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Nifty Hits a New High & Ends Just Below 23400

Published 13-06-2024, 07:05 pm
NSEI
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NIFVIX
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NSEBANK
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AXBK
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HDBK
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ICBK
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MAHM
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SBI
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TITN
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NIFTY 23399/+0.33%/13-6-24

  • The Open Price was +158 points than the closing price of the previous session giving a  bullish start to the day. 
  • Nifty made a low at 23354 which was an upward shift to the lower base and a positive sign. 
  • The Close Price was -82 points from the open price which is not a positive sign. 
  • The Close - High difference was -82 points which is indicating that the index could not sustain at higher levels. 
  • Nifty’s range for the day was  127 (146) points.
  • Nifty made a higher high, a higher low, and a higher close.   
  • The price action is bullish.

BANK NIFTY 49846/-0.10%/13-6-24

  • The Open Price was +284 points compared to the cloning price of the previous session giving it a positive start to the day. 
  • Bank Nifty made a low at 49800 which is a mildly upward shift to the lower base and a positive sign.  
  • The Close Price was -332  points from the open price which is not a positive sign. 
  • The Close - High difference was -340 points which indicates that the index could not hold on to the higher levels.
  • Bank Nifty’s range for the day was 387  (536)  points.  
  • Bank Nifty made a lower high, a higher low, and a lower close.
  • The price action is bullish. 

Insights for 13-6-24

  • India Vix ended at 13.49/-6.25%. 
  • Nifty Lifters +37  LT, M&M (NS:MAHM) & Titan (NS:TITN).
  • Nifty Draggers -21 ICICI Bank (NS:ICBK), HUL, and Axis Bank (NS:AXBK). 
  • Bank Nifty Lifters +314- HDFC Bank (NS:HDBK), SBI (NS:SBI), and Kotak Bank.
  • Bank Nifty Draggers -376 ICICI Bank, Axis Bank,  and PNB.
  • Indices have not been able to hold on to higher levels especially Nifty which hit a new  ATH today as well and failed to end above 23400.
  • India Vix fell further indicating that the market is now more likely to be driven by the global cues as the local news related moves have been price adjusted. 

FII / DII In Crores

-3033 / -554

What May Happen Tomorrow:

As long as the lows for the day are held on to by the Indices, the upward journey is likely to continue. The inability of the indices to hold on to higher levels indicates hesitation on the part of the traders/investors to buy at the existing levels. Instead, they seem to be keen on banking the gains made so far.

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