06 Oct 2022.
1. US, Europe and Asia are all in downtrend. last two days rally may fizzle out as no strength is seen in the market.
2. India VIX is at 19.57 which is below 20 indicating bullishness.
3. SGX Nifty is indicating 160 uptick at 17457.
4. This Brings nifty to crucial resistance of 50 and 20 SMA confluence. however it has sp at 17400 which is 0.236 retracement from recent top.
5. Bank Nifty is well above 50 SMA .If Bank nifty gap up 500 points, then it brings at 20 SMA resistance.
6. Reliance and IT big wigs are bullish and in strong trend.
7. HDFC bank is at crucial 50 SMA resistance and HDFC and ICICI is bullish.
8. OI data shows very bullish view with PCR at 1.2. Tomorrow gap up may take PCR to 1.4 levels. Also Highest call OI is at 17500.
9. AS far as bank nifty is concerned, 40000 has high OI followed by 39500.
Verdict.
1. I will not be comfortable buying after a huge gap up and all Hrithik stocks will be at major resistance level.
2. I will wait for a pull back to 17400 levels and sustain to buy, but if Nifty show weakness, then we can buy 17000 monthly put.
3. Incase nifty makes a long red candle after the gap up i will be bearish.
4. I will not be a buyer in bank nifty. But may sell if Bank nifty does not sustain 39500 and cross it and starts falling. However it has sp at 38900 levels.
I AM NOT A CERTIFIED FINANCIAL ADVISOR PLEASE USE MY INPUTS TO ENHANCE YOUR RESEARCH AND CONSULT YOUR FINANCIAL ADVISOR.
1. US, Europe and Asia are all in downtrend. last two days rally may fizzle out as no strength is seen in the market.
2. India VIX is at 19.57 which is below 20 indicating bullishness.
3. SGX Nifty is indicating 160 uptick at 17457.
4. This Brings nifty to crucial resistance of 50 and 20 SMA confluence. however it has sp at 17400 which is 0.236 retracement from recent top.
5. Bank Nifty is well above 50 SMA .If Bank nifty gap up 500 points, then it brings at 20 SMA resistance.
6. Reliance and IT big wigs are bullish and in strong trend.
7. HDFC bank is at crucial 50 SMA resistance and HDFC and ICICI is bullish.
8. OI data shows very bullish view with PCR at 1.2. Tomorrow gap up may take PCR to 1.4 levels. Also Highest call OI is at 17500.
9. AS far as bank nifty is concerned, 40000 has high OI followed by 39500.
Verdict.
1. I will not be comfortable buying after a huge gap up and all Hrithik stocks will be at major resistance level.
2. I will wait for a pull back to 17400 levels and sustain to buy, but if Nifty show weakness, then we can buy 17000 monthly put.
3. Incase nifty makes a long red candle after the gap up i will be bearish.
4. I will not be a buyer in bank nifty. But may sell if Bank nifty does not sustain 39500 and cross it and starts falling. However it has sp at 38900 levels.
I AM NOT A CERTIFIED FINANCIAL ADVISOR PLEASE USE MY INPUTS TO ENHANCE YOUR RESEARCH AND CONSULT YOUR FINANCIAL ADVISOR.