Nifty Bank IndexLong
NIFTY AND BANK NIFTY ANALYSIS 28 OCT 2022
28 OCT 2022 1030 HRS
1. US and Europe is consolidating and US has reached the 200 SMA area. However the momentum looks stong in S&P 500, whereas DJI and Nasdaq is consolidating.
2. KOSPI is looking strong, whereas Nikkei is neutral.
3. India VIX is @ 16.5 indicating less volatility and bullishness in indian markets.
4. SGX nifty is indicating 117 pts uptick @ 17853. So Bank Nifty may gap up 300 points at 41600.
5. Bank nifty did not perform as good as Nifty due to non participation of HDFC twins and ICICI bank. However axis and SBI is bullish and at all time high.
6. For the bank nifty to participate in the rally, the participation of ICICI and HDFC bk is required.
7. With gap of 300 points, Bank Nifty will be reaching the resistance area @ 41662 levels. Any sp by ICICI and HDFC may take the Bank Nifty to 41800 levels.
Verdict.
1. I will be a buyer on dips. So will wait for a pull back before buying 41500 call.
2. Provided HDFC and ICICI bk responds.
3. I shall remain on sidelines after 300 pts gap up as all time high is at 41840. Fresh long can be taken if 41840 is broken.
THE VIEWS ARE PERSONAL PLEASE USE IT TO ENHANCE YOUR DECISION MAKING SKILLS.
1. US and Europe is consolidating and US has reached the 200 SMA area. However the momentum looks stong in S&P 500, whereas DJI and Nasdaq is consolidating.
2. KOSPI is looking strong, whereas Nikkei is neutral.
3. India VIX is @ 16.5 indicating less volatility and bullishness in indian markets.
4. SGX nifty is indicating 117 pts uptick @ 17853. So Bank Nifty may gap up 300 points at 41600.
5. Bank nifty did not perform as good as Nifty due to non participation of HDFC twins and ICICI bank. However axis and SBI is bullish and at all time high.
6. For the bank nifty to participate in the rally, the participation of ICICI and HDFC bk is required.
7. With gap of 300 points, Bank Nifty will be reaching the resistance area @ 41662 levels. Any sp by ICICI and HDFC may take the Bank Nifty to 41800 levels.
Verdict.
1. I will be a buyer on dips. So will wait for a pull back before buying 41500 call.
2. Provided HDFC and ICICI bk responds.
3. I shall remain on sidelines after 300 pts gap up as all time high is at 41840. Fresh long can be taken if 41840 is broken.
THE VIEWS ARE PERSONAL PLEASE USE IT TO ENHANCE YOUR DECISION MAKING SKILLS.
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