NIFTY AND BANK NIFTY ANALYSIS FOR 11 JAN 2023.

10 Jan 2023 2130 Hrs
1. US is consolidating with a bullish bias. Europe is bullish but looks overbought.
2. Asia is mixed with nikkei bearish and kospi and hangseng bullish.
3. India VIX has shot up 5.85% and is above 15.
4. Bank Nifty and Nifty fell as explained yesterday. Major support to bank nifty is at 41500. It is a strong support.
5. we are at 42014 levels. Bank Nifty has resistance at 42216.
6. HDFC Bank has made an almost marubozu candle indicating extreme bearishness. Next support is at 1557.
7. ICICI Bank is also looking very bearish.
8. Reliance has retraced all the gains of 09 Jan and has made an engulfing candle.
9. Nifty is at its crucial sp of 17800 level.
10. SGX Nifty is indicating a flat opening @17961 below 18000.
11. This amounts to 41900 levels for bank nifty.
12. FII have sold 2000 odd crores in both Index and stock options.
13. Highest call OI for Bank Nifty is at 42500, followed by 42000. Highest Put OI is also at 42500.
14. Highest call OI for Nifty is at 18000 and highest put OI is at 17700.
Analysis.
1. Nifty is more bearish compared to Bank nifty.
2. remain bearish on Bank nifty also.
3. I will trade Nifty on bearish side by buying 17700 puts. Tgt 17800 - 17700
4. Similarly 42000 put can be bought. Tgt 41500.
5. But wait for the first 15 min before taking any trade. if nifty and bank nifty goes below yesterday's low, best location to trade.