NIFTY AND BANK NIFTY ANALYSIS FOR 06 FEB 2023
05 Feb 2023 1200 Hrs
1. US market is consolidating with a positive bias. S&P looks overbought but has sp at 4082. DJI is looking bullish. Nasdaq has made a pull back.
2. Europe is very bullish, while Asia is consolidating.
3. India VIX is below 15 indicating bullishness.
4. SGX Nifty is indicating 40 points dn tick @ 17800 which is a good support. This amounts to 120 points downtick to Bank Nifty @ 4141370 levels.
5. HDFC Bank has made a BULLISH candle indicating very bullish structure. Also it is at crucial resistance levels of 1673 which is almost near to all time high. ICICI Bank has closed above 20 SMA indicating bullishness. It has resistance @ 876.
6. Reliance is consolidating @ 2300 - 2350 levels.
Analysis.
1. Nifty is above 17800 hence looking bullish. Any pullback to 17750 levels and consolidating above 17800 will be bullish. Tgt 17890.
2. Bank Nifty is clearly bullish. Any initial pull back to 42180 levels will be a good opportunity for buying.
Trade Plan.
1. I will Buy 42500 call for any dip to 42200 levels.
2. Selling can only be considered below 41000.
3. Similarly Nifty 18000 call can be bought if nifty pulls back to 17750 level and consolidates @17800 . Tgt 17890.
NOTE : SINCE WE HAVE SEEN A GOOD 800 POINTS MOVE IN BANK NIFTY AND 240 POINTS MOVE IN NIFTY, WE MAY SEE CONSOLIDATION AND RANGE BOUND MOVE TOMORROW. ALSO 08 FEB IS RBI RATE DECISION. SO MARKET MAY TRADE CAUTIOUSLY AHEAD OF THIS EVENT.
IAM NOT A SEBI REGISTERED TRADER. PLEASE USE THIS INFORMATION FOR EDUCATIONAL PURPOSES ONLY.
1. US market is consolidating with a positive bias. S&P looks overbought but has sp at 4082. DJI is looking bullish. Nasdaq has made a pull back.
2. Europe is very bullish, while Asia is consolidating.
3. India VIX is below 15 indicating bullishness.
4. SGX Nifty is indicating 40 points dn tick @ 17800 which is a good support. This amounts to 120 points downtick to Bank Nifty @ 4141370 levels.
5. HDFC Bank has made a BULLISH candle indicating very bullish structure. Also it is at crucial resistance levels of 1673 which is almost near to all time high. ICICI Bank has closed above 20 SMA indicating bullishness. It has resistance @ 876.
6. Reliance is consolidating @ 2300 - 2350 levels.
Analysis.
1. Nifty is above 17800 hence looking bullish. Any pullback to 17750 levels and consolidating above 17800 will be bullish. Tgt 17890.
2. Bank Nifty is clearly bullish. Any initial pull back to 42180 levels will be a good opportunity for buying.
Trade Plan.
1. I will Buy 42500 call for any dip to 42200 levels.
2. Selling can only be considered below 41000.
3. Similarly Nifty 18000 call can be bought if nifty pulls back to 17750 level and consolidates @17800 . Tgt 17890.
NOTE : SINCE WE HAVE SEEN A GOOD 800 POINTS MOVE IN BANK NIFTY AND 240 POINTS MOVE IN NIFTY, WE MAY SEE CONSOLIDATION AND RANGE BOUND MOVE TOMORROW. ALSO 08 FEB IS RBI RATE DECISION. SO MARKET MAY TRADE CAUTIOUSLY AHEAD OF THIS EVENT.
IAM NOT A SEBI REGISTERED TRADER. PLEASE USE THIS INFORMATION FOR EDUCATIONAL PURPOSES ONLY.
Note
trading plan ser 1. : for 42500 please read 41500Analysis : Ser 2 for 42180 read 41180
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