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EOD 16863 / -382 /-.35%
32871 / -1,536/4.47%
SGX Nifty at 1925h +134
And as expected, Nifty broke 16000 & Bank Nifty 33000, and it was mayhem all over with every rise getting sold into amid intense volatility which surprisingly was not evident in the reading.
Although VIX made a high of 30.28 it closed at 29.33 which is a good sign, but the fluctuations in the price, the spreads, the erratic moves gave a different view of what was ongoing. I am not sure if fear has come down or “optimism” has gone up.
The variation between Nifty and Bank Nifty in terms of % loss for the day is significantly different. Whereas Nifty was down 2.35%, Bank Nifty was down 4.47% on an EOD basis. Clearly, the banks have been hammered yet again and have become the easy target.
I am curious to find out if FIIs would have sold 10K Crores as this was possibly a perfect day for their kind of price action. And I am not sure if DIIs would be net buyers as I am quite certain that they too may have sold today.
That the NSE had a glitch with their data feeds on one of the most crucial trading sessions of the JFM quarter is once again confirming that whatever type of high tech one may have, when things don’t and shouldn’t go wrong, they surely will.
I am not sure if the new SEBI Chairperson would be any different than the predecessors in the manner in which such unfortunate incidents are addressed and eradicated fron the root itself.
It was the day of Infosys (NS:) to save the day for Nifty when all its other heavyweights failed to perform in line with the expectations.
It is once again hard to comment on any price points in relation to any stocks as it is not known in what way our markets may react to any type of news. Our indices have behaved in a manner as if the Russian attack is taking place hardly at a y distance from our borders.
It is strange that markets react in this manner even when they hardly react when our armed forces are under attack from the unwanted elements from across the border on a regular basis. Is that as a norm acceptable to the market participants?
NIFTY SUPPORT 15500-700
BANK NIFTY SUPPORT 31800-32200
As long as the uncertainties remain unsolved, resistances would be at every nook and corner on the way up. So it is better to wait and watch for now.
However, as long as today’s lower levels are held on to by the indices, we may be okay and the real danger and further damage may happen if the lows of the day end up getting broken on EOD basis.
Video link:
https://youtu.be/uKi3QgxCjuA
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