NIFTY AND BANK NIFTY ANALYSIS FOR 08 MAR 2023
06 Mar 2023 2045 Hrs.
WISHING A HAPPY HOLI TO ALL.
1. US and Europe is looking bullish to neutral.
2. Asia is very bullish.
3. India VIX is very low indicating bullishness.
4. FII have been buyers for the past three days.
5. HDFC Bank has strong support at 1615. ICICI bank has strong support at 865. Reliance is choppy.
6. Nifty has made a hanging man pattern indicating resistance at 17750 levels. It has support at 17600.
7. Bank Nifty has also made a hanging man pattern.
8. NIFTY has highest call OI at 17800 followed by 17700. highest put Oi is at 17500 followed by 17600.
9. Bank Nifty has highest call OI at 41500 followed by 42000. Highest put OI is at 41000.
Analysis.
1. Nifty has support at 17700. But Reliance and IT is looking choppy.
2. Bank Nifty has highest call OI at 41500 indicating strong resistance at 41500.
Trading Plan
1. Tomorrow is a holiday. With one day holiday, we can see significant decay in option prices.
2. Tomorrow Fed chairman speech will be there that will have an impact on our market also.
3. If Nifty trades above 17700, then we can see a tgt of 17800. If Nifty trades below 17700 decisively, then we can see 17600.
4. If Bank Nifty trades above 41500 decisively, we can see 41700 -41800. If Bank Nifty trades below 41300, then we can see 41040.
5. Best to avoid trade if Nifty trade between 17700 -17800 and Bank Nifty trade between 41300 - 41500.
I AM NOT A SEBI REGISTERED TRADER. PLEASE USE THIS INFORMATION TO ENHANCE YOUR DECISION MAKING.
WISHING A HAPPY HOLI TO ALL.
1. US and Europe is looking bullish to neutral.
2. Asia is very bullish.
3. India VIX is very low indicating bullishness.
4. FII have been buyers for the past three days.
5. HDFC Bank has strong support at 1615. ICICI bank has strong support at 865. Reliance is choppy.
6. Nifty has made a hanging man pattern indicating resistance at 17750 levels. It has support at 17600.
7. Bank Nifty has also made a hanging man pattern.
8. NIFTY has highest call OI at 17800 followed by 17700. highest put Oi is at 17500 followed by 17600.
9. Bank Nifty has highest call OI at 41500 followed by 42000. Highest put OI is at 41000.
Analysis.
1. Nifty has support at 17700. But Reliance and IT is looking choppy.
2. Bank Nifty has highest call OI at 41500 indicating strong resistance at 41500.
Trading Plan
1. Tomorrow is a holiday. With one day holiday, we can see significant decay in option prices.
2. Tomorrow Fed chairman speech will be there that will have an impact on our market also.
3. If Nifty trades above 17700, then we can see a tgt of 17800. If Nifty trades below 17700 decisively, then we can see 17600.
4. If Bank Nifty trades above 41500 decisively, we can see 41700 -41800. If Bank Nifty trades below 41300, then we can see 41040.
5. Best to avoid trade if Nifty trade between 17700 -17800 and Bank Nifty trade between 41300 - 41500.
I AM NOT A SEBI REGISTERED TRADER. PLEASE USE THIS INFORMATION TO ENHANCE YOUR DECISION MAKING.
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