NIFTY AND BANK NIFTY ANALYSIS FOR 23 MAR 2023

23Mar 2023
1. It was a very volatile expiry.
2. Fed has increased the interest rate by 25 bps as expected.
3. US markets are up 1.5% as of now.
4. Europe is bullish. Asia is also looking bullish.
5. HDFC Bank is facing resistance at 1590 area. Immediate resistance is at 1570. It has support at 1550. Any move above 1574 is bullish.
6. ICICI Bank has support at 848 and resistance at 860. Any move above 860 will be bullish.
7. Reliance is bearish any move below 2240 will be bearish.
8. Nifty has defended 17000. Any move below will be bearish with a tgt of 16950. Move above 17130 will be bullish tgt 17266.
9. Bank Nifty has support at 39500. Any move below 39500 will be bearish. Tgt of 39344 . Any move above 40000 will be bullish.
Analysis
1. SGX Nifty is indicating 76 uptick at 17170. This amounts to 200 points uptick for bank nifty at 39800.
Trading plan.
1. If Nifty sustain above 17130, then we can be bullish and tgt of 17266. However if Nifty drops below 17107, then we can see a tgt of 17000 - 16950.
2. bank Nifty is expected to open above 39800, if bank nifty sustain above 40000, we can see a tgt of 40167 and 40428.
3. If Bank nifty does not sustain 39800 i will be bearish.
I AM NOT A SEBI REGISTERED TRADER PLEASE USE THIS INFORMATION FOR EDUCATION PURPOSES AND TO ENHANCE YOUR DECISION MAKING.