NIFTY AND BANK NIFTY ANALYSIS FOR 22 MAR 2023

21 Mar 2023 2200 Hrs
1. US market is choppy with a bullish bias. Europe is bearish. Asia is bearish.
2. SgX Nifty is indicating 20 points down tick which is flat. So Bank Nifty will be opening flat as per the data available as of now.
3. Nifty has closed above 17100. Bank Nifty is firmly above 39700.
4. There has been a pull back in HDFC Bank and ICICI Bank.
5. HDFC Bank has support at 1570 and resistance at 1585.
6. ICICI Bank has support at 845 and resistance at 854 and 858.
7. Reliance was extremely oversold and has pulled back. It has a target of 2325.
8. Nifty has highest call OI at 17200 and 17300. Highest put OI is at 17000.
9. Bank Nifty has highest call OI at 40000 and highest put OI is at 39500 and 39000.
Analysis
1. As per the OI data Nifty has stiff resistance at 17200.
2. Bank Nifty has highest OI at 40000.
3. All Nifty heavy weights are looking bullish.
4. If Nifty sustain above 17100, 17200 will be the next target.
5. Similarly if Bank Nifty sustain above 40000, then we can see a tgt of 40350.
6. If nifty reverses from 17100, we can see a tgt of 17000.
7. If Bank Nifty reverses from 40000, then we can see a tgt of 39650.
8. Any consolidation at 17000 and 39650 will get us a tgt of 17100 and 40000 resply.
9. I will Not trade on the downside. But wait for a dip for taking long position.
10 Any move below 16950 and 39500 will be bearish.
I AM NOT A SEBI REGISTERED TRADER. PLEASE USE THIS INFORMATION FOR EDUCATION PURPOSE AND FOR BETTER DECISION MAKING.