Bank Nifty Slips Further But Nifty Manages to End Flat

UMESH RINDANI UMESH RINDANI

UMESH RINDANI

Financial Freedom Evangelist , Author - Reminiscences of An Accidental CA, How I Analyse Nifty & Bank Nifty Without Charts

发布日期: 2024年7月8日
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Nifty 24320/-0.01%/8-7-24

  • The Open Price was 6 )-89) points compared to the closing price of the previous session, giving a? flat start to the week.?
  • Nifty made a low at 24241 (24169) which is an upward shift to the lower base and is a positive sign .?
  • The Close Price was -9 (111) as compared to the open price which is not a positive sign.?
  • The Close - High difference was 24 (39) points which is reasonable.?
  • Nifty’s range for the day was? 104 (194) points.
  • Nifty made a lower high, a higher low, and a lower close.???
  • The price action is bullish.

Bank Nifty 52426/-0.45%/8-7-24

  • The Open Price was -127 (392) points compared to the cloning price of the previous session giving a negative start to the week.?
  • Bank Nifty made a low at 52247 (52290) which is a downward shift to the lower base and a negative sign.??
  • The Close Price was -107 (100) points from the open price which is not a positive sign.?
  • The Close - High difference was 285 (158) points which is also not a positive sign.
  • Bank Nifty’s range for the day was 464 (528)? points.??
  • Bank Nifty made a lower high, a lower low, and a lower close.
  • The price action is tentatively bullish.?

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Insights for 8-7-24

  • India Vix ended at 13.60/+7.08%.?
  • Nifty Lifters 5 (38) Reliance, and ITC.
  • Nifty Draggers 5 (52) Titan and HDFC Bank.
  • Bank Nifty Lifters 21 (324)? ICICI Bank, Federal Bank, and IndusindBank.
  • Bank Nifty Draggers 207 (832) HDFC Bank,Bank of Baroda, and SBI.

  • On account of range bound trading in the Indices, India Vix spiked which is not a good sign.?
  • Even on such a day, Nifty outperformed Bank Nifty.
  • The narrow ranges in the Indices could be seen from the contributions made by the top 3 lifters and draggers.?
  • Nifty has been able to close above 24300 for the second session in a row which is a good sign. However, Bank Nifty and in particular HDFC Bank is opening up doors of worries.?

What May Happen Tomorrow

Unless the highs for the day are broken, we are likely to witness yet another choppy session tomorrow. Bank Nifty is dangerously drifting towards 52000 levels which is a not a good sign. HDFC Bank holds the key and it is a wait and watch situation for now.?

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