NIFTY AND BANK NIFTY ANALYSIS FOR 13 MAR 2023

12 Mar 2023
1. In US market DJI and S&P is looking over sold while nasdaq is bearish.
2. Europe and Asia is following US markets.
3. The Silicon valley Bank Bankruptcy, has affected all banking stocks world wide. This is due to Federal monetary tightening where in ease money has stopped.
4. Indian Banks will be affected for few days, so we may see further downside or choppy market.
5. The Gap down/up 100 points opening make it difficult to access the markets and after huge gap up/dn, market tend to remain sideways.
6. HDFC Bank is bearish and any break of 1585 may take dn bank nifty and nifty. HDFC Bank may find support at 1579.
7. ICICI bank has made a hammer candle in daily chart. It has resistance at 847 - 846 levels.
8. Bank Nifty has resistance at 41530 levels. Support at 41350 levels. Any break of either side may give some good rally.
9. Nifty has resistance at 17400 levels. Reliance is very bearish if it breaks 2300 levels.
Analysis
1. Nifty is indicating 95 points downtick at 17322 levels which is a crucial support where nifty has taken support 3 days continuously before it gave a 2 day rally.
2. Bank Nifty will have a down tick of 250 points or less at 41275 levels. which is again a good support.
Trading plan
1. I will trade Nifty if it break down below 17300 levels, tgt 17200. or break out above 17400, tgt 17500.
2. Bank Nifty can be traded below 41300 tgt 40065. If it break out above 40600 then we can go long.
3. However any rally in both bank nifty and nifty in the first 60 min to 17400 and 41500 can be sold into.
I AM NOT A SEBI REGISTERED TRADER. PLEASE USE THIS INFORMATION FOR EDUCATION PURPOSE AND BETTER DECISION MAKING.