NIFTY AND BANK NIFTY ANALYSIS FOR 28 FEB 2023.

27 Feb 2023 2045 Hrs.
1. US markets has pulled back but weak. Europe is mixed. Asia is also mixed.
2. World market is looking bearish.
3. India VIX is below 14 indicating bullishness and less option premiums.
4. SGX Nifty is indicating 12 point uptick at 17500.
5. This amounts to 50 point uptick for Bank nifty at 40350.
6. HDFCBank is looking weak on a daily chart. It has resistance at 1600.
7. ICICI Bank is facing resistance at the trend line at 858.50.
8. Reliance is bearish and has taken support at 2350. It has resistance at 2370.
9. Nifty has taken support at 17350 which is 200 SMA. Nifty was dragged down by infy and TCS which were 2 % down each.
10. Bank Nifty has taken support at 40160 levels. It has made a w bottom It has broken out from the W bottom pattern. Bank nifty was supported by Kotak Bank, SBIN and PSU Banks.
Analysis.
1. Bank Nifty is looking bullish. It may get support from Kotak and ICICI bank. HDFC Bank is a drag for bank nifty. If it sustain above 40300, we may see a target of 40650.
2. Nifty has closed above 17440. If it sustain above 17530, we may see a rally upto 17620 levels. If IT drags Nifty , we may see a choppy Nifty.
3. Nifty has highest Call OI at 17600 followed by 17500. Highest Put OI is at 17400.
4. Bank Nifty has highest call OI at 41000 followed by 40500. Highest Put OI is at 40000.
5. If HDFC Bank trades above 1590 and ICICI bank above 860, then there is a good chance of getting 40600 in Bank Nifty.
Trading Plan.
1. If Nifty open Flat @17500 and sustain above 17530 levels, we can go bullish.
2. If Bank Nifty sustain above 40250 levels, then we can see 40650 as a short term target.
3. If Nifty start trading below 17300, then i will be bearish Similarly if Bank Nifty trades below 39900,i will be bearish.