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KOSPI Analysis with Elliott WaveOm Namah Shivay
From the recent bottom, we can see the movement as Impulse.
The movement is steep enough and it gives continuous correction to EW markings.
It looks a further up movement is left and the corrections can be smaller.
Om Namah Shivay
Shorted Nifty due to SGX Nifty, Kospi, Nasdaq all droppedShorted Nifty due to SGX Nifty, Kospi, Nasdaq, Asian shares traded lower
and US Stocks settled down
A Quick Trade on Kospi !! Price action.Its on Support !! Price Action will rebound it.
its just a quick , Any closing below line is indication of exit.
Watch Its Previous Resistance !! May b Now Acts as Support !!
PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 16 JAN 202416 Jan 2024
WORLD MARKETS
1. US Markets are consolidating with a bullish bias.
2. Europe is loooking weak with negative bias.
3. Asia is mixed with NIKKEI looking bullish while KOSPI bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 13 indicating increase in volatility. This gives good opportunity for intraday trade.
2. GIFT Nifty is indicating a flat start.
INDEX HEAVY WEIGHTS
1. HDFC Bank has made a bullish engulfing candle. It has good support at 1660. 1675 is a resistance. If it breaks it then Bank Nifty may turn bullish.
3. ICICI Bank has closed above 1005 and has turned bullish. Next tgt for it will be 1028.
3. Reliance is over bought and may consolidate.
ANALYSIS
1. Tomorrow is HDFC Bank Result. So market initially in the morning may remain volatile.
2. HDFC Bank is expected to come with good result.
3. So buy on dips will be a good strategy.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22050 - 22135 :Buy any dip to 22050.
2. NIFTY OPEN ABOVE 22135. Wait for a consolidation and break above 22200. Any dip to 22100 -22050 will be a good buy.
3. NIFTY OPEN BELOW 22050: Wait for a consolidation and move above 22050 to buy.
4. BANK NIFTY OPEN BETWEEN 48275 - 48050 : Buy any dip to 48000.
5.BANK NIFTY OPEN ABOVE 48175 : Wait for a consolidation and break above 48200.
6. BANK NIFTY OPEN BELOW 48050 : Wait for a consolidation and move above 48100 to Buy.
DISCLAIMER
1. I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGSITERED FINANCIAL ANALYST FOR ANY TRADE RELATED QUERY. THE AUTHOR OF THIS ARTICLE HOLDS NO LIABILITY FOR ANY TRADE TAKEN BY THE READER.
PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 27 OCT 202327 Oct 2023
WORLD MARKETS
1. All the world markets are looking bearish. Except CAC which is trading positive. KOSPI is down 2.7 %.
INDIA VIX AND GIFT NIFTY
1. India VIX is @ 11.9 which is almost near 12.
2. GIFT Nifty is indicating a flat start for Nifty tomorrow.
INDEX HEAVY WEIGHTS
1. HDFC Bank is bearish. 1425 is a very good support. 1505 is still a strong resistance. Any move above 1471 is bullish. But it is a strong resistance.
2. ICICI Bank has strong resistance at 920. However the fall in ICICI BAnk has just started. This is worrisome. 887 is a strong sp level. We may see a a bounce tomorrow as in 1 Hr TF, ICICI Bank is looking oversold.
3. Reliance has good sp at 2140. 2260 is a strong resistance.
ANALYSIS
1. World markets are looking bearish.
2. Indian Indices has fallen in last 3 days. All Index heavy weights look bearish but oversold for short term. However it looks extremly bearish. Nifty has good sp at 18609. Bank Nifty has sp at 39750.
3. Market may remain rangebound and choppy tomorrow.
TRADING PLAN
1. NIFTY OPEN BETWEEN 18900 -18800 : Sell any rally to 18950.
2. NIFTY OPEN ABOVE 18900: Wait for a move above 18970 before going long.
3. NIFTY OPEN BELOW 18800 : Sell any rallt 18850.
4.BANK NIFTY OPEN BETWEEN 42450 - 42100 : Sell any rally42550.
