NIFTY AND BANK NIFTY ANALYSIS FOR 20 DEC 2022

20 Dec 2022 0900 Hrs

1. US markets has fallen for three straight days reflecting bearishness.
2. Europe is neutral.
3. Asian Markets have fallen and looking bearish.
4. SGX Nifty is indicatin 80 points fall at 18407.
5. India VIX is stable 13 - 14 levels. in fact yesterday VIX fell.
6. HDFC Bank is trading in a range 1645 - 1590 since a few days.
7. ICICI Bank is looking bearish.
8. As discussed, reliance has taken sp at 200 SMA and looking oversold and bullish.
9. IT stocks will be under pressure due to US NASDAQ taken a beating.
10. Market may remain range bound in this expiry.
Analysis
1. Bank Nifty is trading in the range of 43060 to 43600.
2. Nifty has resistance of 20 SMA @18550.
3. For Bank Nifty 42058 - 43600 is no trading zone as market will be choppy and option seller will make money.
4. Nifty can be sold if it reaches 18550 or if it trades below 18240 levels.