Nifty Bank Index
Short

NIFTY AND BANK NIFTY ANALYSIS FOR 21 FEB 2023 TUESDAY.

135
20 FEB 2023 2026 HRS.
1. US markets are closed today.
2. Europe is bullish and Asia is consolidating.
3. SGX Nifty is indicating a flat start at -5 points @ 17859. So Bank Nifty will also open flat at 40700 levels.
4. India VIX is stable at 13.5.
5. HDFC Bank is looking bearish. It has support @ 1630 - 1635 levels. and resistance at 1650 levels.
6. ICICI Bank is bearish and has closed at almost at the low of the day. It has support at 850 levels.
Resistance is there at 855 levels.
7. Nifty has very good support at 17800 levels.
8. Bank Nifty has support at 40550 - 40500 levels.
9. Highest Call OI for nifty is at 18000, followed by 17900. Highest Put Oi is at 17800 but it is very low.
10 Bank Nifty has highest call Oi at 41000 and Highest put OI at 40500.
Analysis
1. Nifty may trade in the range of 17800 - 17900.
2. Bank Nifty may trade in the range of 40500 to 40850.
3. If HDFC Bank breaks 1640 levels and ICICI Bank breaks 850 levels, then further downside can be seen in bank nifty.
4. Reliance is looking weak. Any break of 2410 will be bearish for nifty.
5. Bullish bets in nifty can be taken if Reliance starts trading above 2425 and bank nifty is neutral or bullish.
6. bullish bets in Bank Nifty can be taken if HDFC Bank trades above 1650 and ICICI Bank above 855 - 860.
Trading Plan.
1. I remain bearish on both nifty and bank nifty.
2. I sell both on every rally to 17900 and 40800 levels.
3. I avoid bullish bets on both the indices.
4. However aggressive traders can take bullish bets if nifty open flat to negative and take support at 17800 and bank Nifty at 40500 for a target of 17900 and 40800 resply. However long calls can be traded light.
I AM NOT A SEBI REGISTERED TRADER. PLEASE USE THIS INFORMATION TO ENHANCE YOUR DECISION MAKING.



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