Nifty Bank IndexLong
PREMARKET NIFTY AND BANK NIFTY ANALYSIS FOR 24 APR 2023
23 Apr 2023 1220 Hrs
1. US is looking neutral with a bearish bias. Europe is over stretched and looking neutral to bearish. Asia is mixed with a bearish bias.
2. SGX Nifty is indicating a 20 points uptick at 17660. A flat opening. Bank nifty is also expected to open flat.
3. HDFC Bank has sustained above 1670 levels. It is still looking bullish. It has support at 1663. It has resistance at 1677 and 1684.
4. ICICI bank has come up with a very good result from all fronts. It is looking bullish. it has support at 880. It has resistance at 900. if it clears 901.5, then it has tgt of 909 and 916. We need to see if it opens gap up or not. Any break of 880 will be bearish.
5. Reliance has also come up with a good result. But the drop of amalgamation of reliance renewable energy with RIL will have a positive effect or not is required to be seen. It has consolidated for the last 15 days . An up move may be in the offer after good result.
6. Nifty has closed at 17660. It has resistance at 17725 and support at 17550. Any move above 17725 will be bullish and any move below 17600 will be bearish.
7. Bank Nifty has support at 41950 and if it open up at 42185 levels and consolidate, then we can see 42325 and 42400. If it crosses 42400, then we can see 42565.
Analysis.
1. ICICI Bank has come up with good result. So is Reliance. HDFC Bank after the result has not moved up but is consolidating. So i expect Bank nifty to perform well.
2. IT is oversold, hence we can see some support from IT. So Nifty is also expected to move up.
Trading Plan
1. If Nifty open flat and move above 17725, i will be a buyer. If Nifty gap up to 17800 levels, then i will wait for a dip to enter. If Nifty start trading below 17600 i will be bearish.
2. If Bank Nifty open flat and move above 42180 levels i will be a buyer. If Bank Nifty gap open to 42380 levels, i will wait for a dip to 42250 level to enter. If Bank Nifty drift down to 42000 after opening, I will remain cautious and go bearish if it breaks below 41900. Tgt can be 41700 and 41564.
I AM NOT SEBI REGISTERED TRADER. PLEASE CONSULT YOUR FINANCIAL ADVISOR FOR ANY INVESTMENTS AND TRADE.
1. US is looking neutral with a bearish bias. Europe is over stretched and looking neutral to bearish. Asia is mixed with a bearish bias.
2. SGX Nifty is indicating a 20 points uptick at 17660. A flat opening. Bank nifty is also expected to open flat.
3. HDFC Bank has sustained above 1670 levels. It is still looking bullish. It has support at 1663. It has resistance at 1677 and 1684.
4. ICICI bank has come up with a very good result from all fronts. It is looking bullish. it has support at 880. It has resistance at 900. if it clears 901.5, then it has tgt of 909 and 916. We need to see if it opens gap up or not. Any break of 880 will be bearish.
5. Reliance has also come up with a good result. But the drop of amalgamation of reliance renewable energy with RIL will have a positive effect or not is required to be seen. It has consolidated for the last 15 days . An up move may be in the offer after good result.
6. Nifty has closed at 17660. It has resistance at 17725 and support at 17550. Any move above 17725 will be bullish and any move below 17600 will be bearish.
7. Bank Nifty has support at 41950 and if it open up at 42185 levels and consolidate, then we can see 42325 and 42400. If it crosses 42400, then we can see 42565.
Analysis.
1. ICICI Bank has come up with good result. So is Reliance. HDFC Bank after the result has not moved up but is consolidating. So i expect Bank nifty to perform well.
2. IT is oversold, hence we can see some support from IT. So Nifty is also expected to move up.
Trading Plan
1. If Nifty open flat and move above 17725, i will be a buyer. If Nifty gap up to 17800 levels, then i will wait for a dip to enter. If Nifty start trading below 17600 i will be bearish.
2. If Bank Nifty open flat and move above 42180 levels i will be a buyer. If Bank Nifty gap open to 42380 levels, i will wait for a dip to 42250 level to enter. If Bank Nifty drift down to 42000 after opening, I will remain cautious and go bearish if it breaks below 41900. Tgt can be 41700 and 41564.
I AM NOT SEBI REGISTERED TRADER. PLEASE CONSULT YOUR FINANCIAL ADVISOR FOR ANY INVESTMENTS AND TRADE.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.