NIFTY 19672/-0.37%/24-7-23
- The Open Price was -52 points as compared to the 21-7 Open price which was a mildly bullish start to the day.
- Nifty made a low at 19658 which was a downward shift to the lower base compared to 21-7 and a bearish sign.
- The Close Price was -76 points from the open price which is not a bearish sign.
- The Close - High difference was -110 points which is also a bearish sign.
- Nifty’s range for the day was 124 (187) points.
- Nifty made a lower high, a lower low, and a lower close.
- The price action is still bullish.
BANK NIFTY 45923/-0.33%/24-7-23
- The Open Price was +68 points compared to the 20-7 Open price which was a bullish start to the day.
- Bank Nifty made a low at 45858 which is a downward shift to the lower base and a bearish sign.
- The Close Price was -209 points from the open price which is a bearish sign.
- The Close - High difference was -268 points which is also a bearish sign.
- Bank Nifty’s range for the day was 333 (445) points.
- Bank Nifty made a lower high, a lower low, and a lower close.
- The price action is still bullish.
Insights
- India Vix ended at 11.65/+1.39%.
- Nifty Lifters +39 Bajaj Finserv (NS:BJFS), M&M, and TCS (NS:TCS).
- Nifty Draggers -128 - Reliance (NS:RELI), ITC, & Kotak Bank.
- Bank Nifty Lifters +80 - SBI (NS:SBI), IndusInd Bank (NS:INBK), and HDFC Bank (NS:HDBK).
- Bank Nifty Draggers -245 - Kotak Bank, ICICI Bank (NS:ICBK), and AU Small Finance Bank (NS:AUFI).
- The day was dominated by Reliance, ITC, and Kotak Bank as these made it very hard for the indices as well as the Vix to remain steady.
- Nifty was at one stage performing better than Bank Nifty as Reliance had recovered from the initial fall, but in the last hour of price action, the situation changed and Nifty broke 19700 in a decisive manner.
- Bank Nifty was finding it hard to trade above 46000 and also its previous close of 46075 and in the end, could not sustain the selling pressure above 46000.
- The last half hour of price action witnessed that the indices especially Nifty, ended near the day low.
- From what I can recollect, as and when such closings have happened in the past, Nifty has bounced back on the following day on quite a number of occasions.
- 19600 for Nifty and 45600-800 for Bank Nifty are very crucial lines of support and in case they get broken, the indices would be in further trouble leading into the monthly expiry.
Support
19300-19500 & 44000-44200
Resistance
19700-750-800-850-19000 & 460000-200-400