nifty and bank nifty analysis 26 Dec 2022

26 Dec 2022 1930 Hrs
1. US and Europe looks oversold. There may be some relief rally.
2. Asia is bearish. But is oversold.
3. SGX Nifty is showing 36 points up @17900. This amounts to 100 points up for Bank Nifty @ 41770. India VIX is above 15 indicating fear.
4. HDFC Bank has opened below 23.6 % fib retracement and closed above it. so it is bearish overall. But may rally till 1610 to cover the gap.
5. ICICI bank may bearish on the latest news . Banks are overall bearish.
6. Reliance has retraced 61.8% fibonacci from recent swing low. It has sp at 2480.
7. Tech stocks remain under pressure.
8. Bank Nifty has taken sp at 41570 levels. Any break of this will be bearish. Tgt 40770.
9. nifty has taken sp at 17800 levels. Any break of this will be bearish.
10. Nifty has highest call OI at 18000 and Put OI @17800 indicating the range . PCR is 0.6 indicating bearishness.
11. Bank Nifty has highest call OI @ 42000 followed by 41900 and highest put OI @ 41500.
Analysis
10. After 3 days of down move, Nifty and bank nifty may remain choppy.
11. I will be bearish and take aggressive bet only if Nifty breaks below 17800 and Bank Nifty breaks below 41570.
12. I will restrain in participating in a relief rally.
13. Alternatively any move of Nifty to 18000 can be sold into. similarly any move of Bank Nifty to 42000 can be sold into.