NIFTY AND BANK NIFTY ANALYSIS FOR 15 MAR 2023

14 Mar 2023 2045 Hrs
1. US and Europe has pulled back after oversold for last 2 days. US indices have gapped UP by 1.5 - 2%. It is just a pull back. All IT stocks are up by 2 -5 %. Banks are also trading in green.
2. India VIX is above 15 indicating high volatility and high option premium.
3. HDFC Bank on daily candle look bearish and has broken the double top neck line. to be bullish, it need to trade above 1570.
4. ICICI bank has support at 824 and any move above 835 will be bullish.
5. Reliance has strong resistance at 2295.
6. Bank Nifty has closed below 200 SMA. But it has made a hammer candle. A pull back to 40800 cannot be ruled out.
7. Nifty defended 17000 and closed at 17043.
8. Nifty has highest call OI at 17200. Highest put OI is at 17000.
9. Bank Nifty has highest call OI at 40000 followed by 39500. Highest Put OI is at 39500.
Analysis
1. Global cue as of now is giving pull back signs whereas OI is showing bearish.
2. I will be bullish if nifty sustain above 17100, tgt 17200.
3. Bank Nifty will be bullish above 39621 tgt 39800 and 40000.
4. SGX Nifty is indicating 100 points gap up.
Trading Plan.
1. Nifty if gap up to 17200, wait for a dip too 17100 before going long for a tgt of 17200
2. Similarly gap up to 40700 levels of bank Nifty will be a good buying opportunity after a dip to 39600 -39550 levels.
3. So wait for a dip.
4. if SGX Nifty stays at 100 gap up tomorrow morning also, then going short will not be a good strategy as it will be very risky.

I AM NOT A SEBI REGISTERED TRADER PLEASE USE THIS FOR EDUCATIONAL PURPOSES AND TO ENHANCE YOUR DECISION MAKING.