NIFTY AND BANK NIFTY ANALYSIS FOR 18 JAN 2023.

17 JAn 2023 2022 Hrs.
1. US is trading in red as of now. It seems the momentum has slowed down. So is the case with Europe.
2. Japan index nikkei closed UP 1.5 % after a long bearish stint. Asia is trading positive.
3. HDFC Bank as predicted bounced from 1570 levels. Now it has crossed 1604 and trading @ 1609. any break of today's 1611 high can take HDFC Bank to 1620 levels. Which is the trend line resistance.
4. Again ICICI Bank in the end bounced back from 860 levels. It has resistance at 873 levels.
5. Reliance has again bounced back from 2440 levels after making a double bottom. Any break of 2483 may take reliance to 2501 levels.
6. Nifty is trading above 18000 levels at 18056 levels. It has also broken the trend line. so we may see 18200 levels.
7. Bank Nifty is trading above 42200 levels. it has resistance @ 42485 levels. If. it crosses it, we may see 42700 levels.
8. India VIX is below 15 indicating bullishness.
9. Nifty has highest call OI @ 18200 followed by 18100. Highest put Oi is at 18000 .
10 . bank Nifty has Highest call OI @ 42500 followed by 42300. Highest put OI is at 42000.
11. Nifty is indicating a flat opening as of now at 40 points uptick @ 18120.
Trade Plan.
1. Nifty is clearly bullish. So if nifty sustains above 18100, I will buy 18000 call. I will buy on dips till 18050 levels.
2. If nifty gap opens to 18200 levels, then i will buy 18200 put.
3. If Bank Nifty sustain above 42300, i i will buy 42200 call tgt 42500 -42650.
4. If Bank Nifty Gap up to 42500 wait for a dip to 42200 levels before going long. We can go short only if Bank Nifty closes below 41900.
I AM NOT A SEBI REGISTERED TRADER. THIS IS FOR EDUCATION PURPOSES ONLY.