NIFTY AND BANK NIFTY ANALYSIS FOR 20 FEB 2023

19 Feb 2023 1300 Hrs
1. World market is looking neutral to bullish.
2. India VIX has increased to 13. There has been a slight increase in VIX.
3. SGX Nifty is indicating 56 points up @ 17993. This amounts to 180 Points up for Bank Nifty @ 41300 levels.
4. HDFC Bank on daily chart is looking neutral to bearish. It has closed below four day's low. However upside momentum is limited. ICICI Bank pull back has completed. It is looking over bought.But still looks bullish.
5. Reliance is bullish but consolidating.
6. Highest call OI for nifty is @ 18000 and highest put OI is at 17800.
7. Bank Nifty has Highest Call OI at 41600 and Put OI at 41000.
Analysis.
1. Nifty is looking overbought. It has strong resistance at 18000. It can trade in the range of 17800 - 18200. Bullish bet can be taken only above 18200.
2. Bank Nifty has highest resistance at 41600. If Bank Nifty breaks 41600 decisively then long bet can be taken. I prefer sell on rally till 41600 . If bank Nifty sustain 41250, then a tgt of 41510 can be seen. If Bank nifty does not sustain 41250, then a tgt of 41000 can be seen.
Trading plan.
1.I will trade on bearish side on Bank Nifty. I remain neutral on Nifty.
2. Any rise to 41500 is a selling opportunity. Any weakness below 41250 will be a selling opportunity.
3. I avoid buy in Bank Nifty.
I AM NOT A SEBI REGISTERED TRADER PLEASE USE THIS INFORMATION TO ENHANCE YOUR DECISION MAKING.