NIFTY AND BANK NIFTY ANALYSIS FOR 05 JAN 2023

05 JAN 2023. 2015 HRS
1. US market is consolidating with a negative bias. Europe is bullish while Asia is bearish but has a technical bounce.
2. SGX Nifty is indicating 28 pts uptick at 18139. This amounts to 90 points uptick for @ 43079.
3. HDFC Bank is getting volatile due to merger issue and hdfc holding by fund houses which will be limited to 10% of overall portfolio. It has made a bearish candle. if it breaks the sp @ 1610, then next sp is at 1590. This may pull down bank nifty by 200 - 300 pts.
4. ICICI Bank is looking bearish and consolidating in a narrow range. Any downside break will have a bearish impact on bank nifty and nifty.
5. Axis Bank is supporting Bank nifty fall to some extent.
6. Nifty has resistance @ 18100 and if nifty breaks today's low, then we may see 17900 on nifty.
7. Reliance is bearish and is heading towards 2478.
Analysis.
1. Tomorrow is expiry. Market will be volatile.
2. We have to see whether 18100 on Nifty and 43100 on bank nifty will be defended.
3. I remain bearish on nifty and bank nifty and use any rally to sell.
4. Bank Nifty can be sold if 43100 does not hold and nifty can be sold if any weakness is seen @ 18100.
5. However if Bank Nifty and Nifty opens below today's low, i will be aggressively bearish. better to sell next week expiry options.