NIFTY AND BANK NIFTY ANALYSIS 07 FEB 2023

06 Feb 2023 2100 Hrs.
1. US indices are looking over bought and in consolidation.
2. Europe is looking bullish. Asian indices are looking bearish.
3. India VIX is below 15 and looking bullish.
4. Nifty has closed below 17800. SGX Nifty is indicating 35 points up tick @ 17790 again below 17800.
5. This amounts to 100 points uptick in Bank Nifty @ 41470 levels.
6. Nifty has highest call Oi @ 18000 followed by 17800 and 17900. Highest put OI is at 17600 followed by 17700.
7. Highest call OI for Bank Nifty is at 42000 followed by 41500. Highest Put OI is at 41000 followed by 41500.
8. Bank Nifty is looking more bullish compared to Nifty.
9. HDFC Bank is looking bullish. ICICI bank is looking choppy and weak. As such SBIN and kotak is looking weak.
10. Reliance is weak.
Analysis.
1. As per the data point, Bank nifty has a bullish structure while Nifty has a bearish structure due to reliance and IT pack.
3. Bank Nifty has resistance at 41500. Nifty has strong resistance at 17800 AND 17900 .
4. HDFC Bank has to trade above 1660 and ICICI Bank above 858 for the Bank Nifty to cross 41550. Tgt will be 41720 and 41830.
5. Nifty can be traded long if it crosse 17800 and reliance trades above 2322.
Trading plan.
1. I will wait for the Bank Nifty to cross 41550 decisively to go long and buy 41500 call.
2. But if Bank Nifty breaks 41200 decisively then i will go short tgt 41000 -40900.
3. Nifty 18000 call can be bought if Nifty trades above 17800.
4. If Nifty breaks 17700, then we can see a tgt of 17630.
I AM NOT A SEBI REGISTERED TRADER. PLEASE USE THIS INFORMATION TO ENHANCE YOUR DECISION MAKING.