NIFTY AND BANK NIFTY ANALYSIS FOR 16 MAR 2023
15 Mar 2023 2050 Hrs.
1. All the world market is in bear grip led by banks falling 5 -25%. Credit Suisse has fallen 25% yesterday.
2. Today's fall was unexpected and Nifty broke 17000 decisively. Bank Nifty is holding 39000.
3. SGX Nifty is indicating 140 points gap down as of now at 16850 levels. This amounts to 500 points gap down for Bank Nifty at 38500.
4. HDFC Bank has resistance at 1570 and support at 1520.
5. ICICI Bank has resistance 835 and it is at the support level of 825.
6. reliance has broken all support at 2175 and has resistance at 2270.
7. Nifty has next support at 16700 and bank nifty has support at 38300.
8. Both Nifty and bank nifty has PCR of 0.5 indicating very bearish sentiment.
Analysis
1. Tomorrow is expiry. Market may remain volatile in first half.
2. we may see a pull back immediately after the gap down to 38900 levels. and Nifty to 16970 levels.
Trading Plan
1. Market is very bearish.
2. Any rally will be a selling opportunity.
3. Due to expiry market may be volatile.
4. Any Pull back to 17900 and 39000 will be a selling opportunity.
5. If there is no pull back post the gap down, then market may go sideways.
6. Put option gives better risk reward compared to call options for option buyers.
IAM NOT A SEBI REGISTERED TRADER PLEASE USE THIS FOR EDUCATIONAL PURPOSES AND TO ENHANCE YOUR DECISION MAKING.
1. All the world market is in bear grip led by banks falling 5 -25%. Credit Suisse has fallen 25% yesterday.
2. Today's fall was unexpected and Nifty broke 17000 decisively. Bank Nifty is holding 39000.
3. SGX Nifty is indicating 140 points gap down as of now at 16850 levels. This amounts to 500 points gap down for Bank Nifty at 38500.
4. HDFC Bank has resistance at 1570 and support at 1520.
5. ICICI Bank has resistance 835 and it is at the support level of 825.
6. reliance has broken all support at 2175 and has resistance at 2270.
7. Nifty has next support at 16700 and bank nifty has support at 38300.
8. Both Nifty and bank nifty has PCR of 0.5 indicating very bearish sentiment.
Analysis
1. Tomorrow is expiry. Market may remain volatile in first half.
2. we may see a pull back immediately after the gap down to 38900 levels. and Nifty to 16970 levels.
Trading Plan
1. Market is very bearish.
2. Any rally will be a selling opportunity.
3. Due to expiry market may be volatile.
4. Any Pull back to 17900 and 39000 will be a selling opportunity.
5. If there is no pull back post the gap down, then market may go sideways.
6. Put option gives better risk reward compared to call options for option buyers.
IAM NOT A SEBI REGISTERED TRADER PLEASE USE THIS FOR EDUCATIONAL PURPOSES AND TO ENHANCE YOUR DECISION MAKING.