NIFTY AND BANK NIFTY ANALYSIS FOR 05 DEC 2022.
04 Dec 2022 1000 Hrs
1. S&P is at long term resistance and looking overstretched. DJI has rallied quite a bit from 29000 levels to 34000 levels. Nasdaq is positive with google and meta showing strength.
2. Europe is following US indices.
3. Asia however is bearish with Nikkei and Kospi making two successive long bearsih candlesticks.
4. After the big green candle , HDFC Bank is consolidating in the first 30% of the candle indicating consolidation and bullishness.
5. ICICI Bank is below 20 SMA and show bearishness.
6. Reliance is overbought and looks to consolidate.
6. SGX Nifty is indicating 35 points uptick @18885.
Analysis
1. Nifty and Bank Nifty is still bullish but showing fatigue.
2. Since ICICI Bk is bearish and HDFC Bank is neutral i am temporarily neutral to bearish on bank nifty.
3. Reliance is showing good strength but it may get negated if ICICI Bk and HDFC Bank Drag.
4. So I will be a Buyer of put if Bank Nifty trades below 42930. If Bank Nifty Trades above 43150 and consolidate, i look to buy call for a tgt of 43370.
5. If Nifty trades above 18800, then it can be bought else sell on rise is a good option for Nifty.
1. S&P is at long term resistance and looking overstretched. DJI has rallied quite a bit from 29000 levels to 34000 levels. Nasdaq is positive with google and meta showing strength.
2. Europe is following US indices.
3. Asia however is bearish with Nikkei and Kospi making two successive long bearsih candlesticks.
4. After the big green candle , HDFC Bank is consolidating in the first 30% of the candle indicating consolidation and bullishness.
5. ICICI Bank is below 20 SMA and show bearishness.
6. Reliance is overbought and looks to consolidate.
6. SGX Nifty is indicating 35 points uptick @18885.
Analysis
1. Nifty and Bank Nifty is still bullish but showing fatigue.
2. Since ICICI Bk is bearish and HDFC Bank is neutral i am temporarily neutral to bearish on bank nifty.
3. Reliance is showing good strength but it may get negated if ICICI Bk and HDFC Bank Drag.
4. So I will be a Buyer of put if Bank Nifty trades below 42930. If Bank Nifty Trades above 43150 and consolidate, i look to buy call for a tgt of 43370.
5. If Nifty trades above 18800, then it can be bought else sell on rise is a good option for Nifty.
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