NIFTY AND BANK NIFTY ANALYSIS FOR 23 JAN 2023

22 Jan 2023 1135 Hrs.
1. US, Europe and Asia are all in positive and bullish.
2. India Vix is at 13.78 and indicate low volatility , less premium for options and bullishness.
3. SGX Nifty is indicating 83 points uptick @ 18123.
4. Bank nifty is indicating an uptick of 240 points @ 42700 levels.
5. HDFC Bank is very bullish and near the all time high of 1730.
6. ICICI bank and Kotak Bank has come up with good result and will impact nifty move tomorrow.
7. Reliance is bearish. However its effect on Nifty may get muted due to a likely up move in bank nifty.
8. Highest call OI for nifty is at 18100 followed by 18200. There is very less put OI build up below 18000.
9. Bank Nifty has highest OI @ 42500 followed by 43000. Highest put OI is at 42000.
10. PCR of Nifty @ 0.7 indicates bearishness and PCR of 0.9 for Bank Nifty indicates bullishness.
11. FII have sold 2000 cr in stocks but have bought 1025 Cr in Index.
Analysis.
1. Nifty has resistance in the 18130 - 18170 levels.
2. Bank Nifty has very good resistance at 42700 levels.
3. However OI in bank nifty and nifty is indicating resistance at 42500 and 18100 resply.
4. SGX Nifty is indicating 83 points uptick.
Trade plan.
1. I remain bullish on Bank Nifty if it sustain 42700 for a tgt of 43000. Any dip can be bought into.
2. If Nifty sustain above 18130 levels, then we can see a tgt of 18200 levels.
3. We may expect a short covering rally in both nifty and bank nifty.
4. So we can buy 18100 calls and 42500 calls.