NIFTY AND BANK NIFTY ANALYSIS FOR 12 JAN 2023

11 JAN 2023 2130 HRS
1. US and Europe is bullish. Asia is consolidating with a bullish bias.
2. India VIX is above 15.
3. SGX Nifty is indicating 14 points uptick means a flat opening.
4. 18000 is a strong resistance for nifty.
5. Bank nifty has strong resistance @ 43315.
6. HDFC Bank has strong resistance @ 1603. ICICI Bank is at its support level of 854 - 850 levels.
7. Reliance has strong support @2500.
8. Bank Nifty has highest call OI @ 42500 followed by 42000. Highest put OI is at 42000
9. Nifty has highest call OI @ 18000 followed by 17900.
Analysis
1. Since bank nifty has resistance at 42315, i remain bearsih @ 425315 levels. If Bank Nifty breaks 42424 levels, then the bank nifty may have a tgt of 42660 levels.
2. If Bank trade below 42000, i will go short. 42000 - 42315 will be a no trade zone.
3. Nifty has resistance at 17900. if it breaks, then tgt 18000. If nifty breaks, 17800, then we can see a tgt of 17700. 17800 - 17900 will be choppy.
4. i will trade light.