NIFTY AND BANK NIFTY ANALYSIS FOR 13 JAN 2023
12 Jan 2023 2115 Hrs
1. US and Europe is bullish on daily time frame but all look over bought. a dip may in the offering.
2. Asia is neutral to bullish and over bought.
3. Today India Inflation figures came better than expected. So also US inflation data which has come above expectation.
4. SGX Nifty is indicating 59 points uptick @ 17961. This amounts to 150 points uptick in bank nifty @ 42232.
5. HDFC Bank again tested 1603 but could not break it. ICICI bank again took support at 845-855 level.
6. Reliance has again made a big red candle breaking 2500 level. Next tgt for reliance is @ 2545.
7. India Vix is still above 15.
Analysis.
1. Nifty has taken support @ 17770 levels. However Reliance and ICICI bank is looking bearish to neutral. But Infy and HCL Tech has given good result. Hence IT index may be in focus tomorrow. This may push nifty to higher levels. Nifty if it crosses 18050 levels decisively, then only bullish bet can be taken. Tomorrow Nifty may trade between 17950 - 18050 levels. Bearish bet is not advised for tomorrow.
2. HDFC Bank is trying to break 1604 levels but facing stiff resistance.
3. BanK Nifty is looking weak due to index heavy weights like HDFC twins, ICICI bank and Axis bank looking bearish.
4. I remain neutral to bearish on Bank Nifty. if bank nifty crosses 42315, then bullish bet can be taken. bearish bet can only be taken if bank nifty falls below 41900 tgt 41700. if bank nifty builds above 41315, then tgt of 42660 can be seen.
I AM NOT A SEBI REGISTERED TRADER. PLEASE USE THIS INFORMATION FOR EDUCATION PURPOSES ONLY.
1. US and Europe is bullish on daily time frame but all look over bought. a dip may in the offering.
2. Asia is neutral to bullish and over bought.
3. Today India Inflation figures came better than expected. So also US inflation data which has come above expectation.
4. SGX Nifty is indicating 59 points uptick @ 17961. This amounts to 150 points uptick in bank nifty @ 42232.
5. HDFC Bank again tested 1603 but could not break it. ICICI bank again took support at 845-855 level.
6. Reliance has again made a big red candle breaking 2500 level. Next tgt for reliance is @ 2545.
7. India Vix is still above 15.
Analysis.
1. Nifty has taken support @ 17770 levels. However Reliance and ICICI bank is looking bearish to neutral. But Infy and HCL Tech has given good result. Hence IT index may be in focus tomorrow. This may push nifty to higher levels. Nifty if it crosses 18050 levels decisively, then only bullish bet can be taken. Tomorrow Nifty may trade between 17950 - 18050 levels. Bearish bet is not advised for tomorrow.
2. HDFC Bank is trying to break 1604 levels but facing stiff resistance.
3. BanK Nifty is looking weak due to index heavy weights like HDFC twins, ICICI bank and Axis bank looking bearish.
4. I remain neutral to bearish on Bank Nifty. if bank nifty crosses 42315, then bullish bet can be taken. bearish bet can only be taken if bank nifty falls below 41900 tgt 41700. if bank nifty builds above 41315, then tgt of 42660 can be seen.
I AM NOT A SEBI REGISTERED TRADER. PLEASE USE THIS INFORMATION FOR EDUCATION PURPOSES ONLY.