NIFTY AND BANK NIFTY ANALYSIS FOR 06 APR 2023

05 Apr 2023 2030 Hrs
1. US and Europe are looking over bought and looks neutral to bearish.
2. Asia is looking mixed. With Nikkei looking bullish and kospi looking bearish.
3. SGX Nifty is indicating a down tick of 49 points for nifty at 17575. This amounts to 150 points down tick for Bank Nifty at 40850.
4. HDFC Bank is very bullish and has made a marubozo candle. It is just 50 points away from all time high of 1703. It has support at 1645 and any move beyond 1656 will be very bullish.
5. ICICI bank has become choppy. It has support at 880 and resistance at 890.
6. Reliance could not break 2450 levels. It has become choppy and bearish. It has made a hanging man pattern on a daily candle.
7. Nifty is looking bullish and strong. It has good support at 17500 . It has resistance at 17566 levels. If it clears it, then we can see 17700.
8. bank Nifty is also bullish. But if HDFC Bank and ICICI bank start moving in opposite direction, it gets choppy. This is what happened today morning. It has support at 40800 and resistance at 40050 levels.
Analysis
1. Tomorrow is RBI monetary policy decision and also expiry. Market may remain choppy till the monetary policy decision announcement.
2. So best to trade after that.
3. Both indices are bullish and buy on dips will be a good strategy.
4. I will be bearish on Nifty if it start trading below 17480 levels. However if nifty sustain 17566, we may see 17700.
5. Similarly bank nifty will be bearish below 40800 levels tgt 40685 and 40411. However if it firmly trades above 40960, then we can see 40380 levels.
I AM NOT A SEBI REGISTERED TRADER. PLEASE USE THIS INFORMATION FOR EDUCATIONAL PURPOSE AND TO ENHANCE YOUR DECISION MAKING.