This is the comparison of the major stocks, Nifty IT and Bank Nifty and current levels of major contributors.
Dec 1 2022, Nifty's was majorly from Nifty IT and from Bank Nifty. Nifty IT was at Life time/ 52 week High and NIFTY Bank was also at almost 52 week high.
Current scenario: As you can see currently none of the major stocks are near 52 week high or life time high. Nifty's current contribution is only from sectors other than the major contributors.
Even without the support and even pull back from Banknifty and IT, there is no much fall in today's session even after almost reaching all time high.
There could be a breakout when there is a small push from Nifty IT and and Bank nifty.
Good thing is currently Nifty is respecting the trend line and closed above the trend line with a small pull back. However good OI is added in 18850 and 18900.
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