NIFTY 17858/11-1-23
- The Open Price was -3 points than 11-1 Open price which was a flat start to the day.
- Nifty made a low at 17761 which was a downward shift in the lower base and a bearish sign.
- The Close Price was -62 points from the open price which is a bearish sign.
- The Close - High difference was -87 points which is also a bearish sign.
- Nifty made a lower high, a lower low, and a lower close.
- The price action is bearish.
BANK NIFTY 42082/11-1-23
- The Open Price was -166 points than 10-1 Open price which was a bearish start to the day.
- Bank Nifty made a low at 41742 which does not indicate anything material as it was only mildly above the low for 11-1.
- The Close Price was -156 points from the open price and which is a bearish sign.
- The Close - High difference was -261 points which is a very bearish sign.
- Bank Nifty made a higher high, a higher low, and a lower close.
- The overall sentiment is not bullish.
Insights
- India Vix ended the day in the red but not before hitting 16+ levels in the AM session..
- The expiry day drama was played out during most of the day as the indices were very volatile and choppy.
- It was very clear that the indices were unable to stay comfortably at higher levels and each time an upmove was made, it was met with even greater selling pressure.
- The price action of the indices does not give a good indication of the market sentiment but that is what generally happens when the indices are contemplating a turnaround.
- Bank Nifty made an unusual higher high, a mildly higher low but ended up with a lower close of 158 points. It appears that Bank Nifty may have just formed the bottom for now.
- In comparison, Nifty broke the low of 10-1 and registered a lower low and struggled to stay above 17800, and finally managed to close above 17850.
- The FIIs kept selling has come down significantly and the DIIs have bought more than what has been sold by the FIIs.
- Even though the sentiment appears to be non-bullish, keeping in view what has been stated above, a bounce in the indices is more likely, and Nifty may attempt to close above or just below 18000 tomorrow.
- This is subject to the lower levels remaining intact. Nifty will also be guided by the moves in Infosys (NS:INFY) as the results have been released earlier in the evening.
Here is the link to the video:
https://youtu.be/l4IGwdIXoXE
The streaming starts at 04:00 minutes so please play the video accordingly.
FII-DII data
FII -1663 Crores
DII +2128 Crores
Net +465 Crores
Support
17750-800-825 & 41600-800-42000
Resistance
17900-950-18000-050-100 & 42200-400-600