Indices End at Yet Another New High
Nifty 24302/-0.06%/4-7-24
The Open Price was 83 (168) points compared to the closing price of the previous session, giving a positive start to the day.
Nifty made a low at 24281 (24207) which is an upward shift to the lower base and is a positive sign .
The Close Price was -68 (-5) as compared to the open price which is not a positive sign.
The Close – High difference was 99 (23) points which is also not a positive sign but considering the fact that it was on a weekly expiry day it appears reasonable.
Nifty’s range for the day was 120 (102) points.
Nifty made a higher high, a higher low, and a higher close.
The price action is bullish.
Bank Nifty 53104/+0.03%/4-7-24
The Open Price was 268 (704) points compared to the cloning price of the previous session giving a positive start to the day.
Bank Nifty made a low at 52816 (52483) which is a significant upward shift to the lower base and a positive sign.
The Close Price was -254 (217) points from the open price which is also not a positive sign.
The Close – High difference was 254 (167) points which indicates that the index failed to hold on to the higher levels.
Bank Nifty’s range for the day was 542 (774) points.
Bank Nifty made a higher high, a lower low, and a higher close.
The price action is bullish.
Insights for 4-7-24
India Vix ended at 12.86/-2.64%.
There appears to be some issue in moneycontrol as the contribution points of the lifters and laggards are highly unreasonable and hence, I have skipped the same.
Both the Indices registered a new ATH, however, in case of Bank Nifty, its O=H and that is why it went into selling mode immediately at the open.
Even though the India Vix is showing a net decline, the volatility was intense and Nifty Call Options were underpriced for quite sometime giving an indication that the index may close below or around 24300.
HDFC Bank prevented Bank Nifty from holding on to the higher levels but ICICI Bank made all out attempts to make things comfortable.
For Nifty, IT twins also played a positive role.
What May Happen Tomorrow
Now that the Indices have ended at record high levels, I will be keen to see whether the weekly close will be above 24300 and 53100 respectively. If it happens, 24000 and 52800 would become good support levels for the indices in the coming days.
The Open Price was 83 (168) points compared to the closing price of the previous session, giving a positive start to the day.
Nifty made a low at 24281 (24207) which is an upward shift to the lower base and is a positive sign .
The Close Price was -68 (-5) as compared to the open price which is not a positive sign.
The Close – High difference was 99 (23) points which is also not a positive sign but considering the fact that it was on a weekly expiry day it appears reasonable.
Nifty’s range for the day was 120 (102) points.
Nifty made a higher high, a higher low, and a higher close.
The price action is bullish.
Bank Nifty 53104/+0.03%/4-7-24
The Open Price was 268 (704) points compared to the cloning price of the previous session giving a positive start to the day.
Bank Nifty made a low at 52816 (52483) which is a significant upward shift to the lower base and a positive sign.
The Close Price was -254 (217) points from the open price which is also not a positive sign.
The Close – High difference was 254 (167) points which indicates that the index failed to hold on to the higher levels.
Bank Nifty’s range for the day was 542 (774) points.
Bank Nifty made a higher high, a lower low, and a higher close.
The price action is bullish.
Insights for 4-7-24
India Vix ended at 12.86/-2.64%.
There appears to be some issue in moneycontrol as the contribution points of the lifters and laggards are highly unreasonable and hence, I have skipped the same.
Both the Indices registered a new ATH, however, in case of Bank Nifty, its O=H and that is why it went into selling mode immediately at the open.
Even though the India Vix is showing a net decline, the volatility was intense and Nifty Call Options were underpriced for quite sometime giving an indication that the index may close below or around 24300.
HDFC Bank prevented Bank Nifty from holding on to the higher levels but ICICI Bank made all out attempts to make things comfortable.
For Nifty, IT twins also played a positive role.
What May Happen Tomorrow
Now that the Indices have ended at record high levels, I will be keen to see whether the weekly close will be above 24300 and 53100 respectively. If it happens, 24000 and 52800 would become good support levels for the indices in the coming days.
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