NIFTY AND BANK NIFTY ANALYSIS ON 18 APR 2023

17 APR 2023 2130 Hrs.
1. US indices are overbought and consolidating.
2. Europe is overbought. Asia is over bought.
3. India VIX is at 12.2 which is good for option buyers. SGX Nifty is indicating 30 points down tick at 17733. This amounts to a 100 points down tick at 42120 levels.
4. HDFC Bank as discussed is consolidating. it has support at 1653. It has resistance at 1675. If it trades above 1675 then we can get a tgt of 1690. If it breaks 1647, then we have a tgt of 1630.
5. ICICI Bank has resistance at 900 which it could not break today. So if it trades above 900, then we have a tgt of 908. however if it consolidates between 900 and 896, then we may see again a choppy bank nifty index.
6. Reliance has very good support at 2450 and resistance at 2375. If it trades above 2375, then we can see 2390 levels.
7. Nifty was weak today mainly because of Infy which is down 9 % and HDFC Bank was down 1.5% and ICICI bank which was choppy.
8. Nifty has support at 17575 and resistance at 17770. if it crosses above 17770, then we can see a tgt of 17865.
9. Bank Nifty has held up compared to Nifty. It has support at 42040, and has resistance at 42365. If it crosses 42365, we have a tgt of 42452 and 42695. However if it cannot sustain 42000, we have a tgt of 41800 and if breaks 41800, then we can have a tgt of 41550.
Trading Plan
1. Nifty is down mainly due to Infy and TCS down 9 % and 1.5 % resply.
2. Nifty is neutral to bullish for tomorrow. If it sustain above 17770, then we can get 17865.
3. Bank Nifty has support at 42120 -42050 level. If it sustain above 42220, we can get 42365 and 42465.
Trading Plan.
1. I remain neutral to bullish on nifty if it sustain above 17770.
2. I will be bearish only below 17700.
3. I remain bullish in Bank Nifty if it sustain above 42220. I will be bearish if it cannot hold 42000.
I AM NOT A SEBI REGISTERED TRADER. PLEASE CONSULT YOUR FINANCIAL ADVISOR.