NIFTY AND BANK NIFTY ANALYSIS FOR 31 JAN 2023
30 Jan 2023 2000 Hrs
1. US is trading flat ahead of the Fed rate decision on 01 feb Night.
2. Europe is consolidating with a negative bias.
3. Asia is looking overbought and may pull back or consolidate.
4. SGX Nifty is indicating 45 points up @ 17753.
5. This amounts to 130 points uptick on Bank Nifty @ 40600 levels.
6. India VIX is high indicating high volatility due to budget and ongoing Adani news.
7. HDFC Bank has defended 1600 and closed above 1604 levels. ICICI Bank has defended 800 levels. HDFC Bank has strong Res at 1615 and ICICI Bank has res at 825 - 830 levels.
8. HDFC Bank has Sp at 1603 and ICICI Bank has Sp at 811 Zones.
9. Reliance pulled back strongly and has closed almost day's high. Reliance has strong res @2370 levels.
Analysis
1. If Nifty gap up to 17800 levels, then we can wait for the nifty to dip and consolidate in 17600 zone before going long for a tgt of 17800. Aggressive trader can short @ 17800 -17850 levels.
2. Bank Nifty has resistance at 40800 levels. so any weakness at 40800 - 40900 levels can be sold.
3. Any dip of nifty to 17600 can be bought into.
4. Similarly any dip of Bank Nifty to 40223 levels can be bought into.
5. Ensure that HDFC Bank is trading above 1605 and ICICI bank is trading above 812 and reliance trading above 2345.
Trading Plan.
1. If Nifty show weakness @ 17800 Levels Buy 17600 Put.
2. Similarly if Bank Nifty show weakness @ 40800 levels buy 40500 Put.
3. Any dip to 17600 and consolidation @ 17600 , we can buy 17800 call.
4. Similarly Any dip of Bank Nifty to 40250 Levels and further consolidation, we can buy 40500 call.
5. However put buy gives more risk reward than call buy due to inherent bearishness in market.
I AM NOT A SEBI REGISTERED TRADER. PLEASE USE THIS INFORMATION TO ENHANCE YOUR KNOWLEDGE AND YOUR DECISION MAKING.
1. US is trading flat ahead of the Fed rate decision on 01 feb Night.
2. Europe is consolidating with a negative bias.
3. Asia is looking overbought and may pull back or consolidate.
4. SGX Nifty is indicating 45 points up @ 17753.
5. This amounts to 130 points uptick on Bank Nifty @ 40600 levels.
6. India VIX is high indicating high volatility due to budget and ongoing Adani news.
7. HDFC Bank has defended 1600 and closed above 1604 levels. ICICI Bank has defended 800 levels. HDFC Bank has strong Res at 1615 and ICICI Bank has res at 825 - 830 levels.
8. HDFC Bank has Sp at 1603 and ICICI Bank has Sp at 811 Zones.
9. Reliance pulled back strongly and has closed almost day's high. Reliance has strong res @2370 levels.
Analysis
1. If Nifty gap up to 17800 levels, then we can wait for the nifty to dip and consolidate in 17600 zone before going long for a tgt of 17800. Aggressive trader can short @ 17800 -17850 levels.
2. Bank Nifty has resistance at 40800 levels. so any weakness at 40800 - 40900 levels can be sold.
3. Any dip of nifty to 17600 can be bought into.
4. Similarly any dip of Bank Nifty to 40223 levels can be bought into.
5. Ensure that HDFC Bank is trading above 1605 and ICICI bank is trading above 812 and reliance trading above 2345.
Trading Plan.
1. If Nifty show weakness @ 17800 Levels Buy 17600 Put.
2. Similarly if Bank Nifty show weakness @ 40800 levels buy 40500 Put.
3. Any dip to 17600 and consolidation @ 17600 , we can buy 17800 call.
4. Similarly Any dip of Bank Nifty to 40250 Levels and further consolidation, we can buy 40500 call.
5. However put buy gives more risk reward than call buy due to inherent bearishness in market.
I AM NOT A SEBI REGISTERED TRADER. PLEASE USE THIS INFORMATION TO ENHANCE YOUR KNOWLEDGE AND YOUR DECISION MAKING.