NIFTY AND BANK NIFTY ANALYSIS FOR 22 DEC 2022

22 Dec 2022 0900 Hrs
1. US and europe is looking oversold and bullish. or it can be a rally in bear market.
Both have rclocked 1 - 1.5 % gains on 21 Dec 2022.
2. SGX Nifty is indicating 100 points up @ 18350 levels. This amounts to 300 points uptick for bank nifty @42900.
3. HDFC bank is at its crucial lower range of 1600. Any break of 1600 may pull down Bank Nifty. ICICI Bank is bearish.
4. Reliance is back at 50 SMA sp. Any break of this, it has sp at 200 SMA. So limited downside for today because of expiry.
Highest call OI is at 43500 followed by 43000. for Nifty highest call OI is at 18500 followed by 18400 and 18300. There is hardly any put OI build up till 42000 in Bank Nifty and 18100 in Nifty.
Analysis
1. TODAY IS EXPIRY AND MARKET WILL BE CHOPPY AND MOVE ALLOVER THE PLACE.
2. Iremain bearish on both Nifty and bank Nifty and maintain sell on rally. i will sell Bank Nifty if it moves to 43000 SL 43100 tgt 42500.
2. Similarly for Nifty i remain bearish and sell if Nifty opens at 18400 tgt 18200.