NIFTY AND BANK NIFTY ANALYSIS ON 14 OCT 2022
14 Oct 2022 2120 Hrs.
1. US inflation data is out which has come at 8.2%. US mkt is up by 1 - 1.3%. Europe is also up by 0.5%. Asia is down by 1-1.5%.
3. Reliance is looking strong with close above previous day close making a bullish pattern. HDFC Bank has support at 1373. But it has close below previous day low by making a bearish pattern.
4. HDFC has made an inside candle. indicating choppy with bearish trend. ICICI Bank has made H&S pattern any break of 850 will be bearish.
5. SGX Nifty is indicating133 pts up at 17090. This is a critical Res level for nifty.
6. Bank Nifty is more bearish compared to Nifty. It has sp at 38344 and immediate res at 38708 and 38977.
7. Nifty has res at 17099 and Sp at 17027.
Verdict.
1. Nifty is resilient at pivot and 200 SMA of 17021 - 16900 levels.
2. However ICICI and HDFC twins are bearish to neutral. Any pos move by the Reliance and IT may drive the Nifty Higher.
3. Wait for a pull back to 17021 levels . If it sustains 17021 - 16950. Then can go long with 17100 call. If nifty rallies, then we can get a tgt of 17200 - 17300
4. As for Bank Nifty if it sustain above 38700, can go long with 38800 call. Tgt 39000.
THE VIEWS ARE PERSONAL .PLEASE USE IT TO ENHANCE YOUR DECISION MAKING IN YOUR RESEARCH .
1. US inflation data is out which has come at 8.2%. US mkt is up by 1 - 1.3%. Europe is also up by 0.5%. Asia is down by 1-1.5%.
3. Reliance is looking strong with close above previous day close making a bullish pattern. HDFC Bank has support at 1373. But it has close below previous day low by making a bearish pattern.
4. HDFC has made an inside candle. indicating choppy with bearish trend. ICICI Bank has made H&S pattern any break of 850 will be bearish.
5. SGX Nifty is indicating133 pts up at 17090. This is a critical Res level for nifty.
6. Bank Nifty is more bearish compared to Nifty. It has sp at 38344 and immediate res at 38708 and 38977.
7. Nifty has res at 17099 and Sp at 17027.
Verdict.
1. Nifty is resilient at pivot and 200 SMA of 17021 - 16900 levels.
2. However ICICI and HDFC twins are bearish to neutral. Any pos move by the Reliance and IT may drive the Nifty Higher.
3. Wait for a pull back to 17021 levels . If it sustains 17021 - 16950. Then can go long with 17100 call. If nifty rallies, then we can get a tgt of 17200 - 17300
4. As for Bank Nifty if it sustain above 38700, can go long with 38800 call. Tgt 39000.
THE VIEWS ARE PERSONAL .PLEASE USE IT TO ENHANCE YOUR DECISION MAKING IN YOUR RESEARCH .
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