nifty and bank nifty analysis for 10 jan 2023

09 JAN 2023 2200 Hrs
1. US, Europe and Asia has turned bullish as per the charts.
2. India VIX is below 15.
3. Nifty has closed above 18101, which is bullish.
4. Bank Nifty has closed above 42500.
5. FII have bought index fut to the tune of 2179 Cr, But has bought only 329 Cr in stocks. However DII have bought 1730 cr in stock.
6. HDFC Bank has closed below 1600 and ICICI Bank closed above 872.
7. Reliance has closed above 2585. which is bullish.
8. SGX Nifty is showing 85 points uptick at 18185. This amounts to 250 points uptick @ 42800 levels.
Analysis.
1. Nifty has closed above 61.8 % retracement from recent swing high.
2. Bank Nifty has retraced 50 % from its recent swing high.
3. Overall structure of the market is still bearish as per chart.
5.highest call OI for nifty is @ 18300 followed by 18200 and 18100. Similarly Bank Nifty has HIghest Call OI @ 43000 followed by 42500. Highest Put OI is @ 18000 for nifty and 42000 for Bank Nifty.
3. I remain bullish only if nifty crosses 18300 and Bank Nifty 43000 levels.