NIFTY AND BANK NIFTY ANALYSIS
03 Nov 2022 0830 Hrs
1. US, Europe are all in the consolidation mode with a bullish bias.
2. Asia has opened positive and looking strong.
3. India VIX @ 16.3 which has increased from 15.5 . Point to note.
4. Reliance has mad a big red candle indicating rejection at higher levels. HDFC twins look bullish and may break out of crucial res area at which it has closed.
4. ICICI bk is neutral with a negative bias. Axis bk and SBI has also give up recent gains.
5. FII have been buyers in the last few days indicating further bullishness in the market.
6. SGX Nifty is indicating 18 points down tick @ 18237. Nifty Spot is at 18145. There is lack of correlation between the two.
Verdict.
1. Nifty has crossed 18100 levels. Reliance is looking weak but nifty may get sp from bank and IT.
2. However it is difficult for the nifty to go higher without reliance.
3. As Far as bank nifty, HDFC twins are looking bullish while ICICI, Axis and SBI is looking weak. Also Bank Nifty has resistance at 41300 - 41500.
4. we may see a range bound market with a positive bias.
5. Any dips will be a buying opportunity in nifty and bank nifty calls since vix has increased ATM calls will be trading at good premium.
THE VIEWS ARE PERSONAL. PLEASE USE IT TO AID YOUR DECISION MAKING
1. US, Europe are all in the consolidation mode with a bullish bias.
2. Asia has opened positive and looking strong.
3. India VIX @ 16.3 which has increased from 15.5 . Point to note.
4. Reliance has mad a big red candle indicating rejection at higher levels. HDFC twins look bullish and may break out of crucial res area at which it has closed.
4. ICICI bk is neutral with a negative bias. Axis bk and SBI has also give up recent gains.
5. FII have been buyers in the last few days indicating further bullishness in the market.
6. SGX Nifty is indicating 18 points down tick @ 18237. Nifty Spot is at 18145. There is lack of correlation between the two.
Verdict.
1. Nifty has crossed 18100 levels. Reliance is looking weak but nifty may get sp from bank and IT.
2. However it is difficult for the nifty to go higher without reliance.
3. As Far as bank nifty, HDFC twins are looking bullish while ICICI, Axis and SBI is looking weak. Also Bank Nifty has resistance at 41300 - 41500.
4. we may see a range bound market with a positive bias.
5. Any dips will be a buying opportunity in nifty and bank nifty calls since vix has increased ATM calls will be trading at good premium.
THE VIEWS ARE PERSONAL. PLEASE USE IT TO AID YOUR DECISION MAKING
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