5.BANK NIFTY OPEN ABOVE 42450 : Buy any move above 42600. wait for a consolidation between 42500 - 42600 before a break out above 42600.
6. BANK NIFTY OPEN BELOW 42100 : Sell any rally to 42300.
DISCLAIMER
1. I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGISTERED FINANCIAL ADVIOSR FOR ANY TRADE RELATED QUERY. THE AUTHOR HOLDS NO LIABILTY FOR ANY TRADE TAKEN BY THE READER.
PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 07 SEP 202307 Sep 2023
WORLD MARKETS
1. US is trading with a bullish bias, whereas Europe is neutral and choppy.
2. In Asia Nikkei is bullish while KOSPI is choppy.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 11 indicating less volatility and less fear inspite of market treneded below 44300 and Nifty below 19500. GIFT Nifty is indicating 15 points down tick at 19600 levels which is flat.
INDEX HEAVY WEIGHTS
1. HDFC Bank has consolidated for the past one week and has given a break out. 1602 is a strong resistance. If it breaks it, we can get 1608-1610. It will turn fully bullish if 1610 is broken decisively. Tgt 1622. Bearish bets can be taken below 1580 levels. Watch for any weakness at 1603 levels and reversal below 1600 levels.
2. ICICI Bank is struggling and consolidating between 945 - 975. We can trade the range by buying at 945 and selling at 975 till these levels are broken decisively.
3. Reliance has strong support at 2400. Any break of it will be very bearish. It can turn bullish above 2435 levels.So it can be bought at 2400 and sold at 2435 levels.
ANALYSIS
1. India VIX is below 11.
2. HDFC Bank is looking bullish while ICICI Bank and reliance is range bound.
TRADING PLAN
1. NIFTY OPEN BETWEEN 19650 AND 19570 LEVELS. Any dip to 19570 is a buy.
2. NIFTY OPEN ABOVE 19650: Any dip to 19600 is a buy.
3. NIFTY OPEN BELOW 19570: Any break of 19530 is a sell. Any rally to 19600 and break below 19550 is a sell.
4. BANK NIFTY OPEN BETWEEN 44500 - 44300 : Any rally to 44600 and break below 44500 is a sell.
5. BANK NIFTY OPEN ABOVE 44500 : Any break of 44620 is a buy. Wait for consolidation at 44600 and a break out.
6. BANK NIFTY OPEN BELOW 44300 : Any rally to 44400 is a sell. Tgt 44040 levels.
IAM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGISTERED FINANCIAL ADVISOR BEFORE TAKING ANY TRADE. THE ORGINATOR OF THIS ARTICLE HOLDS NO LIABILITY FOR ANY ACTIONS TAKEN BY YOU.
PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 30 JUN 202330 jun 2023
WORLD MARKETS
1. US markets is consolidating with a bullish bias.
2. Europe is consolidating with a bearish bias.
3. Asia is mixed with Kospi bearish and Nikkei bullish.
INDIA VIX AND SGX NIFTY.
1. India VIX is below 11 indicating bullishness to sustain for few more days.
2. SGX Nifty is indicating a positive start with an opening above 19000. This amounts to 50 points uptick for bank nifty @ 44440 levels.
INDEX HEAVY WEIGHTS
1. HDFC Bank chart is bullish with possible minor pull backs. It has support at 1660. Any pull back from here will give us 1690 levels. HDFC Bank can turn bearish below 1640 levels.
2. ICICI Bank has strong support at 932 levels. Any break of this can give us 923 levels.
3. Reliance has support at 2520 and resistance can be seen at 2540 levels. Any open above above 2540 levels will be bullish for atgt of 2570.
Analysis
1. Nifty has captured 19000 in one go.
2. Bank Nifty has decisively above 44200.
3. With macro economic conditions looking good and inflation coming down and interest rate cycle likely to reverse, we may see market moving up in the mid to long term with minor pull back. Banks have reduced their NPAs and cleared their balance sheets in the past five years.
