NIFTY AND BANK NIFTY ANALYSIS FOR 20 MAR 2023.
19 Mar 2023 1800 Hrs
1. S&P and DJI are neutral with a downward bias. Nasdaq is consolidating with a bullish bias. Europe is bearish. Asia is choppy with a bearish bias.
2. SGX Nifty is indicating 117 points downtick at 17045 which is the support area but below the crucial support of 17075.
3. Bank Nifty will have a down tick of 350 points at 39336. This will again be below crucial support of 39436.
4. HDFC Bank has pulled back but still bearish. It has resistance at 1592 and support at 1565 - 1560.
5. ICICI Bank has also pulled back but has SUPPORT at 830 levels and resistance at 844 - 848 levels.
6. Reliance is clearly bearish due to global fluctuations in crude oil. Next support is at 2180.
7. Nifty has highest call OI at 17300, 17200 and 17100. Highest put Oi is at 17000.
8 Bank Nifty has highest Call OI at 40000 followed by 39500. Highest Put Oi is at 39000.
Analysis
1. Global markets are bearish. market may remain under pressure and range bound till 22 mar 2023 where US fed interest rate decision is due. No increase due to banks going bankrupt will be positive and any increase by 25 bps will be negative.
2. India VIX is below 15 @14.77.
3. OI data indicates resistance for nifty @ 17200 and 17100. Support at 17000.
4. For Bank Nifty OI data indicates resistance at 39500 and 40000 and support at 39000.
5. However HDFC Bank and ICICI bank are looking bullish.
6. If HDFC Bank breaks 1560 and ICICI Bank 828,, then we can see bank nifty drifting to 39000 and nifty drifting to 17050 levels.
Trading plan.
1. Markets may remain range bound between 17000 - 17200 on nifty and 39000 -40000 on bank nifty .
2. If Nifty sustain above 17125, i remain bullish for a tgt of 17200.
3. Similarly if Bank Nifty sustain above 39550, then a tgt of 39700 - 39962 can be seen.
4. Bearish bets for nifty can only be taken below 16950 and 39170for Bank nifty.
5. Tgt for the nifty will be 16750 and Bank nifty 38700.
I AM NOT A SEBI REGISTERED TRADER. PLEASE USE THIS INFORMATION FOR EDUCATION PURPOSES AND TO BETTER ENHANCE YOUR DECISION MAKING.
1. S&P and DJI are neutral with a downward bias. Nasdaq is consolidating with a bullish bias. Europe is bearish. Asia is choppy with a bearish bias.
2. SGX Nifty is indicating 117 points downtick at 17045 which is the support area but below the crucial support of 17075.
3. Bank Nifty will have a down tick of 350 points at 39336. This will again be below crucial support of 39436.
4. HDFC Bank has pulled back but still bearish. It has resistance at 1592 and support at 1565 - 1560.
5. ICICI Bank has also pulled back but has SUPPORT at 830 levels and resistance at 844 - 848 levels.
6. Reliance is clearly bearish due to global fluctuations in crude oil. Next support is at 2180.
7. Nifty has highest call OI at 17300, 17200 and 17100. Highest put Oi is at 17000.
8 Bank Nifty has highest Call OI at 40000 followed by 39500. Highest Put Oi is at 39000.
Analysis
1. Global markets are bearish. market may remain under pressure and range bound till 22 mar 2023 where US fed interest rate decision is due. No increase due to banks going bankrupt will be positive and any increase by 25 bps will be negative.
2. India VIX is below 15 @14.77.
3. OI data indicates resistance for nifty @ 17200 and 17100. Support at 17000.
4. For Bank Nifty OI data indicates resistance at 39500 and 40000 and support at 39000.
5. However HDFC Bank and ICICI bank are looking bullish.
6. If HDFC Bank breaks 1560 and ICICI Bank 828,, then we can see bank nifty drifting to 39000 and nifty drifting to 17050 levels.
Trading plan.
1. Markets may remain range bound between 17000 - 17200 on nifty and 39000 -40000 on bank nifty .
2. If Nifty sustain above 17125, i remain bullish for a tgt of 17200.
3. Similarly if Bank Nifty sustain above 39550, then a tgt of 39700 - 39962 can be seen.
4. Bearish bets for nifty can only be taken below 16950 and 39170for Bank nifty.
5. Tgt for the nifty will be 16750 and Bank nifty 38700.
I AM NOT A SEBI REGISTERED TRADER. PLEASE USE THIS INFORMATION FOR EDUCATION PURPOSES AND TO BETTER ENHANCE YOUR DECISION MAKING.