NIFTY AND BANK NIFTY ANALYSIS FOR 06 MAR 2023.

06 Mar 2023 0700 Hrs.
SORRY EVERYONE, I WAS ON A 3 DAY BIKE RIDE TRIP. HENCE COULD NOT POST.
1. US Markets looking to consolidate and may remain choppy.
2. Europe is mixed with a bullish bias. Asia looks bullish.
3. Bank Nifty is bullish on a daily candle. It has defended 200 SMA
4. HDFC Bank is choppy and may trade in a range of 1620 -1580.
5. ICICI Bank is clearly bullish. It has a target of 890 in the short term.
6. Nifty has broken the longterm trend line. it is looking bullish.
7. Reliance has strong resistance at 2395. IT looks bearish.
8. India VIX is very low at 12.1 and may rebound.
9. SGX Nifty is indicating a 98 points uptick at 17730. This amounts to 300 points uptick in Bank Nifty at 41500.
10. Nifty has a straddle at 17600. so we can expect the nifty to trade between 17700 - 17500 range.
11. Bank Nifty has straddle at 41300. Highest call OI is at 41700 and Put OI is at 41000.
Analysis
1. Nifty above 17600 is bullish. also Bank Nifty above 41500 will be bullish.
2. However indices had a big rally on friday. today SGX is showing a gap up. So probably we can expect a consolidation or a dip.
Trading plan.
1. If Bank Nifty gap up to 41500 and gives a dip 41250 levels, it will be a buying opportunity. Tgt 41750.
2. Similarly Nifty after a gap up retraces to 17550-17600 levels, it will be a buy, tgt 17700-17800
3. Trading futures will be better since option will have very less momentum due low India VIX. They may tend to decay fast.
I AM NOT A SEBI REGISTERED TRADER PLEASE USE THIS INFORMATION TO ENHANCE YOUR KNOWLEDGE.