NIFTY AND BANK NIFTY ANALYSIS 01 DEC 2022

01 Dec 2022 0800 Hrs. SORRY I WAS OUT ON A VACATION
1. US market is strong but looks over stretched. May consolidate after Fed announcement. Europe is choppy and Asia is looking Bearish.
2. SGX Nifty is indicating 57 points Down tick @ 18925. This amounts to 150 points downtick onBank Nifty @43100.
3. HDFC Bank is oversold and looks bullish. ICICI bank is bullish but has made an engulfing candle . it also looks over bought. May get choppy. Kotak Bank looks oversold.
4. Reliance is very bullish and consolidating. IT index is very bullish and supporting nifty.
Analysis
1. Bank nifty has underperformed nifty due to HDFC twins not participating in the rally and ICICI Bk consolidating.
2. However reliance, Infy and TCS fired and lifted nifty thus helping nifty cross 19 K.
3. Any Dip in the Nifty is a buying opportunity as the chart is bullish and reliance and IT is firing.
4. As far as Bank Nifty, keep an eye on HDFC twins and ICICI. If both shows anupward trend, we can buy Bank Nifty.
5. However risk reward ratio is in favour of trading Nifty.