Will Nifty Bounce Back on 27-3 or Break 16800?

  • Stock Market Analysis
UMESH RINDANI

DATA-DRIVEN ANALYSIS OF NIFTY & BANK NIFTY W/E 24-3-23

  • Nifty EOW 16945 (-0.91%) & Bank Nifty 39395 (-0.51%).
  • Nifty is down 649 points and Bank Nifty is down 1856 points in the last 3 weeks.
  • India Vix EOW at 15.24/+3.18% on a weekly basis.
  • FIIs became the net sellers of 6654 (-7954) Crores and the DIIs were the net buyers of 9421 (+9233) Crores.
  • A weekly close above 17200 & 40000 is crucial for the recovery to begin.
  • SGX Nifty EOD 24-3 is +118.

Here is the link to the video:
https://youtu.be/XsLUQGXOnJE

Insights

  • India Vix ended at 15.24/+5.18%.
  • Bank Nifty appeared to be weaker in comparison to Nifty at the start but then after a lot of struggle, it managed to remain steady and moved up to sail past 39700.
  • Just when it appeared that Bank Nifty might gather momentum and retest the 40000 mark which was given up easily yesterday, it encountered intense selling pressure below 39800 and it came down.
  • There was a lot of support around 39500 as the bulls and the bears had a tough fight around the area, but in the final 30 minutes, the bears crushed the bulls to register a low below 39300.
  • Nifty on the other hand was somewhat steady but was unable to hold on to 17100 levels after it was hit and then started drifting. There was intense choppiness and lots of ups and downs with a narrow trading range.
  • Eventually, the final half hour ensured that the Nifty ended below 16950 as well. It fell from 17000 to 16917 in a matter of 30 minutes as one heavyweight after the other started tumbling like a pack of sand.
  • The indices have ended the week on a bearish note and this is not a good sign. 17000 & 39600 are the immediate key resistance levels that need to be overcome on an immediate basis by the indices. If this is not achieved in the first-hour trading on 27-3, 16800-850 and 38800-39000 levels may get revisited.
  • The FIIs have kept selling and the DIIs have maintained buying. However, the net impact is not significant but still, a net buy for the day is a positive sign.

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  • Rajib Khan @Rajib Khan
    thank you sir
    Like 0
    • Umesh Rindani @Umesh Rindani
      You are welcome
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  • HariPrakash Rajput @HariPrakash Rajput
    Nifty my break 17300 this week.
    Like 2
    • Umesh Rindani @Umesh Rindani
      Thank you for sharing your thoughts
      Like 0

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  • Money Magnet @Money Magnet
    break 16800 and then 16500
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    • Umesh Rindani @Umesh Rindani
      Thank you for sharing your thoughts
      Like 0

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  • Dr Saddam Ansari @Dr Saddam Ansari
    17300 to 400 , again it should break 16500
    Like 0
  • Dr Saddam Ansari @Dr Saddam Ansari
    Bounce back
    Like 0

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