NIFTY AND BANK NIFTY ANALYSIS FOR 19 JAN 2023

19 Jan 2023 0900 Hrs.
1. US is in red as anticipated.
2. Asia is neutral.
3. SGX Nifty is indicating 81 points cut @ 18141 which is still above 18100 levels.
4. This amounts to 250 points downtick to bank Nifty @ 42200 - 42250 levels.
5. HDFC Bank and ICICI Bank has turned bullish but are at major resistance area.
6. Reliance is neutral.
7. In nifty highest Call OI is at 18300 followed by 18200. But very good put OI is at 18100 and 18000 levels.
8. Bank Nifty has highest call OI at 42500 and put OI at 42000. PCR is at 1.0 indicating neutral.
Trading plan.
9. Today is expiry.
10. Nifty is indicating 81 points down tick. if Nifty cannot recover from 18100 and falls below 18050 levels then we can buy 18000 put. If Nifty recovers above 18100, then we can buy 18200call.
9. Similarly Bank nifty has support at 42000 to 42400 levels. If 42250 is broken, then we may buy 42000 puts. if Bank Nifty sustain above 42350, then a tgt of 42500 can be seen.
10. Nifty and bank nifty may trade in a range today.