4. HDFC bank and HDFC Merger will create a behemoth with very high weightage in all indices.
5. Nifty is bullish above 19000 with 19054 and 19122 as target. Any move to 18930 will be a buying opportunity.
6. Bank nifty has support at 44200 levels any move above 44450 will be bullish with a tgt of 44675 levels. Any move below 44140 will be bearish with a tgt of 44000.
TRADING PLAN.
1. I remain bullish on both indices.
2. Nifty is a buy above 19015 levels for a tgt of 19050.Any move to 18950 levels will be a buying opportunity.
3. Bank Nifty has strong support at 44230 levels. Hence any dip to these levels is a buy. Any open above 44450 is bullish for a tgt of 44670.
I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGISTERED FINANCIAL ADVISOR FOR ANY TRADE RELATED QUERIES.
PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY 07 May 2023 0900 Hrs
NOTE : Since 28 Apr we had discussed that market has made a sustained move of 1200 points which is overstretched. we discussed that we should be bearish and sell on rally. Actually the news of HDFC Bank and HDFC merger has not gone done well with street. Actually market needs a reason to correct.
WORLD MARKETS.
1. US markets are choppy and is consolidating after a sustained up move.
2. Europe is also consolidating with a bearish bias.
3. Asia is mixed with Nikkei bullish and Kospi bearish.
SGX NIFTY AND INDIA VIX
1. SGX Nifty is indicating 54 points uptick at 18178. This amounts to 150 points up move on bank nifty at 42800.
INDEX HEAVY WEIGHTS
1. HDFC Bank had a news based down move of 5.5 % which is very high. So it looks bearish. It has good support at 1620 levels. If it breaks it, then we get 1600 levels. Bullish bets on HDFC Bank can only be considered above 1686.
2. ICICI Bank has made a shooting star with a very long candle. It has support at 921.75 and if it breaks it, we get 915-911. It has resistance at 930 levels.
3. Reliance is at crucial support level of 2440. If it breaks 2440, we get a target of 2436. However if it Trades above 2448 it will be bullish. Overall Reliance looks bullish.
NIFTY AND BANK NIFTY
1. Nifty is trading above 18000. Any break of 18050 will be bearish with a target of 18000 and 17954.Nifty is showing more strength compared to bank nifty.
2. Bank Nifty has good support at 42530 levels. If it breaks it, then we get a target of 41700. 43000 acts as a good resistance.
Analysis
1. HDFC Bank is under pressure. However it is a news based reaction.
2. ICICI Bank looks bearish while Reliance looks neutral to bullish.
3. we need to see what HDFC Bank will do tomorrow. If it continue its down trend, we can aggressively go bearish.
4. Nifty Is looking neutral to bearish after a pullback.
Trading plan
1. If Nifty and bank nifty gap up as expected and show weakness @ 18200 levels and 43000, then we can sell with a tgt of 18050 and 42500 respectively.
2. If Nifty opens flat @18050 and Bank nifty 42600 and drift downwards and break 18050 and 42530 resply, then we can aggressively go bearish.
3. Accordingly HDFC Bank & ICICI Bank should break the levels as described.
4. Any Gap down opening will be a sell on rally.
I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSE ONLY. PLEASE CONSULT YOUR FINANCIAL ADVISOR FOR ANY FINANCE RELATED QUERIES.
PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 02 MAY 202301 May 2023 1130 Hrs
1. US markets has turned bullish on daily chart.
2. Europe and Asia is mixed with CAC and Nikkei looking bearish and DAX and KOSPI looking bullish.
3. India VIX is looking bullish but it has reached near to its all time low at 10.9. All time low is at 8.6. SGX Nifty is indicating 136 points up at 18265. This amounts to 400 points uptick for bank nifty at 43500 - 43550 levels.
