Nifty Bank Index
Long

NIFTY AND BANK NIFTY ANALYSIS 16 NOV 2022

16 Nov 2022 2000 Hrs
1. US and Europe are consolidating after a sustained rally.
2. Asian Market has shown a dip.
3. India Vix is at 14.9 indicating bullishness and less volatility.
4. As expected ICICI bk fired after 1430 Hrs giving a good move of 200 points on Bank Nifty and Nifty. While HDFC Twins underperformed and recovered from low of the day.
5. Reliance was sluggish While Infy performed well giving boost to Nifty.
6. ICICI bk and HDFC Twins are looking bullish. While Reliance is neutral. Infy looks bullish.
7. There has been call unwinding @42000 to 42200 indicating bullishness in bank nifty. There is good support @42200.
8. Similarly Nifty has good support @18300 and resistance at 18500.
Verdict
1. Today both nifty and bank nifty has risen sharply. SGX Nifty is indicating 80 points uptick indicating further up move.
2. I will wait for a dip in both Bank Nifty to 42300 -42350 and nifty to 18350 - 18370 levels and then go long buying calls 42500 and 18500.
Individual stocks
1. Samvardha motherson is a buy above 75 Tgt 84 (One week) SL 70.5
2. Cyient Buy above 768 SL 759 Tgt 790.
3. First Source (FSL) is a buy > 111.5 Tgt 120 SL 107 (One week)
DISCLAIMER : I AM NOT A SEBI REGISTERED TRADER.PLEASE USE THIS INFORMATION TO ENHANCE YOUR DECISION MAKING AND EDUCATION PURPOSE.

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