NIFTY 19624/-0.24%/19-10-23
- The Open Price was -126 points than the closing price of the previous session giving a very bearish start to the day.
- Nifty made a low at 19512 which was a sharp downward shift to the lower base compared to 18-10 and a bearish sign.
- The Close Price was +80 points from the open price which is a positive sign.
- The Close - High difference was -57 points which is reasonable.
- Nifty’s range for the day was 169 (181) points.
- Nifty made a lower high, a lower low, and a lower close.
- The price action is bearish.
BANK NIFTY 4/-0.31%/19-10-23
- The Open Price was -272 points compared to the cloning price of the previous session giving it a very bearish start to the day.
- Bank Nifty made a low at 43558 which is a sharp downward shift to the lower base and a bearish sign.
- The Close Price was +138 points from the open price which is a positive sign.
- The Close - High difference was -304 points which is also a very bearish sign.
- Bank Nifty’s range for the day was 501 (551) points.
- Bank Nifty lower high, a lower low, and a lower close.
- The price action is bearish.
Insights for 19-10-23
- India Vix ended at 10.90/-0.64%.
- Nifty Lifters +154 LT Mindtree (NS:MINT), Nestle (NS:NEST), and Bajaj Auto (NS:BAJA).
- Nifty Draggers -121 Reliance (NS:RELI), ICICI Bank (NS:ICBK), and TCS (NS:TCS).
- Bank Nifty Lifters -34 IndusInd Bank (NS:INBK), Bank of Baroda (NS:BOB), and Federal Bank (NS:FED).
- Bank Nifty Draggers -131 ICICI Bank, HDFC Bank (NS:HDBK), and Kotak Bank.
- A very volatile trading session where the indices kept going down, up, down again, back-up and then going down again. The intensity of the moves gave an indication as if today is the monthly expiry.
- There was no heavyweight that helped the indices get uplifted. It was up to the other constituents of the indices to show their might in supporting the indices otherwise, there may have been severe dent in the sentiment that prevailed in the session.
- Nifty made a low just above 19500 and that is not a good sign. Similarly, Bank Nifty made its low just above 43550 which is also a weak sign.
- Tomorrow is the last session of the week so the indices must hold on to today’s low levels failing which selling pressure may get intensified.
Support-
19450-500 & 43200-400
Resistance
19650-700-750-800 & 43800-44000-200-400