NIFTY AND BANK NIFTY ANALYSIS FOR 03 JAN 2023

03 JAN 2023
1. US Market and most world markets are shut today. However SGX is showing neutral to bearish structure.
2. Nikkei was open today but was down 1.9 %
3. SGX Nifty is indicating 65 pts uptick @18286 fut and 18250 spot. Bank nifty is indicating 43380 level spot.
4. HDFC bank is stuck in a range between 1620 to 1640 levels. ICICI bank is consolidating between 888 to 915 levels.
5. Reliance has broken out of the trend line and is looking bullish.
6. highest call OI is @ 43000 followed by 43500. Highest put OI is at 43000 followed by 42500. For Nifty Highest call OI is at 18000 followed by 18300. Highest put Oi is at 18000 followed by 18100.
Analysis.
1. As per the OI there is straddle @43000.
2. However the chart is looking bullish.
3. we may see some directional trade tomorrow.
4. I remain neutral to bullish, eventhough OI build up is telling uncertinity.
5. i shall buy only if Bank nifty breaks 43430 levels and nifty breaks 18300 levels. If Bank nifty breaks 42940 levels i will be a seller.
6. If Bank Nifty trades between 43400 and 43000 i will remain out of market.