Nifty Hits A New High & Ends At a New High, Bank Nifty Ends In the Green

Nifty Hits A New High & Ends At a New High, Bank Nifty Ends In the Green

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9日
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Nifty 24433/+0.46%/9-7-24

  • The Open Price was 65 (6) points compared to the closing price of the previous session, giving a? positive start to the day.?
  • Nifty made a low at 24332 (24241) which is an upward shift to the lower base and is a positive sign .?
  • The Close Price was 82 (-9) as compared to the open price which is a positive sign.?
  • The Close - High difference was 10 (24) points which is also a positive sign.?
  • Nifty’s range for the day was? 112 (104) points.
  • Nifty made a higher high, a higher low, and a higher close.???
  • The price action is bullish.

Bank Nifty 52568/+0.27%/9-7-24

  • The Open Price was -35 (-127) points compared to the cloning price of the previous session giving a negative start to the day.?
  • Bank Nifty made a low at 52293 (52247) which is a mildly upward shift to the lower base and a positive sign.??
  • The Close Price was -178 (-107) points from the open price which is a positive sign.?
  • The Close - High difference was 58 (285) points which is also a positive sign.
  • Bank Nifty’s range for the day was 334 (464)? points.??
  • Bank Nifty made a lower high, a higher low, and a higher close.
  • The price action is appearing bullish.?

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Insights for 9-7-24

  • India Vix ended at 14.28/+5.00%.?
  • Nifty Lifters 55 (5) Maruti, ICICI Bank, and M&M.
  • Nifty Draggers 20 (5) Reliance, Bajaj Finance, and Infosys.
  • Bank Nifty Lifters 161 (21)? ICICI Bank, SBI, and PNB.
  • Bank Nifty Draggers 22 (207) Kotak Bank,Bandhan Bank, and IDFC First Bank.

  • Bank Nifty was caught in a very tight range and the extreme bullishness in Nifty could not influence it.
  • India Vix jumped today as well which is mainly on account of it being in the support zone.
  • Nifty hit a new ATH and also closed at a new high. Bank Nifty is facing stiff resistance from below 52800 and HDFC Bank has a major role to play in it.

What May Happen Tomorrow

Now that Nifty has cleared 24400 on a closing basis, 24200-300 becomes a good support zone. So as long as it ends above 24350+ levels, up move is more likely to continue. Tomorrow is the Bank Nifty weekly expiry and it is expected to make a decisive move either way. Since Nifty is very bullish, Bank Nifty may be able to sail past 52800 on the expiry day if the global cues also support.?

Umesh Rindani

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