NIFTY AND BANK NIFTY ANALYSIS FOR 13 FEB 2023
12 Feb 2023 1100 Hrs
1. US, Asia and Europe Markets are consolidating with a positive bias.
2. India VIX is trading at its lower range of 12.7.
3. Nifty has been consolidating in the range of 17900 - 17800 for the past 3 days however range expansion on upper side is taking place.
4. Bank Nifty is also consolidating in a very narrow range of 41240 -41700 range from the past 4 days.
5. HDFC Bank is moving in the range of 1640 - 1660 range for the past 4 days. ICICI Bank is in a narrow range of 10 points between 850 - 860.
6. Reliance is very choppy with a negative bias.
Analysis
1. The narrow range in the Nifty and bank nifty has given little room for option buyers to profit. Scalping has become very difficult due to counter movement of HDFC bank and ICICI bank making trading bank nifty difficult and unproductive due to low premium and less movement in option prices. The max one can get during these moves will be 20-30 points.
Trading Plan
1. Option Buyers can buy Bank nifty when it reverses from 41300 levels and sell at 41600 levels.
2. Similarly Nifty can be bought at 17800 and sold around 17900.
2. Selling of Bank Nifty and nifty can be done @17900 and 41700 resply.
3. If Breakout happens above 17925 in Nifty and 41850 in bank nifty aggressive buy position can be taken.
4. Till the time markets are range bound better to trade lightly.
i am not a sebi registered trader. please use this information to enhance your knowledge.
1. US, Asia and Europe Markets are consolidating with a positive bias.
2. India VIX is trading at its lower range of 12.7.
3. Nifty has been consolidating in the range of 17900 - 17800 for the past 3 days however range expansion on upper side is taking place.
4. Bank Nifty is also consolidating in a very narrow range of 41240 -41700 range from the past 4 days.
5. HDFC Bank is moving in the range of 1640 - 1660 range for the past 4 days. ICICI Bank is in a narrow range of 10 points between 850 - 860.
6. Reliance is very choppy with a negative bias.
Analysis
1. The narrow range in the Nifty and bank nifty has given little room for option buyers to profit. Scalping has become very difficult due to counter movement of HDFC bank and ICICI bank making trading bank nifty difficult and unproductive due to low premium and less movement in option prices. The max one can get during these moves will be 20-30 points.
Trading Plan
1. Option Buyers can buy Bank nifty when it reverses from 41300 levels and sell at 41600 levels.
2. Similarly Nifty can be bought at 17800 and sold around 17900.
2. Selling of Bank Nifty and nifty can be done @17900 and 41700 resply.
3. If Breakout happens above 17925 in Nifty and 41850 in bank nifty aggressive buy position can be taken.
4. Till the time markets are range bound better to trade lightly.
i am not a sebi registered trader. please use this information to enhance your knowledge.
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