NIFTY AND BANK NIFTY ANALYSIS 21 DEC 2022
21 Dec 2022 0900 Hrs
1. US, Europe and Asia looks oversold and are at crucial sp levels. they may remain choppy till new year.
2. India VIX is @13.7 indicating bullishness.
3. SGX Nifty is indicating 67 pts uptick @18500 levels. This amounts 200 points uptick on bank nifty @43600.
3. HDFC bank looks bullish after forming 2 days bullish candle but still in a range.
4. ICICI Bank has recovered but may face resistance @ 50 SMA whish is just above yesterday's close.
5. Reliance is very bullish.
6. However OI interest is telling a different set up. Bank Nifty has highest call OI at 43500 and highest put OI at 43000.
6. Nifty has highest Call OI at 18500 followed by 18400 and sp at 18300.
Analysis.
1. I remain neutral to bearish on Bank Nifty as ICICI may face resistance @ 50 SMA. So sell on rallies.
2. I remain neutral to bullish on Nifty since reliance is looking strong and IT pack has bounced back yesterday. Buy on dips.
1. US, Europe and Asia looks oversold and are at crucial sp levels. they may remain choppy till new year.
2. India VIX is @13.7 indicating bullishness.
3. SGX Nifty is indicating 67 pts uptick @18500 levels. This amounts 200 points uptick on bank nifty @43600.
3. HDFC bank looks bullish after forming 2 days bullish candle but still in a range.
4. ICICI Bank has recovered but may face resistance @ 50 SMA whish is just above yesterday's close.
5. Reliance is very bullish.
6. However OI interest is telling a different set up. Bank Nifty has highest call OI at 43500 and highest put OI at 43000.
6. Nifty has highest Call OI at 18500 followed by 18400 and sp at 18300.
Analysis.
1. I remain neutral to bearish on Bank Nifty as ICICI may face resistance @ 50 SMA. So sell on rallies.
2. I remain neutral to bullish on Nifty since reliance is looking strong and IT pack has bounced back yesterday. Buy on dips.
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