
- Nifty made a higher high, a higher low, and a higher close.
- The price action is indicating recovery from the recent lows.
BANK NIFTY 40698/1-3-23
- The Open Price was +171 points compared to the 28-2 Open price which was a bullish start to the day.
- Bank Nifty made a low at 40341 which is an upward shift to the lower base and a bullish sign.
- The Close Price was +224 points from the open price which is a bullish sign.
- The Close - High difference was -27 points which are reasonable.
- Bank Nifty made a higher high, a higher low, and a higher close.
- The price action is indicating recovery from the recent lows.
Insights
- India Vix fell significantly and ended the day at 13.00. The positive sentiment had everything to do with it. Let us see how it remains on the weekly expiry day.
- Bank Nifty moved up over 1% and was very strong throughout the day. However, HDFC Bank (NS:HDBK) and ICICI Bank (NS:ICBK) did not think it fit to participate in the recovery efforts. These were then used by the traders to balance the scales and the hesitation on the part of these two stocks ensured that Bank Nifty did not clear 40800 today.
- For Bank Nifty to keep up the momentum, these 2 need to turn green otherwise, the expiry day sentiments may trigger a mini sell-off.
- Nifty also ended on a positive note and very close to the day high which is a good sign. It was somewhat chained by the choppiness in Infosys (NS:INFY) as it is finding it hard to cross the important 1500 barrier.
- Today also, Adani Enterprises (NS:ADEL) was the most significant contributor with 38 points. This is a good sign that the stock is recovering, but the not-so-good part is that the other heavy-weights have not been able to make a significant contribution to the up move.
- So the law of averages worked finally and now 17600 for Nifty and 41000 for Bank Nifty remain key barriers to clear to further reduce the bearish sentiment.
FII-DII data
FII -425 Crores
DII +1499 Crores
Net +1074 Crores
Support
17200-300 & 39200-400-600
Resistance
Every 50-100 points for Nifty starting with 17500 & every 100 points for Bank Nifty starting 40800.