4. HDFC Bank is looking bullish with a tgt of 1695 and 1702. It has support at 1680.
5. ICICI Bank has support at 915 and resistance at 923 and 926.
6. Reliance is bullish with a tgt of 2435 and 2450. It has support at 2408.
7. Nifty is looking over bought on 1 hr chart but bullish on daily chart.
8. Bank Nifty on the other hand is looking bullish in both the time frame.
Analysis
1. Nifty and bank nifty is in an uptrend since 31 mar 2023. In the entire April nifty has gained 1100 points and bank nifty 3600 points .
2. Chart says that the out performance is here to continue for next few days at least.
3. FII have been buying aggressively for the past 3 days .
4. All the major banks have come up with good results.
Trading plan.
1. Both indices are looking bullish. However any gap up beyond 100 points on nifty and 400 points on bank nifty will not be a buying opportunity for intra day traders.
2. Also with market overstretched, i remain cautious but will maintain my position size during trading.
3. Nifty can be traded for any pull back to 18000 levels. Any weakness at 18300 can be sold into also.
4. Bank Nifty if it gap up 300 points and above, i look for shorting opportunity.
5. However any dip to 18100 on nifty and 43055 on bank nifty will be a buying opportunity until chart shows any bearish signs.
I AM NOT A SEBI REGISTERED TRADER. THIS VIEW IS PERSONAL AND EDUCATIONAL PURPOSE ONLY. PLEASE CONSULT YOUR FINANCIAL ADVISOR FOR TRADE RELATED ORDERS.
PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 25 APR 202324 APR 2023 1935 Hrs
1. US and Europe indices are neutral to bullish. Asia is mixed with Kospi turning bearish and Nikkei bullish.
2. India VIX is below 12 indicating bullishness. SGX Nifty is indicating flat opening with an uptick of 19 points at 17778. Bank Nifty is also flat at 42640 levels.
3. HDFC Bank today broke out of 1674 level. It is again reaching the supply zone of 1700 level. If it crosses 1700, we can see 1720 which is all time high. HDFC Bank is bullish and it has support at 1683 and resistance at 1691 and 1695.
4. ICICI Bank is bullish and it has support at 902 and resistance at 909 and 913.
5. Reliance did not react positively to result .it has support at 2347 and strong resistance at 2364. If it clears it, then we can get a tgt of 2380.
6. Nifty has good support at 17700 and resistance at 17800. Any move below 17673 will be bearish with a tgt of 17600 levels.
7. Bank Nifty has turned bullish. It has good support at 42500 - 42450 and resistance at 42700. If it clears 42730, then we can get 42988 .
Analysis
1. Banks are supporting the indices whereas reliance and IT are underperforming. markets are up only because of banking stocks.
2. The out performance of Bank Nifty may continue as HDFC Bank and ICICI Bank look bullish. If reliance break 2463 levels, we may see more outperformance in nifty also.
Trading Plan.
1. I remain bullish on both nifty and bank nifty.
2. If Nifty open flat and drift downwards, i will buy nifty at 17700 levels. If Nifty gap up to 17750 levels, wait for a dip or consolidation at 17700 levels before buying. Nifty will be bearish below 17683 tgt 17600.
2. If Bank Nifty open flat, i will wait for it to dip to 42500 levels. However if Bank Nifty gap up, i will wait for it to retrace to 42600 levels before buying. Bank nifty will be bearish below 42500 tgt 42350 levels.
I AM NOT A SEBI REGISTERED TRADER. PLEASE CONSULT YOUR FINANCIAL ADVISOR BEFORE TAKING ANY TRADES.
NIFTY AND BANK NIFTY ANALYSIS FOR 11 APR 202311 Apr 2023 2000 Hrs
1. US markets are looking neutral to bearish. Europe is choppy. In Asian market, japan is down while kospi is looking bullish.
2. India VIX has slightly up from 11.9 to 12.2 as a result we saw volatility today.
3. SGX Nifty is indicating 22 point down tick at 17590 levels. This amounts to 40790 levels for bank nifty.
4. HDFC Bank is bullish on a daily chart but is consolidating with a bearish bias. It has resistance at 1660 and support at 1653. Any break of 1653 can take us to 1650 - 1643 levels. If HDFc Bank break above 1662 then we can see 1670 levels.
