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.
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.
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