NIFTY AND BANK NIFTY ANALYSIS FOR 17 OCT 2022.

16 Oct 2022 1921.
1. US markets have retraced all the gains post inflation data. Both S&P and NASDAQ have fallen the most.
2. Europe and Asia future are positive.
3. SGX Nifty is indicating 165 pts down tick at 17047. Again back to crucial 200 SMA and support level.
4. Nifty has closed below pivot and has resistance at 17185. Nifty has Highest call OI at 17300 and Put OI at 17000. Traders are building straddle at 17200 where OI is almost same.
5. Reliance has closed with a long bearish candle. It may drag the nifty.
6. Infy after result has shot up 5%. But TCS has not performed post result.
7. HDFC Bank and Axis bank has come up with stellar result. HDFC is also Bullish.
8. If reliance support nifty and IT perform, we may see rally from lower levels of 16940 - 17000 Levels. BANK NIFTY HAS SP AT 39143 AND RES AT 39518.5 LEVELS.
9. Bank Nifty will remain rangebound to bullish.
Verdict.
1. I am bullish on bank Nifty because of HDFC Bank and Axis Bank results. If Bank nifty sustains opening fall due to SGX Nifty gap down, I will be a buyer in bank Nifty call option.
IF Bank Nifty rallies, Nifty may also follow.
THE VIEWS ARE PERSONAL. PLEASE DO YOUR RESEARCH BEFORE TRADING.