Bank Nifty OHLC is Above 38000 Helps Nifty Rebound

  • by THO
  • 1 week ago
  • news
  • 1

In this post, I will talk about the analysis for the day and the trading range for tomorrow. The video discusses with the help of the charts how the indices as well as leading stocks performed during the day yesterday and their likely play today. 

O 17915.80

H 18008.65

L 17864.95

C 17991.95

EOD – +46 points /+0.26%

SGX at 1855h = +32 points

FII DII = Not yet available.


Nifty opened a mild gap down and then immediately rallied but got rejected just below 18000 and then sold off. 

It appeared that it may well retest the low levels of 11-10 but then it was halted above 17860.

Nifty was very choppy through the day and it as only in the last 90 minutes that it was able to make a smart and quick recovery and went past 18000 but ended up closing just below the line.


Top 5 Lifters contributed = 43

Top 5 Draggers contributed = 24

Net = +19


hit a new ATH and also ended at a new ATH.

Bank Nifty is now outperforming Nifty.

HDFC Bank (NS:) went up close to 1630-35. It ended also around the same levels.

SBI (NS:) has hit yet another ATH and is helping the indices 


TCS (NS:) continues to bleed. 

Infosys (NS:) also dragged Nifty like HCL Tech (NS:).

HDFC (NS:) has been struggling and even ICICI Bank (NS:) is finding it hard to hold on to higher levels. 


Nifty 17700-750 is the support base. I am not sure about the resistance levels as price action in Infosys, Wipro (NS:), as well as HDFC Bank, may keep driving Nifty as they get ready to receive their answer papers during the next few days. 

Bank Nifty Support = 37700-800 appears to be a good support area. Since the ATH was hit today as well, I will let the index play its game for a couple of days and see where it ends the week before commenting on any resistance levels. 


Each stock has its character and TCS surely has one. It generally heads higher ahead of the results and then falls as generally the expectation from it is more than what it ends up delivering. HDFC Bank also seems to be following that path although 2 more trading days to go. Infosys appears to be neutral and as long as it holds 1650-60 line, it may head higher post results. 

Bank Nifty OHLC is above 38000 which is a great thing and I am now waiting for Nifty OHLC to be above 18000!!


This write-up is not a prediction mechanism for the movement of Indices in the Indian markets as the markets are unpredictable in nature. I may refer to many data points in the article but I do not base my view on any of these standalone. In fact, I prefer to react to the price moves than predict the price moves. I also do not review Open Interest. Whatever data points I am using, are all stated in the article. The article title, as well as its contents, can at best be stated as — This Is How I Read Nifty. I hope I have been able to set the expectations right. 

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