NIFTY AND BANK NIFTY ANALYSIS FOR 09 MAR 2023

09 Mar 2023 2100 Hrs
1. World markets are looking choppy.
2. India VIX is at 12.5 indicating less option premium.
3. HDFC Bank is at crucial resistance area of 1640. it has taken rejection 2 days in a row. It is looking choppy. It has support at 1615.
4. ICICI Bank is looking bullish. It has support at 865 and resistance at 882.
5. Bank Nifty has closed above 41500 which is bullish. It has resistance at 41750 and support at 41500 and 41420.
6. Reliance has strong resistance at 2430 and support at 2390. it is choppy.
7. Nifty is choppy and has strong resistance at 17800. it has support at 17700.
8. As per OI data, Highest call OI is at 17800 and highest put Oi is at 17700.
9. Bank Nifty has highest call OI at 42000 followed by 41700. Highest put OI is at 41500.
Analysis
1. Nifty has highest Resistance at 17800. Any move of nifty to 17700 will be a buying opportunity, tgt 17800. If Nifty gap up and sustain above 17800, then we can see a trending move.
2. Bank Nifty is trading above 41500. Any dip to 41370-41420 will be a good buying opportunity. Tgt 41750.
Trading Plan.
1. Tomorrow is expiry.
2. May see a rangebound trade.
3. I will Buy only call for both indices.
4. I will Buy Bank Nifty at around 41400 levels for a tgt of 41700.
5. I will buy Nifty at 17700 levels for a tgt of 17800.
I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATION PURPOSES ONLY. PLEASE USE THIS TO ENHANCE YOUR KNOWLEDGE. CONSULT YOUR FINANCIAL ADVISOR FOR ANY TRADE.