Nifty 24045/+0.74%/27-6-24
- The Open Price was 13 (2) points higher than the closing price of the previous session, giving a flat start to the day.
- Nifty made a low at 23805 (23670) which was a significant upward shift to the lower base and a bullish sign.
- The Close Price was 163 (146) as compared to the open price which is a bullish sign.
- The Close - High difference was -43 (21) points which is also a bullish sign.
- Nifty’s range for the day was 282 (219) points.
- Nifty made a higher high, a higher low, and a higher close.
- The price action is bullish.
Bank Nifty 52811/-0.11%/27-6-24
- The Open Price was 110 (47) points compared to the cloning price of the previous session giving it a positive start to the day.
- Bank Nifty made a low at 52639 (52374) which is a an upward shift to the lower base and a bullish sign.
- The Close Price was -169 (217) points from the open price which is not a positive sign.
- The Close - High difference was 369 (118) points which is not a positive sign as the index failed to close in the green.
- Bank Nifty’s range for the day was 542 (615) points.
- Bank Nifty made a higher high, a higher low, and a lower close.
- The price action is bullish.
Insights for 27-6-24
- India Vix ended at 14.15/+0.71%.
- Nifty Lifters 61 (152) Reliance (NS:RELI), Infosys (NS:INFY), and TCS (NS:TCS).
- Nifty Draggers 18 (37) LT, HDFC Bank (NS:HDBK), and Shriram Finance.
- Bank Nifty Lifters 95 (305) Kotak Bank, ICICI Bank (NS:ICBK), and Axis Bank (NS:AXBK).
- Bank Nifty Draggers 127 (108) PNB, HDFC Bank, and AU Small Finance Bank (NS:AUFI).
- It was a strong bullish expiry for Nifty as it not only crossed the 24K resistance but also managed to end above the line in a convincing manner.
- Bank Nifty also managed to hit yet another high at 53181 but failed to end in the green.
- The day belonged to the IT twins, Infosys, and TCS and they were ably supported by Reliance.
- India Vix was up marginally as there were many ups and downs in Nifty during the day. It was not a smooth expiry as it may appear to be on an EOD basis.
What May Happen Tomorrow
The indices have been hitting new highs everyday and Nifty has closed above 24K. If it can hold on to that level on a weekly closing basis, the up move is more likely to continue. Usually, bull markets often give an impression that making money us easy and that is when the bears strike. So I will be cautiously bullish for tomorrow.