Greetings ‼️

Market Holiday Today: BSE, NSE to remain closed on account of Maharashtra Day.

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BANKNIFTY is less than 1000pts away from its all time high in spite of all the news like ADANI Group, Silicon Valley Bank.

Closed at 43233.90 as on 28 April 2023, and 👇

Till date recorded All Time High for BANKNIFTY is 44151.80

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Table – One

Top constituents by weightage AS on 28 April 2023
Company’s Name	NSE CODE	Weight (%)
HDFC Bank Ltd.	HDFCBANK	27.41
ICICI Bank Ltd.	ICICIBANK	23.61
Kotak Mahindra Bank Ltd.	KOTAKBANK	10.5
State Bank of India	SBIN	10.47
Axis Bank Ltd.	AXISBANK	9.53
IndusInd Bank Ltd.	INDUSINDBK	6.25
Bank of Baroda	BANKBARODA	2.91
AU Small Finance Bank Ltd.	AUBANK	2.65
Federal Bank Ltd.	FEDERALBNK	2.38
IDFC First Bank Ltd.	IDFCFIRSTB	1.59

Table – Two

SYMBOL	52wk HIGH	52wk High Date	52wk LOW	52wk Low Date
HDFCBANK	1720	17-Apr-23	1271.6	17-Jun-22
ICICIBANK	958.2	30-Nov-22	669.95	17-Jun-22
KOTAKBANK	1997.55	18-Nov-22	1631	30-Jun-22
SBIN	629.55	15-Dec-22	430.7	20-Jun-22
AXISBANK	970	04-Jan-23	618.25	23-Jun-22
INDUSINDBK	1275.8	20-Sep-22	763.2	23-Jun-22
BANKBARODA	197.2	09-Dec-22	89.85	20-Jun-22
AUBANK	712	29-Apr-22	539	15-Jul-22
FEDERALBNK	143.4	16-Jan-23	82.5	26-May-22
IDFCFIRSTB	64.3	15-Dec-22	28.95	22-Jun-22

Observations:

• WHEN 90% plus combined weightage of BANKNIFTY Stocks made new 52 week Low means Market is almost or near BOTTOM.

• And, we should become defensive (create hedge) when 50% plus combined weightage of BANKNIFTY Stocks makes new 52 week HIGH means Market is almost or near TOP.

• Same is valid for all other Sectoral Indices – We are not sure… 🙂🙏🏽

• However, This is all True in case of BANKNIFTY especially when NIFTY50 is in Clear “BUY” Mode. Likewise, when Short Sell is not Triggered – correction is Possible which means BUY at every 4% Fall – without STOP-LOSS.