NIFTY AND BANK NIFTY ANALYSIS FOR 27 MAR 2023
26 Mar 2023 1215 Hrs
1. US and Asia has become choppy and rangebound without any clear direction. Nasdaq is the only one looking bullish.
2. SGX Nifty is indicating 110 points uptick at 17035 levels. This amounts to 270 points uptick for Bank Nifty at 39665.
3. HDFC Bank is bearish. It has resistance at 1570 levels. Any move above 1575 will be bullish . Any move below 1560 will be bearish. If HDFC Bank moves between 1574 and 1563, bank nifty will be choppy.
4. ICICI bank has made head and shoulder pattern. It will be bearish below 848 and bullish above 860. Any move between 848 - 860 will make Bank nifty range bound and highly volatile.
5. nifty has decisively broken 16950 levels. Next target for nifty will be 16868 and 16800. However if it sustain above 17120 it will be bullish. Any move between 16900 and 17100 will be choppy and volatile.
6. reliance is oversold. IT is looking bearish due to infy and TCS ADR has closed in red.
7. Nifty has highest call OI at 17000 and Highest put OI at 16800. Hence the range for Nifty will be 17000- 16800.
8. Bank Nifty has highest call OI at 39500 and put OI at 39000.Hence the range will be 39000 - 39500.
Analysis
1. Nifty and bank nifty as per daily chart is showing sell on rise pattern.
2. However both have high volatility . Stop loss should be wide to avoid stop loss hunting. This means high risk.
3. Trending move in nifty can only be seen above 17120 and below 16800. In Bank Nifty it is above 39500 and below 39000.
Trading plan.
1. I will be a seller if nifty show weakness at 17000 levels and buy at 16900 levels.
2. In Bank Nifty any move to 39500 - 39665 will be a selling opportunity. Any move to 39000 will be a buying opportunity.
3. Since overall trend is bearish buying put options, give better risk reward than buying call option. So better to play downward move.
I AM NOT A SEBI REGISTERED TRADER. PLEASE USE THIS INFORMATION FOR EDUCATION PURPOSES AND TO ENHANCE YOUR DECISION MAKING.
1. US and Asia has become choppy and rangebound without any clear direction. Nasdaq is the only one looking bullish.
2. SGX Nifty is indicating 110 points uptick at 17035 levels. This amounts to 270 points uptick for Bank Nifty at 39665.
3. HDFC Bank is bearish. It has resistance at 1570 levels. Any move above 1575 will be bullish . Any move below 1560 will be bearish. If HDFC Bank moves between 1574 and 1563, bank nifty will be choppy.
4. ICICI bank has made head and shoulder pattern. It will be bearish below 848 and bullish above 860. Any move between 848 - 860 will make Bank nifty range bound and highly volatile.
5. nifty has decisively broken 16950 levels. Next target for nifty will be 16868 and 16800. However if it sustain above 17120 it will be bullish. Any move between 16900 and 17100 will be choppy and volatile.
6. reliance is oversold. IT is looking bearish due to infy and TCS ADR has closed in red.
7. Nifty has highest call OI at 17000 and Highest put OI at 16800. Hence the range for Nifty will be 17000- 16800.
8. Bank Nifty has highest call OI at 39500 and put OI at 39000.Hence the range will be 39000 - 39500.
Analysis
1. Nifty and bank nifty as per daily chart is showing sell on rise pattern.
2. However both have high volatility . Stop loss should be wide to avoid stop loss hunting. This means high risk.
3. Trending move in nifty can only be seen above 17120 and below 16800. In Bank Nifty it is above 39500 and below 39000.
Trading plan.
1. I will be a seller if nifty show weakness at 17000 levels and buy at 16900 levels.
2. In Bank Nifty any move to 39500 - 39665 will be a selling opportunity. Any move to 39000 will be a buying opportunity.
3. Since overall trend is bearish buying put options, give better risk reward than buying call option. So better to play downward move.
I AM NOT A SEBI REGISTERED TRADER. PLEASE USE THIS INFORMATION FOR EDUCATION PURPOSES AND TO ENHANCE YOUR DECISION MAKING.