5. ICICI Bank has broken down from H&S pattern and has resistance at 870. If it breaks 864, then we can see 860 - 852 level.
6. Reliance as expected could not break 2350 and has taken support at 2320 levels. Break of this level will lead to 2315 and 2303 levels. It has resistance at 2331.
7. Nifty has closed above 17600 level. Need to see whether it defends 17600. Again if it breaks above 17635, we can see 17700 levels. However if it breaks down 17600, then we can 17550 - 17500 levels.
8. Nifty has highest call OI at 17700 and highest put OI at 17600 levels.
9. Bank Nifty has closed above 40800. It has resistance at 40883 levels. Long bets on bank nifty can only be taken above 40935 levels.
10. Bank Nifty has highest call OI at 41000 and highest put OI at 41000 and 40500 resply.
Analysis.
1. Overall structure of market is bullish.
2. However a pull back to 17500 on nifty and 40500 in bank nifty may be possible.
3. All the index heavy weights are at crucial support levels. So Any break the levels as discussed can be bearish for both nifty and bank nifty.
Trading Plan.
1. World markets are looking neutral to bearish hence no support for any up move.
2. All index heavy weights are at crucial support zones.
3. Bank Nifty is looking more bearish than Nifty.
4. I will trade bank nifty on down side and let go nifty.
5. If Bank Nifty pull back to 40930 levels and dips below 40880, then we can short bank nifty for a tgt of 40800 levels stop loss 40935. However if bank nifty
open flat at start trading below 40800 and HDFC and ICICI bank break their levels to downside, then we can see 40500 levels in Bank Nifty with good risk reward.
I AM NOT A SEBI REGISTERED TRADER. THE VIEWS ARE PERSONAL AND FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR FINANCIAL ADVISOR.
NIFTY AND BANK NIFTY ANALYSIS FOR 06 APR 202305 Apr 2023 2030 Hrs
1. US and Europe are looking over bought and looks neutral to bearish.
2. Asia is looking mixed. With Nikkei looking bullish and kospi looking bearish.
3. SGX Nifty is indicating a down tick of 49 points for nifty at 17575. This amounts to 150 points down tick for Bank Nifty at 40850.
4. HDFC Bank is very bullish and has made a marubozo candle. It is just 50 points away from all time high of 1703. It has support at 1645 and any move beyond 1656 will be very bullish.
5. ICICI bank has become choppy. It has support at 880 and resistance at 890.
6. Reliance could not break 2450 levels. It has become choppy and bearish. It has made a hanging man pattern on a daily candle.
7. Nifty is looking bullish and strong. It has good support at 17500 . It has resistance at 17566 levels. If it clears it, then we can see 17700.
8. bank Nifty is also bullish. But if HDFC Bank and ICICI bank start moving in opposite direction, it gets choppy. This is what happened today morning. It has support at 40800 and resistance at 40050 levels.
Analysis
1. Tomorrow is RBI monetary policy decision and also expiry. Market may remain choppy till the monetary policy decision announcement.
2. So best to trade after that.
3. Both indices are bullish and buy on dips will be a good strategy.
4. I will be bearish on Nifty if it start trading below 17480 levels. However if nifty sustain 17566, we may see 17700.
5. Similarly bank nifty will be bearish below 40800 levels tgt 40685 and 40411. However if it firmly trades above 40960, then we can see 40380 levels.
I AM NOT A SEBI REGISTERED TRADER. PLEASE USE THIS INFORMATION FOR EDUCATIONAL PURPOSE AND TO ENHANCE YOUR DECISION MAKING.
NIFTY AND BANK NIFTY ANALYSIS FOR 16 FEB 2023.15 Feb 2023 2130 Hrs.
