Stock Markets Analysis and Opinion

Indices Slide Further, Nifty Ends just above 17850

2023.01.13 01:49

MarketPulse

NIFTY 17858/11-1-23

  • The Open Price was -3 points than 11-1 Open price which was a flat start to the day.
  • made a low at 17761 which was a downward shift in the lower base and a bearish sign.
  • The Close Price was -62 points from the open price which is a bearish sign.
  • The Close – High difference was -87 points which is also a bearish sign.
  • Nifty made a lower high, a lower low, and a lower close.
  • The price action is bearish.

BANK NIFTY 42082/11-1-23

  • The Open Price was -166 points than 10-1 Open price which was a bearish start to the day.
  • made a low at 41742 which does not indicate anything material as it was only mildly above the low for 11-1.
  • The Close Price was -156 points from the open price and which is a bearish sign.
  • The Close – High difference was -261 points which is a very bearish sign.
  • Bank Nifty made a higher high, a higher low, and a lower close.
  • The overall sentiment is not bullish.

Insights

  • ended the day in the red but not before hitting 16+ levels in the AM session..
  • The expiry day drama was played out during most of the day as the indices were very volatile and choppy.
  • It was very clear that the indices were unable to stay comfortably at higher levels and each time an upmove was made, it was met with even greater selling pressure.
  • The price action of the indices does not give a good indication for the market sentiment but that is what generally happens when the indices are contemplating a turn around.
  • Bank Nifty made an unusual higher high, a mildly higher low but ended up with a lower close if 158 points. It appears that Bank Nifty may have just formed the buttom for now.
  • In comparison, Nifty broke the low of 10-1 and registered a lower low and struggled to stay above 17800 and finally managed to close above 17850.
  • The FIIs kept selling has come down significantly and the DIIs have bought more than what has been sold by the FIIs.
  • Even though the sentiment appears to be non-bullush, keeping in view what has been stated above, a bounce in the indices is more likely and Nifty may attempt to close above or just below 18000 tomorrow.
  • This is subject to the lower levels remaining intact. Nifty will also be guided by the moves in Infosys (NS:) as the results have been released earlier in the evening.

Here is the link to the video:

The streaming starts at 04:00 minutes so please play the video accordingly.

FII-DII data

FII -1663 Crores

DII +2128 Crores

Net +465 Crores

Support
17750-800-825 & 41600-800-42000

Resistance
17900-950-18000-050-100 & 42200-400-600

Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 62,421.72 9.29%
ethereum
Ethereum (ETH) $ 3,379.67 3.94%
tether
Tether (USDT) $ 1.00 0.29%
bnb
BNB (BNB) $ 416.47 4.89%
solana
Solana (SOL) $ 116.68 7.48%
staked-ether
Lido Staked Ether (STETH) $ 3,370.86 3.76%
xrp
XRP (XRP) $ 0.578121 2.06%
usd-coin
USDC (USDC) $ 1.00 0.27%
cardano
Cardano (ADA) $ 0.634135 1.29%
dogecoin
Dogecoin (DOGE) $ 0.118758 19.93%
avalanche-2
Avalanche (AVAX) $ 40.21 2.24%
tron
TRON (TRX) $ 0.142562 0.41%
chainlink
Chainlink (LINK) $ 19.34 0.99%
polkadot
Polkadot (DOT) $ 8.35 0.27%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 62,063.63 8.92%
matic-network
Polygon (MATIC) $ 1.01 2.07%
the-open-network
Toncoin (TON) $ 2.58 19.62%
uniswap
Uniswap (UNI) $ 10.88 1.02%
shiba-inu
Shiba Inu (SHIB) $ 0.000012 9.02%
bitcoin-cash
Bitcoin Cash (BCH) $ 296.21 0.26%
internet-computer
Internet Computer (ICP) $ 12.58 3.98%
litecoin
Litecoin (LTC) $ 75.12 1.11%
dai
Dai (DAI) $ 1.01 0.44%
immutable-x
Immutable (IMX) $ 3.35 0.30%
blockstack
Stacks (STX) $ 3.14 6.73%
aptos
Aptos (APT) $ 12.30 23.07%
cosmos
Cosmos Hub (ATOM) $ 11.49 2.23%
ethereum-classic
Ethereum Classic (ETC) $ 29.50 4.78%
near
NEAR Protocol (NEAR) $ 3.88 1.70%
kaspa
Kaspa (KAS) $ 0.174858 3.80%
filecoin
Filecoin (FIL) $ 7.64 0.23%
leo-token
LEO Token (LEO) $ 4.24 3.04%
bittensor
Bittensor (TAO) $ 610.79 0.12%
hedera-hashgraph
Hedera (HBAR) $ 0.113771 4.82%
injective-protocol
Injective (INJ) $ 43.16 8.12%
optimism
Optimism (OP) $ 3.79 2.09%
vechain
VeChain (VET) $ 0.04951 1.00%
stellar
Stellar (XLM) $ 0.121343 0.95%
first-digital-usd
First Digital USD (FDUSD) $ 1.01 1.44%
okb
OKB (OKB) $ 52.32 1.40%
lido-dao
Lido DAO (LDO) $ 3.47 0.39%
mantle
Mantle (MNT) $ 0.94174 5.29%
render-token
Render (RNDR) $ 7.95 9.66%
celestia
Celestia (TIA) $ 16.60 2.97%
crypto-com-chain
Cronos (CRO) $ 0.104167 0.83%
the-graph
The Graph (GRT) $ 0.287759 2.51%
arbitrum
Arbitrum (ARB) $ 1.92 0.78%
monero
Monero (XMR) $ 134.36 3.78%
sei-network
Sei (SEI) $ 0.868553 2.67%
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,708.05 3.75%