Page 263 - IMDR JOURNAL 2023-24
P. 263
IMDR’s Journal of Management Development & Research 2023-24
View Gift Nifty Futures NSEIX, n.d.)
Nifty 50 Gift Nifty
Date % %
Change Gap Up/ Down RSI Change Gap Up/ Down RSI
04-01-2023 -1.04% -2 43 -1.07% -9 43.17
09-01-2023 1.35% 93 47 1.19% 2 47
10-01-2023 -1.03% 20 41.8 -1.03% -19 41.78
25-01-2023 -1.25% -25 42.82 -1.34% -15 41.62
27-01-2023 -1.61% -14 35.25 -1.13% 72 36.54
01-02-2023 -0.26% 149 36.5 -0.29% 8 37.73
03-02-2023 1.38% 111 46.92 1.14% 0 44.67
22-02-2023 -1.53% -71 37.4 -1.62% -12 37.06
03-03-2023 1.57% 130 46.28 1.60% 5 46.29
09-03-2023 -0.93% 18 46.24 -1.02% -1 45.68
10-03-2023 -1.00% -146 41.14 -1.02% 12 40.66
13-03-2023 -1.49% 9 35.04 -1.48% -2 34.77
20-03-2023 -0.65% -34 34.31 -0.80% 11 35.25
31-03-2023 1.63% 130 52.49 0.98% 3 53.33
17-04-2023 -0.68% 35 59.93 -0.55% -9 60.67
28-04-2023 0.84% 35 71.24 1.17% 85 72.93
04-05-2023 0.92% -8 73.74 0.74% -5 73.22
05-05-2023 -1.02% -138 63.14 -0.88% 7 63.13
06-05-2023 1.08% 51 68.28 1.14% 10 69
18-05-2023 -0.28% 106 56.01 -0.19% 9 56.19
26-05-2023 0.97% 47 67.49 1.56% 130 69.71
29-05-2023 0.54% 120 70.23 0.47% -23 71.94
27-06-2023 0.68% 57 61.51 0.49% -22 58.48
28-06-2023 0.82% 91 66.67 0.86% 14 64.88
30-06-2023 1.14% 104 72.04 1.62% 183 73.28
Table 1: Comparison of Nifty 50 and Gift Nifty from January 2023 to June 2023 (Primary
Source)
From the table, we can see that there is a lot of inconsistency between the gap up and the gap
down. While there is inconsistency the daily change in the day change is very close when
compared. In this table, we see that the opening is contrary to the opening of the other index.
For instance, on 1 February 2023 when Gift Nifty opened flat, the opening of Spot Nifty was
positive 149 points and the daily change was minus 0.29% for Gift Nifty and Nifty was
minus 0.26% for the day. Again, on the day 3 February 2023, the opening on Gift Nifty was
flat and Nifty opened purely positive 111 points with daily change positive 1.38% and 1.14%
respectively. When we go lower in the time frame to 15mins we see that the opening of the
nifty spot index is very close to the trading price of the Gift Nifty. So, in a way, the price of
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