Nifty Bank IndexUpdated NIFTY AND BANK NIFTY ANALYSIS FOR 25 JAN 2023
24 Jan 2023. 2130 Hrs.
1. US, Europe and Asia is trading flat to positive.
2. SGX Nifty is trading totally flat at 18124.
3. HDFC Bank is very bullish challenging the all time high of 1725. Any break of 1705 may take HDFC Bank to 1725. But HDFC Bank is over bought.
4. ICICI Bank is range bound between 860 to 890. Now it is near to 860 which is 10 points away.
5. Reliance is bearish but oversold. We may see some big move in reliance.
6. Bank Nifty has highest Call OI @ 43000. There is very less put OI except at 42500.
7. Nifty has highest call OI at 18200 and 18100. Highest put OI is at 18000.
Trade Plan
1. Tomorrow is expiry.
2. In bank nifty any trade above 42850 can take us to 43038.
3. Any break of 42600 can lead us to 43500 and further to 42338.
4. Nifty has resistance at 18100. Any break of 18078 can lead us to 18000.
5. If Nifty breaks above 18140 we may get 18200.
6. But The option premium will be very low. So in case of break out or break down, it is better to trade next week option.
7. Trade with less qty.
1. US, Europe and Asia is trading flat to positive.
2. SGX Nifty is trading totally flat at 18124.
3. HDFC Bank is very bullish challenging the all time high of 1725. Any break of 1705 may take HDFC Bank to 1725. But HDFC Bank is over bought.
4. ICICI Bank is range bound between 860 to 890. Now it is near to 860 which is 10 points away.
5. Reliance is bearish but oversold. We may see some big move in reliance.
6. Bank Nifty has highest Call OI @ 43000. There is very less put OI except at 42500.
7. Nifty has highest call OI at 18200 and 18100. Highest put OI is at 18000.
Trade Plan
1. Tomorrow is expiry.
2. In bank nifty any trade above 42850 can take us to 43038.
3. Any break of 42600 can lead us to 43500 and further to 42338.
4. Nifty has resistance at 18100. Any break of 18078 can lead us to 18000.
5. If Nifty breaks above 18140 we may get 18200.
6. But The option premium will be very low. So in case of break out or break down, it is better to trade next week option.
7. Trade with less qty.
Note
one can book profits now. Markets broke down as as expected @42600 and has given a good 400 points move. one can again buy PE @ 42200 - 42300 levelsNote
please trade this leg light.
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