Nifty Hits 18678, Ends Above 18600 but Bank Nifty Seems Fading

  • Stock Market Analysis
  • Editors Pick

NIFTY 18618/29-11-22

  • The Open Price was +121 points than 28-11 which was a bullish start to the day.
  • Nifty almost made its O=L at 18552 which was a clear bullish signal.
  • The Close Price was +65 points than the open price which is a bullish sign.
  • The Close - High difference was -60 points which are reasonable.
  • Nifty made a higher high, a higher low, and a higher close.
  • The price action appears to be very bullish.

BANK NIFTY 43053/29-11-22

  • The Open Price was +202 points than 28-11 which was a bullish sign to start the day.
  • Bank Nifty registered its O=L at 42959 which was clearly a bullish signal.
  • The Close Price was +94 points than the open price and it is a bullish sign.
  • The Close - High difference was -226 points which is a bearish sign.
  • Bank Nifty made a higher high, a higher low, and a higher close.
  • The overall sentiment is bullish.

Insights

  • India Vix itself was quite volatile today as the indices moved in a narrow range. India Vix ended in mild positive once again indicating that the choppiness is here to stay.
  • And for yet another day, Nifty hit a new ATH, this time at 18678.
  • Nifty price action reminds me of the proverbial line - the bull market climbs the wall of worry. The price moves are hesitant, random, and in small spokes.
  • And when these do take place, it is not known for how long they may last.
  • Nifty made another historic close as it ended above 18600, but it fell 70 points in the last hour which is not a very bullish sign.
  • Bank Nifty also kept moving up and down, but the issue appears to be 43300 as it could not go and hit the line again despite several attempts. So unless the pending sell orders are taken out by some large buy orders, 43350 may remain a hard line to cross.

FII-DII data

FII +1242 Crores

DII -744 Crores

Net +497 Crores

Here is the video:
https://youtu.be/idNFQ561GLQ

Support
18200-18300 & 41600-41800

Resistance
I will draw the lines from 1 Dec 22 so that the indices settle down and form a good base.

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