NIFTY AND BANK NIFTY ANALYSIS FOR 12 DEC 2022.

11 Dec 2022 2100 Hrs.
1. US is at crucial support level except DJI and Europe is bullish. we may see a rally till dec 25.
2. India VIX is at 13.4 indicating bullishness. we may see less option premium and less option premium movement also. better to trade in the money option to get good delta.
3. HDFC bank & ICICI bank is looking bullish. They are at crucial breakout levels. Also AXIS and SBI looking bullish.
4. Reliance is bearish and may move towards its 200 SMA at 2538.
5. Bank Nifty has sp at 43370 levels and Nifty has sp at 18400 levels.
Analysis
1. I remain bullish on Bank Nifty since HDFC Bank and ICICI Bank look bullish. I shall buy any dips in Bank Nifty. TGT 43800 LEVELS.
2. Nifty has sp at 18400. Any break of 18400 may drag Nifty to 18100. However if reliance bounce back, we may see nifty rally to 18600 Levels. I abstain from trading Nifty since reliance and HDFC Bank are in counter trends.
I AM NOT A SEBI REGISTERED TRADER. PLEASE USE THIS INFORMATION TO ENHANCE YOUR DECISION MAKING.