Nifty & Bank Nifty Trading Insights From 27-1-23

  • Stock Market Analysis
UMESH RINDANI

Session Insights 27-1-23

  • India Vix spiked and ended at 17.32 which is an 18%+ jump and a very dangerous sign if it sustains in the next week which has the Union Budget on 1-2-23.
  • Bank Nifty was under intense pressure today as well and it barely managed to hold on to 40100+ levels. The sentiment was so much bearish that if HDFC Bank (NS: HDBK ) had not recovered well, Bank Nifty may have slipped below 40000.
  • Nifty also followed suit, however, it was able to withstand the onslaught better than the Banks. However, the selling pressure was so intense that it just managed to close above 17600 after hitting a low at 17493.
  • The price action was dictated by the “short positions” news in the Adani Group and Adani Enterprises (NS: ADEL ) & Adani Ports tanked big time today. I am unsure if there could now be a V shape recovery as the severity of the damage has been massive.
  • The FII-DII activity indicates the extent of the fight between the two and who called the shots in the end.
  • It was really interesting to see the price movements in the 2 Adani Group shares.

FII-DII data

FII -5978 Crores

DII +4252 Crores

Net +1726 Crores

Support
I am unsure of where the selling pressure would end. So I will wait for EOD 2-2-23 before drawing the lines.

Resistance
I am unsure of where the selling pressure would end. So I will wait for EOD 2-2-23 before drawing the lines.

Watch the video for a complete analysis of the charts: https://youtu.be/hPnprYHepa0

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