NIFTY AND BANK NIFTY ANALYSIS FOR 10 APR 2023.
09 Apr 2023 1230 Hrs
1. US markets are looking bullish but over bought. Whereas Europe is neutral to bullish. Asia is bullish.
2. India VIX is at 11.95 which is very low. we may see a rebound of VIX from here. This will increase volatility .
3. SGX Nifty is indicating a flat start at 17725. So is bank nifty at 41050 levels.
4. HDFC Bank is bullish on daily chart. It has good support at 1660 and resistance at 1675. If it crosses 1675, we may see 1690.
5. ICICI Bank has made a very big bearish candle. If it breaks 870 levels, then we can expect 860 levels.
6. Reliance is consolidating between 2340 and 2354. Any break of 2340 will be bearish tgt 2317. Any move above 2345 -2350 it will be bullish.
7. Nifty is bullish on daily chart and neutral to bullish on 1 hr chart. 17550 - 17500 is a good support.
8. Bank Nifty is bullish on daily chart but bearish on 1 hr chart.
9. Nifty has highest Call OI at 17600 and highest put OI at 17500.
10. Bank Nifty has highest call Oi at 41200 and highest put OI at 41000.
Analysis.
1. Over the past 4 days indices have moved phenomenally. After a 4 day big move consolidation will be good for indices before it resumes its upward move.
2. ICICI Bank is showing weakness at higher levels. HDFC Bank is challenging all time High. So if both these index heavy weights move in opposite direction, then Nifty and bank nifty become range bound supported by choppiness in reliance.
Trading Plan.
1. I broadly remain neutral to bullish on Bank Nifty and Nifty.
2. If reliance, HDFC Bank and ICICI bank remain neutral , then Nifty may trade between 17600 - 17500.
3. Bank Nifty may remain in 41000 - 42220 levels.
4. If Nifty start trading above 17635, we may see 17700 - 17800. Any break of 17500 will be bearish.
5. If Bank Nifty remain above 41050 it may break 41200 and can move towards 41500. However any break below 40800 will be bearish.
I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATION PURPOSES AND TO ENHANCE YOUR DECISION MAKING. PLEASE CONSULT YOUR FINANCIAL ADVISOR FOR ANY TRADES.
1. US markets are looking bullish but over bought. Whereas Europe is neutral to bullish. Asia is bullish.
2. India VIX is at 11.95 which is very low. we may see a rebound of VIX from here. This will increase volatility .
3. SGX Nifty is indicating a flat start at 17725. So is bank nifty at 41050 levels.
4. HDFC Bank is bullish on daily chart. It has good support at 1660 and resistance at 1675. If it crosses 1675, we may see 1690.
5. ICICI Bank has made a very big bearish candle. If it breaks 870 levels, then we can expect 860 levels.
6. Reliance is consolidating between 2340 and 2354. Any break of 2340 will be bearish tgt 2317. Any move above 2345 -2350 it will be bullish.
7. Nifty is bullish on daily chart and neutral to bullish on 1 hr chart. 17550 - 17500 is a good support.
8. Bank Nifty is bullish on daily chart but bearish on 1 hr chart.
9. Nifty has highest Call OI at 17600 and highest put OI at 17500.
10. Bank Nifty has highest call Oi at 41200 and highest put OI at 41000.
Analysis.
1. Over the past 4 days indices have moved phenomenally. After a 4 day big move consolidation will be good for indices before it resumes its upward move.
2. ICICI Bank is showing weakness at higher levels. HDFC Bank is challenging all time High. So if both these index heavy weights move in opposite direction, then Nifty and bank nifty become range bound supported by choppiness in reliance.
Trading Plan.
1. I broadly remain neutral to bullish on Bank Nifty and Nifty.
2. If reliance, HDFC Bank and ICICI bank remain neutral , then Nifty may trade between 17600 - 17500.
3. Bank Nifty may remain in 41000 - 42220 levels.
4. If Nifty start trading above 17635, we may see 17700 - 17800. Any break of 17500 will be bearish.
5. If Bank Nifty remain above 41050 it may break 41200 and can move towards 41500. However any break below 40800 will be bearish.
I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATION PURPOSES AND TO ENHANCE YOUR DECISION MAKING. PLEASE CONSULT YOUR FINANCIAL ADVISOR FOR ANY TRADES.