1. US and Europe are looking bullish.
2. Asia is mixed with Nikkei looking neutral and Kospi looking bearish.
3. HDFC Bank is looking bullish but is losing momentum. ICICI Bank is looking bullish. 877 is 50 % retracement and may act as resistance. if 877 is cleared, next tgt is 896.
4. Reliance is looking bullish. It has sp at 2403 and resistance at 2469.
5. Nifty has Sp at 17950 and resistance at 18088 and 18120.
6. Bank Nifty has resistance at 41830 and sp at 41600.
7. Nifty has highest call OI at 18100 and 18050. Highest Put OI @ 17800, 17900 and 18000.
8. Bank Nifty has highest Call OI @ 42000 and 41800 and Highest put OI at 41500 followed by 41600.
Analysis.
1. Tomorrow is expiry.
2. Based on OI data NIfty has resistance at 18000. We may see a range bound move between 17900 -18000. Also PCR of Nifty is 1.4 which is very high.
3. Based On OI data Bank Nifty has highest Call OI @ 42000 and Highest put OI @ 41500.
Trading Plan.
1. I will remain bullish if Nifty trades above 18000.
2. Any dip to 17950 levels can be a buying opportunity.
3. Similarly Any Dip of Bank Nifty to 41600-41650 is a buying opportunity.
4. If nifty slips below 17850 selling is possible.
5. If Bank Nifty trades below 41500, short trade can be taken.
NIFTY AND BANK NIFTY ANALYSIS FOR 11 JAN 2023.10 Jan 2023 2130 Hrs
1. US is consolidating with a bullish bias. Europe is bullish but looks overbought.
2. Asia is mixed with nikkei bearish and kospi and hangseng bullish.
3. India VIX has shot up 5.85% and is above 15.
4. Bank Nifty and Nifty fell as explained yesterday. Major support to bank nifty is at 41500. It is a strong support.
5. we are at 42014 levels. Bank Nifty has resistance at 42216.
6. HDFC Bank has made an almost marubozu candle indicating extreme bearishness. Next support is at 1557.
7. ICICI Bank is also looking very bearish.
8. Reliance has retraced all the gains of 09 Jan and has made an engulfing candle.
9. Nifty is at its crucial sp of 17800 level.
10. SGX Nifty is indicating a flat opening @17961 below 18000.
11. This amounts to 41900 levels for bank nifty.
12. FII have sold 2000 odd crores in both Index and stock options.
13. Highest call OI for Bank Nifty is at 42500, followed by 42000. Highest Put OI is also at 42500.
14. Highest call OI for Nifty is at 18000 and highest put OI is at 17700.
Analysis.
1. Nifty is more bearish compared to Bank nifty.
2. remain bearish on Bank nifty also.
3. I will trade Nifty on bearish side by buying 17700 puts. Tgt 17800 - 17700
4. Similarly 42000 put can be bought. Tgt 41500.
5. But wait for the first 15 min before taking any trade. if nifty and bank nifty goes below yesterday's low, best location to trade.
NIFTY AND BANK NIFTY ANALYSIS FOR 02 JAN 2023.02 JAN 2023
1. A VERY HAPPY NEW YEAR TO ALL.
2. US market is consolidating with a bearish bias.
3. Europe is looking bearish. Asia is very bearish, with kospi and nikkei down by 1-1.5%.
4. HDFC bank has made a bearish engulfing candle and looking choppy. ICICI bank is very bearish.
5. India VIX is at 14.8 indicating rise in volatility.
6. SGX Nifty future is indicating 78 points cut @ 18145 in future and 18027 spot.. This amounts to 240 points downtick for Bank nifty @ 42925 future and 42750 levels in spot.
Analysis
1. Nifty has strong sp at 18000 levels and bank nifty has sp at 43000 levels. if it breaks this, next sp is at 42500.
2. I remain neutral to bearish on bank nifty. I will be a seller on rise in both Nifty and Bank nifty if nifty breaks 17900 and Bank Nifty Breaks 42800.
