NIFTY AND BANK NIFTY ANALYSIS ON 29 DEC 2022

29 Dec 2022 2130 Hrs
1. US is neutral to bearish. Europe is neutral to bullish. whereas Asia is bearish.
2. SGX Nifty is indicating 36 points cut @18108. This amounts to 120 points cut in Bank Nifty @ 42500.
3. India VIX is @ 15.4 indicating increase in volatility.
4. HDFC Bank is looking bullish but it is facing resistance @ 1633. If it crosses 1633, then we may see more bullishness.
5. ICICI Bank is bullish but facing resistance @ 907.
6. Reliance has strong resistance @ 2560.
7. Bank Nifty has highest call OI @ 43000 and highest put OI @42500.
8. Nifty has highest call OI @18200 and Put OI @ 18000.
Analysis
1. Today was a range bound after two days of trending.
2. The overall structure of Indian market looks bullish. Both Nifty and Bank Nifty.
3. But for the expiry and till 31 Jan, the market may remain range bound.
4. I remain neutral to bullish on both nifty and Bank nifty.
5. Any dip can be bought for a tgt of 18200 and 43000 resply.