Nifty 50 IndexLong
NIFTY BANK NIFTY ANALYSIS 13 OCT 2022
13 Oct 2022. 0800 Hrs
1. S&P , Nasdaq and DJI are consolidating with a strong downward trend. However they are at crucial sp levels.
2. Europe is choppy and looking for direction.
3. Asia has opened negative with 0.5 -1 % cut.
4. INDIA VIX is above 20.
5. Indian equity market is very resilient inspite of US crash.
6. Yesterday Nifty defended 16900 - 17000 Levels. This may be due to the Expiry overhang of today where positions are already built.
7. SGX Nifty is indicating 50 pts cut @17053 again a crucial pivot level.
8. Lot of OI Put have been sold at 17000 and 17100 levels.
9. Chart is indicating range bound expiry between 17000 -17200.
10. Reliance, HDFC twins looks choppy. ICICI bank has made a doji indicating bearishness.
11. Bank Nifty is looking much stronger due to strong performance by axis bank and kotak.
Verdict.
1. Today is expiry.
2. Nifty has defended 17000 but is choppy.
3. My trades will be light with long bias.
4. I will go long only aggressively when Nifty crosses 17200 or short if nifty breaks 16900.
5. Prefer to trade Bank Nifty on long side if nifty shows strength.
1. S&P , Nasdaq and DJI are consolidating with a strong downward trend. However they are at crucial sp levels.
2. Europe is choppy and looking for direction.
3. Asia has opened negative with 0.5 -1 % cut.
4. INDIA VIX is above 20.
5. Indian equity market is very resilient inspite of US crash.
6. Yesterday Nifty defended 16900 - 17000 Levels. This may be due to the Expiry overhang of today where positions are already built.
7. SGX Nifty is indicating 50 pts cut @17053 again a crucial pivot level.
8. Lot of OI Put have been sold at 17000 and 17100 levels.
9. Chart is indicating range bound expiry between 17000 -17200.
10. Reliance, HDFC twins looks choppy. ICICI bank has made a doji indicating bearishness.
11. Bank Nifty is looking much stronger due to strong performance by axis bank and kotak.
Verdict.
1. Today is expiry.
2. Nifty has defended 17000 but is choppy.
3. My trades will be light with long bias.
4. I will go long only aggressively when Nifty crosses 17200 or short if nifty breaks 16900.
5. Prefer to trade Bank Nifty on long side if nifty shows strength.
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