NIFTY AND BANK NIFTY ANALYSIS FOR 30 MAY 2023

30 MAY 2023
1. US Markets has a holiday today and US futures are indicating a flat opening for the US markets.
2. Europe is mixed with a neutral bias.
3. Asia is bullish.
SGX NIFTY AND INDIA VIX
1. SGX Nifty is indicating a flat opening @ 18681 and 18600 spot. This amounts to 44320 for bank Nifty.
2. India VIX has again up and above 12.
INDEX HEAVY WEIGHTS
1. HDFC Bank is looking bearish for short term. It has resistance at 1638. It has support at 1628. Any break of it will get us 1615. Any break of 1638 will get us 1647.
2. ICICI Bank has resistance at 951. It has support at 943.5. Any break of 951.5 will give us 955. Any break of 950 will give us 944.5.
3. Reliance has support at 2503 and resistance at 2530.
ANALYSIS
1. Nifty has been in a range of 18650 - 18570. Any break of 18570 will get us 18505. Any break of 18650 will get us 18665 - 18690.
2. Bank Nifty is in a wider range of 44500 - 44200. Any break of 44300 will give us 44056.
3. Any break of 44500 will give us 44600 and 44721.
TRADING PLAN
1. I remain neutral to bullish on both Nifty and bank nifty.
2. Any gap down to 18500 will be a buying opportunity for a tgt of 18600. However If Nifty open flat and drift below 18575, we can get 18518. If Nifty open above 18635 and consolidate, we can get 18700.
2. Bank Nifty is bullish above 44500 for a tgt of 44700. It can consolidate between 44700 - 44180. However if it break below 44300 decisively i will go bearish for a tgt of 44050.
I AM NOT A SEBI REGISTERED TRADER. THIS IS FOR INFORMATION PURPOSE ONLY. PLEASE CONSULT YOUR FINANCIAL ADVISOR FOR ANY TRADE RELATED QUERIES.