NIFTY AND BANK NIFTY ANALYSIS FOR 11 APR 2023

11 Apr 2023 2000 Hrs
1. US markets are looking neutral to bearish. Europe is choppy. In Asian market, japan is down while kospi is looking bullish.
2. India VIX has slightly up from 11.9 to 12.2 as a result we saw volatility today.
3. SGX Nifty is indicating 22 point down tick at 17590 levels. This amounts to 40790 levels for bank nifty.
4. HDFC Bank is bullish on a daily chart but is consolidating with a bearish bias. It has resistance at 1660 and support at 1653. Any break of 1653 can take us to 1650 - 1643 levels. If HDFc Bank break above 1662 then we can see 1670 levels.
5. ICICI Bank has broken down from H&S pattern and has resistance at 870. If it breaks 864, then we can see 860 - 852 level.
6. Reliance as expected could not break 2350 and has taken support at 2320 levels. Break of this level will lead to 2315 and 2303 levels. It has resistance at 2331.
7. Nifty has closed above 17600 level. Need to see whether it defends 17600. Again if it breaks above 17635, we can see 17700 levels. However if it breaks down 17600, then we can 17550 - 17500 levels.
8. Nifty has highest call OI at 17700 and highest put OI at 17600 levels.
9. Bank Nifty has closed above 40800. It has resistance at 40883 levels. Long bets on bank nifty can only be taken above 40935 levels.
10. Bank Nifty has highest call OI at 41000 and highest put OI at 41000 and 40500 resply.
Analysis.
1. Overall structure of market is bullish.
2. However a pull back to 17500 on nifty and 40500 in bank nifty may be possible.
3. All the index heavy weights are at crucial support levels. So Any break the levels as discussed can be bearish for both nifty and bank nifty.
Trading Plan.
1. World markets are looking neutral to bearish hence no support for any up move.
2. All index heavy weights are at crucial support zones.
3. Bank Nifty is looking more bearish than Nifty.
4. I will trade bank nifty on down side and let go nifty.
5. If Bank Nifty pull back to 40930 levels and dips below 40880, then we can short bank nifty for a tgt of 40800 levels stop loss 40935. However if bank nifty
open flat at start trading below 40800 and HDFC and ICICI bank break their levels to downside, then we can see 40500 levels in Bank Nifty with good risk reward.
I AM NOT A SEBI REGISTERED TRADER. THE VIEWS ARE PERSONAL AND FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR FINANCIAL ADVISOR.