3. If tomorrow dip is bought into, then any move above 43000 will be a buying opportunity.
NIFTY AND BANK NIFTY ANALYSIS 30 DEC 202230 Dec 2022 2100 hrs
TODAY MARKET BEHAVED AS EXPECTED.
1. At last US has rallied today before new year. But structure is still bearish. Europe has also rallied. But Asia is mixed with Kospi down and Nikkei up.
2. SGX Nifty is indicating 200 points up @ 18402 . This amounts to 600 points uptick in Bank Nifty @ 43952 which is almost near to all time high.
3. HDFC Bank rallied 2.5% from its low which is unusual for a large cap. But it is followed by decrease in momentum.
4. ICICI Bank has rallied almost 3 % from its today's low. The structure here remain bullish.
5. India VIX is down indicating bullishness.
6. Reliance has not participated in today's rally. Today's rally is mainly because of HDFC BANK and ICICI Bank.
7. Surprisingly today's institutional buying is negative with - 15 Cr and FII have sold both in stocks and Index.
Analysis.
1. Market seems to be moving ahead of itself. Data suggest something and market is moving in opposite direction.
2. With 600 points move in bank nifty tomorrow, there will be little room for upside after 400 points rally today. Same is with Nifty also. Today market has closed at it's high. traders will be booking profit tomorrow.
3. Since market has turned bullish, it will not be a good idea to go short.
4. I will wait for a dip to 43500 levels before taking any long position.
5. Aggressive traders can short the market if the first 5 min candle is a red candle of 100 points . SL high of red candle.
I AM NOT A SEBI REGISTERED ANALYST. PLEASE USE THIS INFORMATION TO ENHANCE YOUR KNOWLEDGE. CONSULT YOUR FINANCIAL ADVISOR FOR INVESTING/TRADING.
NIFTY AND BANK NIFTY ANALYSIS 28 DEC 202228 Dec 2022 0715 Hrs
1. US and Europe has become choppy with a negative bias. selling may start post new year.
2. Kospi is Down 2.3%. Nikkei is neutral to bearish.
3. SGX Nifty is indicating 75 points downtick @ 18072. This amounts to 210 points downtick to bank nifty @ 42650 levels.
4. Bank Nifty is at 200 SMA resistance. same is the case with Nifty.
5. HDFC Bank and ICICI bank has reached its trendline resistance . HDFC Bank is almost reaching its all time high.
6. Bank Nifty has highest Call OI at 43000 and Put OI at 42500. For Nifty it is between 18000 - 18200.
7. Reliance is consolidating with a negative bias.
Analysis
1. I remain bearish on nifty and bank nifty and still sell on rally to 43000 and 18200 levels.
2. i will buy if Bank nifty drifts down to 42300 levels and in Nifty to 18000 levels.
NIFTY AND BANK NIFTY ANALYSIS FOR 05 DEC 2022.04 Dec 2022 1000 Hrs
1. S&P is at long term resistance and looking overstretched. DJI has rallied quite a bit from 29000 levels to 34000 levels. Nasdaq is positive with google and meta showing strength.
2. Europe is following US indices.
3. Asia however is bearish with Nikkei and Kospi making two successive long bearsih candlesticks.
4. After the big green candle , HDFC Bank is consolidating in the first 30% of the candle indicating consolidation and bullishness.
5. ICICI Bank is below 20 SMA and show bearishness.
6. Reliance is overbought and looks to consolidate.
6. SGX Nifty is indicating 35 points uptick @18885.
Analysis
1. Nifty and Bank Nifty is still bullish but showing fatigue.
2. Since ICICI Bk is bearish and HDFC Bank is neutral i am temporarily neutral to bearish on bank nifty.
3. Reliance is showing good strength but it may get negated if ICICI Bk and HDFC Bank Drag.
4. So I will be a Buyer of put if Bank Nifty trades below 42930. If Bank Nifty Trades above 43150 and consolidate, i look to buy call for a tgt of 43370.
5. If Nifty trades above 18800, then it can be bought else sell on rise is a good option for Nifty.
