NIFTY AND BANK NIFTY ANALYSIS FOR 05 APR 2023
04 Apr 2023 1330 Hrs
1. All the US indices are bullish but over bought. Europe is neutral to bullish and Asia is bullish.
2. India VIX is at 12.5 indicating bullishness and less volatility.
3. SGX Nifty is indicating 84 points uptick at 17540. This amounts to 250 points uptick for Bank Nifty at 41050 levels.
4. HDFC Bank which was neutral yesterday may take the leadership tomorrow. It has good support at 1604 and resistance at 1617 and 1625.
5. ICICI Bank may remain range bound tomorrow between 880 - 890.
6. Reliance also consolidated yesterday. It may show a big move tomorrow up or down. 2350 is a strong resistance. support is at 2314.
7. Nifty is set to cross 17500 as per SGX Nifty. This is 200 SMA level. we have to see whether it will sustain or not. we may expect the Nifty to spend some time here before an up move ie between 17300 - 17500.
8. Bank Nifty has no visible resistance except at 40830 levels. If there is a 200 points gap up and it sustain above 40830, then the window opens for 41220 levels.
9. Highest call Oi for Nifty is placed at 17700 followed by 17600 and 17500. Highest put OI is at 17200 followed by 17300.
10. Bank Nifty has highest call OI at 41000 followed by 40800. Highest put OI is at 40500 followed by 40600.
Trading Plan.
1. We have two trading days left in this week expiry. There will be fast theta decay in this week options.
2. Both the indices are looking bullish.
3. Bank Nifty is more bullish compared to Nifty.
4. There has been 3 days of bull run. we can expect a red candle tomorrow.
5. Also RBI interest rate decision is on 06 Apr 2023. Indices may consolidate or pull back ahead of this. Apr is also result month.
Trading Plan.
1. If Nifty and Bank nifty gaps up, i will wait for a dip before taking trade to 17400 levels. Aggressive traders can short at 17540 levels with a 30 points stop loss at 17580 levels tgt 17400. wait for weakness at 17540 levels.
2. If Bank Nifty opens at 41050 levels, i will wait for a dip to 40800 levels before taking a long trade. I will abstain from taking any short trade in Bank Nifty till it breaks 40500 levels.
I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSE AND TO ENHANCE YOUR DECISION MAKING. PLESE CONSULT YOUR FINANCIAL ADVISOR BEFORE TAKING TRADE.
1. All the US indices are bullish but over bought. Europe is neutral to bullish and Asia is bullish.
2. India VIX is at 12.5 indicating bullishness and less volatility.
3. SGX Nifty is indicating 84 points uptick at 17540. This amounts to 250 points uptick for Bank Nifty at 41050 levels.
4. HDFC Bank which was neutral yesterday may take the leadership tomorrow. It has good support at 1604 and resistance at 1617 and 1625.
5. ICICI Bank may remain range bound tomorrow between 880 - 890.
6. Reliance also consolidated yesterday. It may show a big move tomorrow up or down. 2350 is a strong resistance. support is at 2314.
7. Nifty is set to cross 17500 as per SGX Nifty. This is 200 SMA level. we have to see whether it will sustain or not. we may expect the Nifty to spend some time here before an up move ie between 17300 - 17500.
8. Bank Nifty has no visible resistance except at 40830 levels. If there is a 200 points gap up and it sustain above 40830, then the window opens for 41220 levels.
9. Highest call Oi for Nifty is placed at 17700 followed by 17600 and 17500. Highest put OI is at 17200 followed by 17300.
10. Bank Nifty has highest call OI at 41000 followed by 40800. Highest put OI is at 40500 followed by 40600.
Trading Plan.
1. We have two trading days left in this week expiry. There will be fast theta decay in this week options.
2. Both the indices are looking bullish.
3. Bank Nifty is more bullish compared to Nifty.
4. There has been 3 days of bull run. we can expect a red candle tomorrow.
5. Also RBI interest rate decision is on 06 Apr 2023. Indices may consolidate or pull back ahead of this. Apr is also result month.
Trading Plan.
1. If Nifty and Bank nifty gaps up, i will wait for a dip before taking trade to 17400 levels. Aggressive traders can short at 17540 levels with a 30 points stop loss at 17580 levels tgt 17400. wait for weakness at 17540 levels.
2. If Bank Nifty opens at 41050 levels, i will wait for a dip to 40800 levels before taking a long trade. I will abstain from taking any short trade in Bank Nifty till it breaks 40500 levels.
I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSE AND TO ENHANCE YOUR DECISION MAKING. PLESE CONSULT YOUR FINANCIAL ADVISOR BEFORE TAKING TRADE.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.