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Nifty Barely Holds 23500, Bank Nifty Ends Below 51700

Published 23-06-2024, 11:31 am
NSEI
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NIFVIX
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NSEBANK
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ADEL
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BRTI
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BOB
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HDBK
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ICBK
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INFY
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RELI
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SBI
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BANH
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Nifty 23501/-0.28%/21-6-24

  • The Open Price was +94 (+70) points than the closing price of the previous session giving a bullish start to the day.
  • Nifty made a low at 23398 which was a downward shift to the lower base and not a positive sign.
  • The Close Price was -160 (-19) as compared to the open price which is not a positive sign.
  • The Close - High difference was -166 (-57) points which is also not a positive sign.
  • Nifty’s range for the day was 269 (181) points.
  • Nifty made a higher high, a lower low, and a lower close.
  • The price action is still bullish.

Bank Nifty 51661/-0.24%/21-6-24

  • The Open Price was 144 (315) points compared to the cloning price of the previous session giving it a bullish start to the day.
  • Bank Nifty made a low at 51223 which is a downward shift to the lower base and not a positive sign.
  • The Close Price was -266 (+70) points from the open price which is also not a positive sign.
  • The Close - High difference was -273 (-59) points which indicates that the Index could not sustain at higher levels.
  • Bank Nifty’s range for the day was 709 (561) points.
  • Bank Nifty made a higher high, a lower low, and a lower close.
  • The price action is bullish.

Insights for 21-6-24

  • India Vix ended at 13.17/-1.27%.
  • Nifty Lifters 21 (56) Infosys (NS:INFY), Bharti Airtel (NS:BRTI), and Adani Ports.
  • Nifty Draggers 39 (30) Reliance (NS:RELI), Adani Enterprises (NS:ADEL), and LT.
  • Bank Nifty Lifters 31 (363)- Kotak Bank, ICICI Bank (NS:ICBK), and Bandhan Bank (NS:BANH).
  • Bank Nifty Draggers 115 (134) SBI (NS:SBI), Bank of Baroda (NS:BOB), and PNB.
  • Today also, Bank Nifty OHLC was above 51200 which is a very positive sign.
  • The tendency of Nifty in particular to hit a new high and then getting sold into is not a sign of strength.
  • Here is what I had tweeted on the subject -

The key PSU banks dragged Bank Nifty and HDFC Bank (NS:HDBK) was a soft target as I have mentioned in this tweet -

https://x.com/UmeshRindani/status/1803772230045933581

What May Next Week

The next week will witness the monthly expiry of the indices and if Nifty does not end above 23700 and Bank Nifty above 52000 on the expiry day, we may keep seeing see-saw type of movements in the indices. 23450 for Nifty and 51400 for Bank Nifty are crucial levels to watch out for on a closing basis. Any close below these levels is likely to add to profit booking related retracement to lower levels.

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