NIFTY AND BANK NIFTY ANALYSIS FOR 02 JAN 2023.
02 JAN 2023
1. A VERY HAPPY NEW YEAR TO ALL.
2. US market is consolidating with a bearish bias.
3. Europe is looking bearish. Asia is very bearish, with kospi and nikkei down by 1-1.5%.
4. HDFC bank has made a bearish engulfing candle and looking choppy. ICICI bank is very bearish.
5. India VIX is at 14.8 indicating rise in volatility.
6. SGX Nifty future is indicating 78 points cut @ 18145 in future and 18027 spot.. This amounts to 240 points downtick for Bank nifty @ 42925 future and 42750 levels in spot.
Analysis
1. Nifty has strong sp at 18000 levels and bank nifty has sp at 43000 levels. if it breaks this, next sp is at 42500.
2. I remain neutral to bearish on bank nifty. I will be a seller on rise in both Nifty and Bank nifty if nifty breaks 17900 and Bank Nifty Breaks 42800.
3. If tomorrow dip is bought into, then any move above 43000 will be a buying opportunity.
1. A VERY HAPPY NEW YEAR TO ALL.
2. US market is consolidating with a bearish bias.
3. Europe is looking bearish. Asia is very bearish, with kospi and nikkei down by 1-1.5%.
4. HDFC bank has made a bearish engulfing candle and looking choppy. ICICI bank is very bearish.
5. India VIX is at 14.8 indicating rise in volatility.
6. SGX Nifty future is indicating 78 points cut @ 18145 in future and 18027 spot.. This amounts to 240 points downtick for Bank nifty @ 42925 future and 42750 levels in spot.
Analysis
1. Nifty has strong sp at 18000 levels and bank nifty has sp at 43000 levels. if it breaks this, next sp is at 42500.
2. I remain neutral to bearish on bank nifty. I will be a seller on rise in both Nifty and Bank nifty if nifty breaks 17900 and Bank Nifty Breaks 42800.
3. If tomorrow dip is bought into, then any move above 43000 will be a buying opportunity.
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