NIFTY AND BANK NIFTY ANALYSIS FOR 16 JAN 2023

15 JAN 2023 1430 hrs
1. US and Europe is looking very bullish.
2. Asia has turned bullish except Nikkei which has turned very bearish.
3. HDFC Bank has come up with good result.
4. Yesterday we had a phenomenal rally and we broke 42350. Currently we are trading at 42339. Looks like a short covering rally.
5. Nifty has closed at 17950 levels. Next resistance is @ 18044.
6. HDFC Bank has come up with good result and is trading @ 1601. Any move beyond 1604 will be very positive.
7. ICICI Bank has taken sp at 845 - 850 levels. Looking bullish.
8. SGX Nifty is indicating 20 points uptick indicating flat opening.
7. Highest call OI is at 17900 followed by 18000 and then 18100. Highest put OI is at 17900 followed by 18000.
8. Bank Nifty has highest call oI at 43000 followed by 42500. Highest put OI is at 42000. However no strong put OI is seen between 42000 to 42500 except at 42500.
Analysis.
1. For the Bank Nifty highest resistance is seen at 42750. Bank Nifty may trade above 42350 to 42700 if HDFC Bank fires post result. ICICI Bank is as such defending 850 levels.
2. Nifty has resistance @ 18044.
3. Reliance ind has made a bullish hammer. we may see up move in reliance ind and hence in Nifty.
4. Bank Nifty has sp at 42240 . Any break of this level will pull bank nifty to 42028.
5. If Bank nifty firmly start trading above 42350, then we may see tgt of 42700.
6. Similarly if Nifty trade firm above 17950 then a tgt of 18044 is possible. Any break of 17900 will be bearish.
7. But Open interest is showing bearishness in both Nifty and Bank nifty. But these may change quickly if indices start moving up.
I AM NOT A SEBI REGISTERED TRADER. PLEASE USE THIS INFORMATION FOR EDUCATIONAL PURPOSES ONLY.