NIFTY AND BANK NIFTY ANALYSIS FOR TOMORROW

07 Oct 2022 2000 Hrs
1. Tomorrow is Friday. weekend effect will be there.
2. US , Europe and Asia are all down upto 1% percent. Global Macro is still not convincing. Till the time US Fed increase interest rate, US market will be under pressure and will have effect on Asian market. FTSE is down1 %.
3. SGX Nifty at 2000 Hrs is indicating 11 pts down tick. It may change overnight.
4. HDFC twins have made bearish engulfing pattern and in consolidation mode. ICICI bank is below 20 SMA but bullish. Kotak mahindra bank is bearish.
5. Reliance has made a hanging man indicating bearsih trend.
6. NIfty technically has support at 17200 levels. Bank Nifty has support at 38900 to 39000 levels.
7. IT stocks are bullish due to weak rupee. USD/INR is at 82.49 all time high.
Verdict.
1. If Nifty bounce back to17350 - 17400, it is a good idea to sell 17200 put if nifty show weakness and Reliance show bearish trend.
2. If nifty gap down to 17200-17250 levels and consolidate, buy 17200 call for a tgt of 17300.
3. Bank Nifty may remain weak and rangebound tomorrow as HDFC twins are bearish and ICICI bank is bullish. So Bank Nifty may lag nifty.
4. we may see a range bound market with downward bias.
THESE VIEWS ARE PERSONAL, PLEASE USE IT TO SUPPORT YOUR RESEARCH AND DECISIONS.