Will Nifty Hold on to 17000+ levels or Tank Again?

DATA-DRIVEN ANALYSIS OF NIFTY & BANK NIFTY W/E 17-3-23

• Nifty EOW 17100 (-1.80%) & Bank Nifty 39598 (-2.19%).
• Nifty is down 450+ points and Bank Nifty is down 1600+ points in the last 2 weeks.
• India Vix EOW at 14.77/+10.41% on a weekly basis.
• FIIs became the net sellers of 7954 (+1770) Crores and the DIIs were the net buyers of 9233 (+1212) Crores.
• A weekly close above 17200 & 40000 is crucial for the recovery to begin.
• SGX Nifty EOD 17-3 is -117.

Here is the link to the video:
https://youtu.be/F6mLF4M-eVI

Session Insights 17-3-23

• India Vix ended at 14.77/-8.94%.
• The indices opened on a positive note for a change and they moved up further. This was somewhat expected as yesterday the FII-DII had a net buying.
• Bank Nifty has the uncanny habit of making all-out efforts to test the previous day's close or break it as and when it opens with a gap-up. And today was no different and the index kept retracing from the higher levels and then kept drifting in a gradual manner and eventually breaking the earlier close level and soon thereafter 39000 level as well.
• This put pressure on Nifty as well which was somewhat subdued in comparison to Bank Nifty but later on managed to do well. However, when the tension finally was tightened by the bears, Nifty too not only break 17000 but also the previous close level with ease.
• However, the highlight of the day was the massive move in the indices especially Bank Nifty which went up by more than 600 points in the last hour of the session. This was on account of the news related to the HDFC twins. Both the stocks moved up almost 2% from their lower levels which is what lifted Nifty as well.
• If we look at the positive contribution to Nifty it is not too significant as the move came when the indices were trading near the day low. The big question is whether this move would be sustained during the next week.
• The FII-DII net numbers indicate and confirm that there is still indecisiveness in the market.