NIFTY AND BANK NIFTY ANALYSIS 01 NOV 2022
01 NOV 2022 2100 HRS
1. US markets and Europe are in an uptrend.
2. Asia is mixed with nikkei and kospi moving up and HSI in bear market.
3. India VIX is @15.6 indicating bullishness. But it is at its crucial support area.
4. HDFC bk is looking bullish in 15 min and 1 Hr chart. ICICI Bk is bearish and is below pivot . Axis and SBI are consolidating to bearish.
5. Reliance is showing bullishness as it is above 2500 which is bullish.
6. Infy and TCS are neutral to bullish.
7. SGX Nifty is indicating 193 pts uptick @18028. which is a crucial resistance area.
8. Also in the last 3 days nifty has underperformed SGX Nifty by actually not following SGX Nifty.
7. That amounts to 600 pts move in bank nifty @ 41600 which is unlikely.
Verdict
1. If Nifty and Bank Nifty actually open as per SGX Nifty, i prefer to wait and go short at these levels.
2. I will be a buyer only on dips.
3. If nifty consolidates at these levels, then there is no trade tomorrow as the market will be choppy.
THE VIEWS ARE PERSONAL, PLEASE USE THIS TO AID YOUR DECISION MAKING.
1. US markets and Europe are in an uptrend.
2. Asia is mixed with nikkei and kospi moving up and HSI in bear market.
3. India VIX is @15.6 indicating bullishness. But it is at its crucial support area.
4. HDFC bk is looking bullish in 15 min and 1 Hr chart. ICICI Bk is bearish and is below pivot . Axis and SBI are consolidating to bearish.
5. Reliance is showing bullishness as it is above 2500 which is bullish.
6. Infy and TCS are neutral to bullish.
7. SGX Nifty is indicating 193 pts uptick @18028. which is a crucial resistance area.
8. Also in the last 3 days nifty has underperformed SGX Nifty by actually not following SGX Nifty.
7. That amounts to 600 pts move in bank nifty @ 41600 which is unlikely.
Verdict
1. If Nifty and Bank Nifty actually open as per SGX Nifty, i prefer to wait and go short at these levels.
2. I will be a buyer only on dips.
3. If nifty consolidates at these levels, then there is no trade tomorrow as the market will be choppy.
THE VIEWS ARE PERSONAL, PLEASE USE THIS TO AID YOUR DECISION MAKING.
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