NIFTY AND BANK NIFTY ANALYSIS FOR 02 APR 2023

02 Apr 2023 2200 Hrs 2240 hrs
1. US indices are looking very bullish. But they are reaching over bought levels. consolidation may be in the order.
2. Europe and Asia is bullish.
3. India VIX is at 12.9 indicating less volatility.
4. SGX Nifty is indicating 63 points uptick at 17480 levels.
5. HDFC Bank is looking bullish with good volumes. Now 1604 is a good support for a tgt of 1635.
6. ICICI Bank has good support at 870 for a tgt of 900.
7. Reliance has support at 2310 and a tgt of 2399.
8. Nifty is bullish with IT and reliance and bank supporting. It has support at 17300. Resistance at 17500 levels which is 200 SMA .
9. Bank Nifty has support at 40500 and resistance at 40700. once it crosses 40700, the next tgt will be 41000.
10. Nifty has highest call OI at 17500 followed by 17400. Highest Put Oi is at 17300.
11. Bank Nifty has highest call Oi at 41000. Highest put OI is at 40500.
Analysis
1. Both Nifty and bank nifty are bullish.
2. All Major Nifty and Bank Nifty stocks are bullish.
3. Nifty has 200 SMA at 17500 levels, so we may get a rejection from this level tomorrow. If the rejection does not come, then we may see a tgt of 17600.
4. Bank Nifty has no visible resistance so we can see bank nifty to be more bullish compared to nifty.
5. So buy on dips to 17300 in nifty and 40600 in bank nifty will be a good strategy if the pull back happens.
6. If indices gap up more than 1%, we can see a range bound day.
7. Also consider that there will be fast theta decay since there are two trading holidays in this week expiry with only three trading day coupled with low VIX which will benefit option sellers.
I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATION PURPOSE AND TO ENHANCE YOUR DECISION MAKING.