nifty and bank nifty analysis for 21 nov 2022

20 Nov 2022 1220 hrs.
1. US Markets are consolidating with a positive bias. Europe is bullish and Asia is consolidating with a negative bias.
2. SGX Nifty as on 20 Nov 2022 is down -2.5 points @18345.
3. HDFC Twins are trading below the previous 3 day range.
3. ICICI bank is trading above the previous 3 day trading range and at critical pivot level sp.
4. Reliance is on a downtrend for the past 4 days .
5. Nifty is trading below the longterm trend line.
6. bank Nifty is Just above the longterm trend line.
7. India VIX is at low of 14.39.

Verdict
1. Nifty is weaker than bank nifty because reliance and HDFC twins are weak.
2. Bank Nifty is neutral because ICICI bank is showing bullishness.
3. Nifty has resistance at 18360 levels. If nifty shows weakness or reversal at 18360, then 18200 put can be bought. Nifty looks like sell on rally.
4. Bank nifty has resistance at 42400 levels. But ICICI bank and Kotak Bank being bullish and HDFC twins being bearish. Bank Nifty may look choppy and fall less or rise less in comparison to Nifty.
5. It is better to avoid Bank Nifty and trade nifty on downside for better risk reward.

I AM NOT A SEBI REGISTERED TRADER. THIS IS ONLY FOR EDUCATION PURPOSE.