NIFTY AND BANK NIFTY ANALYSIS FOR 28 MAR 2023.
27 Mar 2023 2045 Hrs
1. US is looking bearish. Europe is neutral and Asia is bearish.
2. India VIX is at 15.4 indicating volatility.
3. HDFC Bank is looking to turn around and is taking support at 1560 and resistance at 1580. Any move above will be bullish. If it break 1650, then tgt 1550.
4. ICICI Bank effort to break bearish head and shoulder pattern failed and again closed at the neck of shoulder at 844. This is a strong support. Any break of this will be bearish for a tgt of 836.
5. Reliance is looking bullish. If it clears 2255. then next tgt will be 2260 and 2283.
6. IT is looking bearish.
7. Nifty has again closed below 17000. however there is strong support at 17000. Now the range has shifted to 16900 - 17100.
8. Bank Nifty again could not close above 39500 decisively. However it has good support at 39300.
9. Nifty has highest call OI at 17000 and highest put OI is at 17100.
10. bank Nifty has highest call OI at 39500 and highest put Oi at 39000.
Trading Plan.
1. Expiry is on wed since thu is a holiday. There will be fast option decay .
2. i will be long nifty if it trades above 17100 and short nifty if it trades below 16950.
3. I will long Bank Nifty if it trades above 39650 decisively. I will go short bank Nifty if it decisively trades below 39250.
4. If HDFC Bank and ICICI Bank become range bound as above, then we can see rangebound market in Bank Nifty . This will have effect on Nifty.
5. In such case if First one hour high and low is not broken, then we can sell high and buy low of one hour candle.
IAM NOT A SEBI REGISTERED TRADER. PLEASE USE THIS FOR EDUCATION PURPOSES AND TO ENHANCE YOUR DECISION MAKING.
1. US is looking bearish. Europe is neutral and Asia is bearish.
2. India VIX is at 15.4 indicating volatility.
3. HDFC Bank is looking to turn around and is taking support at 1560 and resistance at 1580. Any move above will be bullish. If it break 1650, then tgt 1550.
4. ICICI Bank effort to break bearish head and shoulder pattern failed and again closed at the neck of shoulder at 844. This is a strong support. Any break of this will be bearish for a tgt of 836.
5. Reliance is looking bullish. If it clears 2255. then next tgt will be 2260 and 2283.
6. IT is looking bearish.
7. Nifty has again closed below 17000. however there is strong support at 17000. Now the range has shifted to 16900 - 17100.
8. Bank Nifty again could not close above 39500 decisively. However it has good support at 39300.
9. Nifty has highest call OI at 17000 and highest put OI is at 17100.
10. bank Nifty has highest call OI at 39500 and highest put Oi at 39000.
Trading Plan.
1. Expiry is on wed since thu is a holiday. There will be fast option decay .
2. i will be long nifty if it trades above 17100 and short nifty if it trades below 16950.
3. I will long Bank Nifty if it trades above 39650 decisively. I will go short bank Nifty if it decisively trades below 39250.
4. If HDFC Bank and ICICI Bank become range bound as above, then we can see rangebound market in Bank Nifty . This will have effect on Nifty.
5. In such case if First one hour high and low is not broken, then we can sell high and buy low of one hour candle.
IAM NOT A SEBI REGISTERED TRADER. PLEASE USE THIS FOR EDUCATION PURPOSES AND TO ENHANCE YOUR DECISION MAKING.