NIFTY AND BANK NIFTY ANALYSIS FOR 30 JAN 2023
30 Jan 2022
1. US indices look bullish. Europe is consolidating. While Asia look bullish.
2. India VIX has suddenly increased to 17.3 indicating uncertainty and very high option premium.
3. SGX Nifty is indicating 30 points uptick @17719. This amounts to 90 - 100 points uptick for bank nifty @ 40445.
4. HDFC Bank took support @ 1614 after a pull back from 1590 levels. ICICI Bank is looking very bearish.
5. HDFC Bank has resistance at 1632 and sp at 1590. ICICI Bank has Res at 825 and sp at 806.
6. We can expect big move in HDFC Bank so it may trigger move in Bank Nifty.
7. Reliance has sp at 2303. Res at 2344.
Analysis
1. Bank Nifty has PCR of 0.4 which is very low. Nifty has a PCR of 0.5
2. Nifty has pulled back from 17500 to 17600 levels. Bank Nifty has closed almost at the low of the day at 40345.
3. Nifty has resistance at 17650 -17600 levels.
4. Bank Nifty has has resistance at 40667 - 40775 levels.
Trade plan
1. I will be bullish in bank nifty if Bank Nifty crosses 40750 and Hdfc bank stay above 1615 levels and ICICI bank stay above 825 levels. One can buy 41000 Call.
2. I will be bearish if Bank nifty trades below 40200 and HDFC Bank trades below 1612 levels and ICICI Bank trades below 812. One can buy 40000 Put.
3. I will be bullish in Nifty if Bank nifty is bullish and reliance trades above 2351 and Nifty trades above 17700. Buy 17700 call. If Nifty trades below 17440, then one can buy 17200 put.
4. If Nifty trades between 17600 and 17500 then no trade.
5. Similarly if Bank Nifty trades between 40600 - 40335, then no trade.
6. Market may remain rangebound till budget session.
7. Conservative traders may stay out of the market.
I AM NOT A SEBI REGISTERED TRADER. PLEASE USE THIS INFORMATION TO ENHANCE YOUR DECISION MAKING.
1. US indices look bullish. Europe is consolidating. While Asia look bullish.
2. India VIX has suddenly increased to 17.3 indicating uncertainty and very high option premium.
3. SGX Nifty is indicating 30 points uptick @17719. This amounts to 90 - 100 points uptick for bank nifty @ 40445.
4. HDFC Bank took support @ 1614 after a pull back from 1590 levels. ICICI Bank is looking very bearish.
5. HDFC Bank has resistance at 1632 and sp at 1590. ICICI Bank has Res at 825 and sp at 806.
6. We can expect big move in HDFC Bank so it may trigger move in Bank Nifty.
7. Reliance has sp at 2303. Res at 2344.
Analysis
1. Bank Nifty has PCR of 0.4 which is very low. Nifty has a PCR of 0.5
2. Nifty has pulled back from 17500 to 17600 levels. Bank Nifty has closed almost at the low of the day at 40345.
3. Nifty has resistance at 17650 -17600 levels.
4. Bank Nifty has has resistance at 40667 - 40775 levels.
Trade plan
1. I will be bullish in bank nifty if Bank Nifty crosses 40750 and Hdfc bank stay above 1615 levels and ICICI bank stay above 825 levels. One can buy 41000 Call.
2. I will be bearish if Bank nifty trades below 40200 and HDFC Bank trades below 1612 levels and ICICI Bank trades below 812. One can buy 40000 Put.
3. I will be bullish in Nifty if Bank nifty is bullish and reliance trades above 2351 and Nifty trades above 17700. Buy 17700 call. If Nifty trades below 17440, then one can buy 17200 put.
4. If Nifty trades between 17600 and 17500 then no trade.
5. Similarly if Bank Nifty trades between 40600 - 40335, then no trade.
6. Market may remain rangebound till budget session.
7. Conservative traders may stay out of the market.
I AM NOT A SEBI REGISTERED TRADER. PLEASE USE THIS INFORMATION TO ENHANCE YOUR DECISION MAKING.
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